New to trading online?

New to trading online?

There are lots of things to think about when you decide to start trading online and making it easy for people to pay you will be a fundmental factor in your success. As you start to build your website, it's a good idea to also think about how people will choose and buy products from your site. We've put together some information to get you started...

What's what in taking online payments?

A shopping cart — choosing goods on your site:

These can be tailor made by web developers or simply purchased ‘off the shelf’ – they allow customers to select items and proceed to purchase as well as allowing the vendor to monitor stock and inventory and track orders. If you need help choosing a shopping cart, check out Sage Pay's e-commerce solutions directory.

Payment service provider (PSP) — accepting card payments:

The PSP will facilitate the process of capturing credit card details and will securely transmit those details to your chosen acquirer for authorisation. The PSP will often also be able to offer fraud screening facilities as part of the payment gateway package.

An internet merchant account — authorising card payments:

Getting one of these is crucial if you want to accept a variety of cards and payment types. You won’t be able to trade online without one. Merchant accounts are available from a range of acquirers (banks). The internet merchant account gives you, the merchant, the facility to get authorisations on customers’ cards and have funds transferred into your business bank account. Some payment service providers can also help you to set up your merchant account. As they buy in bulk, they will usually have negotiated good transaction rates with the bank.

A business bank account:

This is where the funds taken online will be deposited, pending agreement with the chosen acquirer (your merchant bank account).

Buy 'Starting your own online business'
by Crimson Publishing and Sage Pay