How to take online payments
Retailers in the UK are now processing more and more online payments. In fact, in January 2008 there was £4.5bn worth of online transactions - a 75% increase from the year before. In 2016, credit/debit card transactions were worth £638bn. This guide will show you how to get started with online payments.
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.
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.
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.
Smarta Tax Services - the perfect solution for start-ups or Sole Traders in need of tax and accounting support. Get a personal experience with a dedicated Accountant that will ensure you keep track of day to day operations of your business, and you've completed all areas required to comply with HMRC and Companies House. Our trusted accountancy software allows transparency and you'll have 24/7 access online, so you can keep track of your business performance.