Online payments can be fast convenient way for your users to pay for goods and services over the Internet using their credit card, debit card or other methods. For example:
- You may wish to accept payment for events such as conferences online
- You may wish to fundraise via your website
- You may have publications or other merchandise to sell
Advantages of collecting payments online include:
- Convenience
- Immediacy
- Potential to reach a wider audience and hence more "customers"
UK Payment Service Providers provide software that allows card details to be processed, and acts as a gateway between your e-commerce system and the banks. The UK PSP takes payment details from your customer, checks the details with the appropriate bank, and sends the result of the check back to your system. Authorization or rejection of the transaction is completed within seconds, so you know whether or not to proceed with your customer’s order. The PSP also takes care of the final settlement of the transaction (i.e. when the money is paid into your merchant account).
Here is a UK Payment Service Provider: Axiar PSP
6 comments:
Online retailers can also process payments with payment services providers by way of incorporation. Meaning that you don't just have to use a UK PSP to process in the UK. ImGlobal Payments (http://www.imglobapayments.com) uses incorporation to enable companies located in the US to do business in Europe, and they even settle payments in multiple currencies.
Hi Guys!
I wanted to share with you a very good resource of information. This information helped me to find detailed information about merchant accounts. And I am sure it would be also beneficial for you guys. This e-book has lots of information about merchant accounts like Basics of merchant account, Guide to choosing merchant account, Benefits of obtaining a merchant account. This is the URL of e-book
http://www.merchant-accounts.com/e-book.pdf
Don't forget about alternatives to credit card processing. eWallets offer easy entry as a merchant, no reserve accounts and often no chargebacks. Some popular online payment systems are:
Moneybookers.com
Webmoney
Clickanbuy.com
Mark
DigitalMoneyWorld
payment service processing is a great alternative to a merchant account for processing credit cards. if your business is online only, or doesn't have a large volume of sales, a merchant account may not be the most practical or cost effective way to accept credit card payments. its important to do lots of research before deciding on anything, though.
Great post!
Offshore and High Risk Merchant Accounts
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