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Online TransactionsApplying for an accountObtaining an Internet Merchant Service from an Acquiring Bank is quicker and easier if you already have “offline” card processing facilities set up with the bank. In this case, just ask your bank for an additional Internet Merchant Service ID for use exclusively with Internet transactions. This process is normally quick, especially if the risk to your business does not change. If you have no prior card processing, the bank will carry out a thorough
credit check (lasting anything up to 8 weeks). The delay can make it
worthwhile using a Payment Bureau that can be upgraded when the Acquiring
Bank application is ready – or when you feel your Internet turnover
justifies the slightly higher fixed costs of an Acquiring Bank. When you obtain multiple merchant numbers for both online and offline, you may need to pay separate set-up fees and rent a PDQ swipe machine for customer present transactions. The acquiring bank could charge around £25 per month for this rental. If you are getting a combination of these services negotiate the costs with your provider as they may only charge one set-up fee. There are several approaches to taking Electronic payments. All of these types of payment systems can be compared by trying the DTI Electronic payments comparison tool. Some of them can co-exist with others and some are mutually exclusive. What to consider when applyingWhen you apply for your Merchant Service the Acquiring Bank will ask what percentage of your transactions will be to customers who are not physically present i.e. over the Internet. Their charges are in some way affected by their perceived risk and discussing such factors may reduce their fees . They will use this to calculate the cost of your service and to issue a Merchant Service ID that allows you to conduct Customer Not Present sales. More on what they consider... Acquiring Banks make a distinction between customer present and Customer Not Present transactions, as there is a potential increase in fraud when the customer does not present the card or sign a sales voucher at the point of sale. Your business model may also affect the number of likely requests for a refund. Understand the distinction the Acquiring Bank makes so you can prepare your business appropriately and getting the right Merchant Service for your operation is essential. Whilst this help area is here to aid our clients to aim their attention in the right area, your project manager and site developers are always on hand to advise and assist. Our administration staff can even take on the complete application process, including a visit to your premises to fill out the online and/or paper forms for a competitive fee. The forms are quite self explanatory, however, please ask if you would like this service included within your project. |
Online storeSelling your products or taking bookings for your service online could be the best business decision you ever made.
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