whats the best online payment method?

wakey wakey · 4th January 2012, 01:00 PM

When setting up a website? been on the phone to natwest seems to be alot of fees involved with the people they recomend.

alzeebub · 4th January 2012, 01:04 PM

I sell high value items (kitchens) and I use RBS for my Merchant Services (Acquiring Bank) and Secure Trading (Payment Processor). They both charge me. Around 2% for Credit Card payments is charged by RBS and a £1 per transaction with SecTrad.

You can use one company to do both of the above, I believe. IIRC companies like WorldPay and SagePay do both. Don't use PayPal, they truly rip you off with charges.

hiroftm · 4th January 2012, 01:05 PM

Quote:

Originally Posted by alzeebub

I sell high value items (kitchens) and I use RBS for my Merchant Services (Acquiring Bank) and Secure Trading (Payment Processor). They both charge me. Around 2% for Credit Card payments is charged by RBS and a £1 per transaction with SecTrad.

You can use one company to do both of the above, I believe. IIRC companies like WorldPay and SagePay do both. Don't use PayPal, they truly rip you off with charges.

Partner with another bank for merchant services.

I work for a company that does this, PM me if you'd like more info mate.

wakey wakey · 4th January 2012, 01:05 PM

Thanks mate natwest advised world pay like.

alzeebub · 4th January 2012, 01:07 PM

Quote:

Originally Posted by wakey wakey

Thanks mate natwest advised world pay like.

Its been a long time since I looked at them, but Im pretty sure I went the rbs/sectrad route because it was by far the cheapest. Worldpay were more convenient but you paid for the priviledge.

wakey wakey · 4th January 2012, 01:42 PM

we just looking for the easiest way mate totally new to this and finding when we are asking people advise they are passing us through to sales before we even know anything about the product itself!

hiroftm · 4th January 2012, 01:53 PM

Quote:

Originally Posted by wakey wakey

we just looking for the easiest way mate totally new to this and finding when we are asking people advise they are passing us through to sales before we even know anything about the product itself!

I don't quite know where to start!

Essentially you will need a payment gateway (WorldPay, PayPal, SagePay etc.), a website, a business bank account, and a merchant bank account (Barlcays Merchant Services, Lloyds Cardnet, Natwest Streamline etc.).

You would integrate your payment gateway into your website, either by developing a website/shopping cart from the ground up to integrate with the payment gateway of your choice (as per their protocol/api). Or you can use a solution such as Magento, 1&1 etc. which generally will come with a prebuilt module and simply allows you to enter your gateway credentials.

Your merchant bank account would charge you (generally a percentage on credit card payments and a flat rate per debit card payments) for each payment taken, funds are normally settled from your gateway to your merchant bank, who then settle into business bank account (depending on the risk of your business/choice of merchant bank there maybe settlement delays).

Hopefully that should be a little help.

wakey wakey · 5th January 2012, 01:42 AM

All thats sorted mate we just sorting best payement gateway, its not as easy as people theink setting up your own business!!!!!!!! cheers for your help mate.

hiroftm · 5th January 2012, 12:25 PM

Quote:

Originally Posted by wakey wakey

All thats sorted mate we just sorting best payement gateway, its not as easy as people theink setting up your own business!!!!!!!! cheers for your help mate.

Have you got a merchant bank account then? I take it you've got a Streamline merchant number based on previous posts?

What shopping cart are you using?