Money, money, money - accept payments online for 24/7 trading and transactions
If you're concerned that you're missing out on business because your website is not able to take online payments, then read on. We've got some pointers for you.
Although many smaller businesses have established a web presence, without being able to take online payments, they are missing out. Identifying what needs to be done to accept payments online can look to be a daunting process due to the jargon, technical requirements and no clear direction on what to do.
Some opt to go with PayPal as it offers one of the easiest approaches to take online payments. They have secured a great reputation built on credibility and trust and they make it simple to add a payment icon to any website. In our opinion, any online business should accept PayPal payments, even giants such as Matalan use PayPal.
However, there is a downside to PayPal and that is the fees. You can expect to be charged anywhere between 1.4% and 3.4% for every transaction and see a handling fee. Although that may not sound like much to you, it can leave a large dent in your profits in the long term.
Alternatives to PayPal, but with similar higher transaction fees are Stripe, PayMill and NoChex.
Eventually you'll find yourself wanting to be able to accept card payments online. The benefit of this is being able to provide a seamless experience for your consumers who won't have to be virtually 'shipped' over to PayPal in order to make their payment. They will be able to pay for their goods directly from their card in their own currency. You'll receive your payment in sterling.
In order to arrange this, you'll need to set up something that is known as an IMA or an internet merchant account. If you're already a retailer, then you may even already have one of these.
If you haven't then you should go through your bank as this is the quickest way to secure an IMA of your own. Once you have one, then you can partner with one of the PSP (payment service provider) businesses such as SagePay or WorldPay. This will provide you with a way to bridge from your website to your bank account. In effect, it's an electronic till.
If you need any help with making your website ready for payments, contact us today.
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