Convenience comes with a cost.
Although online payments make transactions seamless and hassle free for you and your customers, be wary of the fees associated with online payments. As a new business, this may be a small price to pay for convenience, but as your business grows, the fees may add up to a large amount of money.
Make sure to always read the fine print to prevent any last-minute surprises. Ensure that you know about the different types of fees that your online service provider will charge. This includes monthly fees, transaction fees, minimums, maximums and more.
Payment Card Industry (PCI) Data Security Standard.
When it comes to accepting online payments, you should consider the critical issue of security. Ensure that your business complies with the Payment Card Industry (PCI) Data Security Standard, which is a set of rules and regulations that commands how credit card information should be managed and used. The standards lay the groundwork for to prevent, detect and react to security breaches.
Most merchant service providers, including Payvement, comply with the PCI Security Standards and offer a wide range of tools and resources to provide you with all-in-one online payment solutions.
Apply for an Internet Merchant Account.
In order to accept credit card payments linked to a bank account, you will need to apply for an Internet Merchant Account (IMA). If you do not already have a merchant account, we can apply for one on your behalf. Over the years, we have built strong relationships with some of UK and Europe’s leading merchant service providers and on many occasions can fast-track your application.
If you do have a merchant account set up, our payment gateway can be quickly integrated in order to process and accept online payments.
Some banks offer merchant services, so you may wish to speak with them, however it’s always a good idea to shop around for the best prices as the fees change from one merchant services provider to the next.