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Choosing An E-Commerce Transaction SolutionOnline paymentsThe credit card authorisation process remains the arena of large corporations who are able to sustain the multi million pounds cost of security and infrastructure. We will be able to configure and develop your site to accommodate all major payment providers and most of the smaller ones. Choosing a provider is largely determined by the status of your company and its merchant account history. Although banks are becoming a little more flexible in accepting applications, they apply lower charges to those without a high turnover merchant history. Any company that has no merchant account and, therefore, have not taken credit card payments will be forced over various hurdles and will be charged much more. All solutions will involve an application process, for a general list of criteria to consider please click here For a client with no merchant account historyIn the current market, a client with little or no prior merchant history may find a "Payment Bureau" as the best solution to choose. Applications tend to be quicker and easier, with such a provider carrying out the whole credit card transactional process. Payment BureauImplementing a bureau solution is almost identical to integrating a PSP, except the acquiring bank ID is not relevant. The bureaus that operate in the UK can actually be upgraded to PSP services with the addition of a merchant ID and without the need for any major changes to the website or e-commerce software integration. As bureaus are entry level payment solutions, it is very important to keep implementation costs down. As with PSP implementation, this is best done by picking your e-commerce software from the list of accepted shopping carts. Similarly simple one click purchases can be kept simple with the standard templates. Click here for more info ...... Release funds to the merchant : Up to 60 days. Payment Bureau Hide info ......For a client with an Internet merchant accountA merchant account used for taking credit cards within a retail premises is not suited for taking orders over the Internet. Whilst some traders use it for such sales, all banks will react if they find out, especially if orders are being received via standard insecure email.Clients with an Internet merchant account may find their bank can provide the process of authorising payment. For those that do not also act as a "payment service provider", various others are available to carry out the job. A Payment Service Provider (PSP)A Payment Service Provider (PSP) is a “virtual” PDQ swipe card machine that collects the card details over the Internet and passes them to the acquiring bank. To take Electronic payments over the web , you will need a PSP at a small cost. Some acquiring banks offer PSP services as part of their product and there are other less expensive options available.Our E-Commerce solutions allow for a wide choice of PSP's. How they take payment and their fees are often effected by a clients current status and projected sales levels. A fixed monthly fee starts around £10, but there are some cheaper option available starting as low as £0.05 per transaction. Usually, the higher your transaction volume the cheaper the rate you will be charged. more info .... Payment Service Provider Hide info ......For a client with extensive merchant account historyBanks are likely to react favourably to an existing customer with a long successfully merchant account history. Your retail premises credit card sales turnover will help, however, the charges they apply and your ability to negotiate will be effected by the perceived risk of fraud and refunds. Acquiring bankThe first stage for a standard payment solution is to negotiate an application with an acquiring bank. You should have the choice of most or all of the payment service providers (PSP's). All the integration with the banking systems is done as standard by the PSP so all you need is to inform your PSP of your acquiring bank and -your internet merchant number. The next step is integration of the PSP with your website. As the PSP provides the software, secure hosting and transmission environment for processing transactions, it needs to be integrated into your website. Integration technologies are featured on all the supplier’s data sheets, but PSP is commonly used in conjunction with a shopping cart. Implementing a PSP by integrating it with a compatible shopping cart can be done from that cart’s admin area by selecting that payment solution from a list and setting the appropriate PSP ID. If integration is not supported as standard, programming of integration may cost extra. An acquiring bank is a high street bank that offers credit and debit card processing services. They acquire the money from the customer, process the transaction and credit your account. You need to apply for a merchant service if you want a bank to handle your Electronic payments . Merchant Services fall into three categories:
Alternative manual payment methodsSecure order formsAs a manual way of accepting payment information, secure order forms can be implemented via encryption technology on your website E-Commerce platform. This will involve higher labour costs than an automated online system. If this is not an option with your current site, we can arrange for third parties to offer SSL facilities to allow for this option. Extra software and hosting costs and possibly the purchase of a certificate will apply. BACSYour bank will supply you with the necessary software to run BACS transactions. These are usually processed as batches or files for payroll but can also be processed as a cost effective way of scheduling multiple regular supplier payments. We recommend publishing important BACS details on your website to help customers if you do want us to help you implement this solution. More information ....... Other emerging Alternative payment methodsList of payment solution providers |
Online storeSelling your products or taking booking for your service online could be the best business decision you ever made
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