How to take online payments
Retailers in the UK are now processing more and more online
payments. In fact, in January 2008 there were £4.5bn worth of
online transactions - a 75% increase from the year before. This
guide will show you how to get started with online payments.
- Why should I take online payments?
- What equipment do I need to start?
- How much will it cost?
Why take online payments?
Having an online shop will help boost your revenue and
ultimately give your business a more rounded reputation. It can
increase your competition and attract new customers, giving you the
chance to reach customers across the globe. Effectively, it's
another shop window for you.
- Boost your revenue
- Improve your reputation
- Attract new customers
What equipment do I need to start trading?
To start trading online you will need an online merchant
account - even if you already have one for face to face trading,
you'll still need an additional one to trade online. You'll also
need an online 'shopping cart' and payment system for your users,
which will require you to link your account to your website using
encryption software.
- Online merchant account
- Shopping cart
- Encryption software
How much will it cost?
Because online payments are 'card not present' (CNP)
transactions, there is a higher risk that you will be exposed to
fraud - so you may be asked to pay a security bond. Chances are
you're not a web developer, either, so you will have to pay for
encryption software and someone to install it on your website. If
you don't accept card payments already, you may prefer to use a
payment processing company, which will charge you a few pence per
transaction.
- Pay security bonds for higher risk of fraud
- Install encryption software on your website
- You may want to use a payment processing company
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