If you are intending to sell your products or services via a web site you will need some way of accepting online payments, and for this you must have two things:

	Option 1	Option 2	Option 3
Collect customer card details under secure connection	All in one Service provide E.g. WorldPay or Paypal	Payment Service Provider E.g. ProTX, Secure Trading etc	TradeInternet secure server
Instruct bank to take money from customer			You via your PDQ & appropriate authorisation from your bank for customer not present transactions
Take money from customer & Return collected money to you		Your bank via mechant account that you purchase from them

Your own bank should be your first port of call for this. Tell them exactly what you want to do, and find out what they can offer you, as well as what their charges are. But remember, after speaking to them call some other banks. You do not have to use your own bank, so shop around and get the best deal, but don't pay anymore than 1.75%.

TI Tip: Most banks charge a set-up fee which can be anything from £100 to £500. Tell your bank that you are thinking of using WorldPay or some other online payment provider and you might get them to waive the set-up fee.

 

See our Resources page for a list of Banks, or call Mark on 0845 367 0248 for more info.

Most banks do not actually process the online payment, for this, you will need an account with an approved online payment solutions provider.

 

TI Tip: Your bank, or whichever bank you choose will try to get you to use their preferred online payment solutions provider. Don't do it. Find your own and work out your own deal.

 

At the moment we recommend Protx as a payment solutions provider, simply because they are the most reasonably priced; Just £20 per month and no set-up fee.

 

Others charge around 1% to 1.5% on every transaction. This may not sound a lot, but lets say you sell £10,000 worth of goods a month, over a year 1.5% is £1,800, with Protx it could be just £240..!

 

See our Resources page for a list of payment solutions providers,
or call Mark on 0845 367 0248 for more info.

Lastly, WorldPay and PayPal do offer an all in one service, but it is relatively expensive at around 4.5%. On £10, 000 taken a month you will end up paying £5,400.

The benefit of these companies is that they are usually easier to get an account with and it is less hassle.