Merchant Services Setting Up An E.merce Merchant Account-jodie foster

E.merce The internet is fast the medium for shopping and with it there is an inevitable increase in transactions made online. It is now vital for businesses to begin to trade online and by doing so you need to set up an internet merchant account (IMA). Even if your business has a merchant account for conventional face-to-face business you will still need a merchant account specifically for online payments. Several of the banks in the UK offer IMAs and these are known as merchant acquiring banks. Some of the banks in which offer IMAs are: Alliance and Leicester Bank of Scotland Barclaycard Business HSBC Lloyds TSB NatWest/Royal Bank of Scotland Getting an e.merce merchant account can be a very tricky process as acquiring banks have very strict criteria, even your current bank that you hold a standard merchant account with can refuse you. It is therefore imperative that you pay attention and follow these steps when approaching an acquiring bank: 1.outline your business plan be thorough, include details of your cash flow and how you will promote your online activities 2.give your website address 3.explain in detail the product or service you offer 4.provide details of your suppliers’ 5.describe how you will deliver your product or service 6.set out terms and conditions for online trading out your expected average online transaction values, your estimated turnover from online sales and number of credit and debit card transactions 8.provide the details of the secure payment gateway you wish to use 9.make your audited business accounts available your bank details and authority to carry out a check with credit reference agencies 11.detail your trading history 12.provide details of the directors or partners in the business – including full contact details The application process can be a bit of a waiting game and so by providing as much details as possible you are giving yourself an advantage by helping to speed up the process. If you are successful with acquiring an internet merchant account you need to be aware of fraud due to the fact that you cannot physically see and therefore check the card or the cardholder. It is important that you help guard against fraud where a cardholder claims that they did not authorise a payment, check to see if your online payment card processor can offer the card scheme’s authentication service – MasterCard SecureCode and Verified by Visa. If a transaction proves to be fraudulent, the money will be reclaimed from your bank account known as a chargeback. You should expect to pay additional costs when setting up and controlling an IMA. Acquiring banks charge for their services and usually there is a sign-up fee of around 200. If your application is accepted you should expect to pay ongoing processing charges by way of a fixed fee for each debit card transaction and a percentage of each transaction for credit cards. Lastly if you do not meet the requirements for an IMA do not fear as you can consider using an online payment-processing .pany who can handle all your card payments for you. The benefits of this are that payment processing .panies relieve you of the burden of managing customers card details and running an IMA. They also have less strict application procedures and the application is normally processed much quicker than for an IMA, however the ongoing processing charges will be at least twice as much. About the Author: – – – – – – – – – – 相关的主题文章: