06-09-08, 11:30 AM
How we collect our payments, this is one of the most common questions we get asked by clients. That's where payment-processing systems come in. They're third-party products that do away with the need for a merchant banking account and that host secure transactions on their own servers.
The best-known systems are person-to-person services such as PayPal (ww.paypal.com) and Nochex (www nochex.co.uk). They're very straightforward: all you or your customers need is a bank account and a valid email address. As an online business, you'll pay a standard fee plus a percentage of every payment made to you. Most systems offer merchant users a version of their core product with some extra bells and whistles. PayPal, for example, offers integrated shop-fronts, cut-and-paste code and extra security. There are no set-up costs and price per transaction starts at 3.4 per cent, going down as your turnover increases.
Alternatively you may want to bypass the need for customers to sign up with a third-party system. That's where credit card gateways come in. You're probably familiar with WorldPay (www.wortdpay co.uk) and Protx (www.protx.com). These services provide you with an interface to their merchant bank account, enabling you to process credit card transactions directly. Expect to pay more for this convenience though: a monthly subscription fee at least. Protx charges £20 a month for small business accounts; WorldPay pricing starts at £30 a month, with a further set-up fee of £200, plus additional rates for individual transactions.
The best-known systems are person-to-person services such as PayPal (ww.paypal.com) and Nochex (www nochex.co.uk). They're very straightforward: all you or your customers need is a bank account and a valid email address. As an online business, you'll pay a standard fee plus a percentage of every payment made to you. Most systems offer merchant users a version of their core product with some extra bells and whistles. PayPal, for example, offers integrated shop-fronts, cut-and-paste code and extra security. There are no set-up costs and price per transaction starts at 3.4 per cent, going down as your turnover increases.
Alternatively you may want to bypass the need for customers to sign up with a third-party system. That's where credit card gateways come in. You're probably familiar with WorldPay (www.wortdpay co.uk) and Protx (www.protx.com). These services provide you with an interface to their merchant bank account, enabling you to process credit card transactions directly. Expect to pay more for this convenience though: a monthly subscription fee at least. Protx charges £20 a month for small business accounts; WorldPay pricing starts at £30 a month, with a further set-up fee of £200, plus additional rates for individual transactions.
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