Wanting an online payment system

KneesUpMotherBrown

Hi

Setting up my own web site where customers can buy stuff online and they can pay for it online to

Pay pal fees are 2.9% + 30p. And to do it with someones card into my bank account; my banks I use Lloyds and RBS say that I need a business account and can only be done online and can take up to 4 weeks to process; no good!

Anyone with any other options please?

Thanks

Sandtree

Hundreds... Worldpay, Stripe, SagePay, Klarna, Payoneer... do you want the list to go on or can you use google?

Payment providers generally are in one of two camps (or offer a product in each)... basic fees like PayPal with near instant access to funds etc or more complex fees inc standing charges etc with lower transaction fees but certain monies retained etc.

Whats best for you depends on how much you are selling, SagePay for example will start having proper conversations when you are making 3,000 transactions a month... another I was dealing with recently was after £20,000 a month

KneesUpMotherBrown

Sandtree said:

Hundreds... Worldpay, Stripe, SagePay, Klarna, Payoneer... do you want the list to go on or can you use google?

I dont know! I know nothing about this

So SagaPay. do you know what they would charge for say 100 transaction a month.

How easy is SP to use for the general public? Do they need to create an account like paypal or can they just pay off of there debit/ credit card?

Thanks

Sandtree

With SagePay you need a merchant account. SagePay will charge you £25/month but the merchant account will have their charges on top. SagePay will help you open a merchant account.

SagePay has no option of an account itself so is simply to use (you almost certainly have used it)... PayPal however can also be used without logging in too

KneesUpMotherBrown

whats a merchant account? is it the same thing as opening a paypal account

Do you know of anything less then 25 quid a month

Would that mean that my customers do not need to log in or have a SP account to purchase goods from my site?

cymruchris

If you were to put a very rough value on your sales - how many £ would be your average sale - and how many sales (so total £) do you foresee taking in a month? Are we talking £100 a month sales? £1000 a month sales? £1m a month sales?

You would pick the option that fits in with your projected turnover and average sale amount. If you are new at what you're selling you may have less turnover and sales to begin with - so where do you see yourself in 6 months?

KneesUpMotherBrown

Yes I am new to this! But with the right advertising I see sale increaseing a lot

Emmia

Do you have a specific "business bank account"? Rather than a "personal.account" that you're using for your business... if you don't you need to open one as well.

Using a personal account for business transactions is usually against the T&Cs and risks getting your account frozen or closed by the bank.

cymruchris

KneesUpMotherBrown said:

Yes I am new to this! But with the right advertising I see sale increaseing a lot

So give us some figures to work with like I asked above. 

If your turnover is going to be £12 a month or £40598 a month - different total sales values - different average transaction values will point you to different providers.

Nobody is going to offer you payment processing for free or near enough - you have to price it in to your business model.

born_again

KneesUpMotherBrown said:

Setting up my own web site where customers can buy stuff online and they can pay for it online to
Pay pal fees are 2.9% + 30p. And to do it with someones card into my bank account; my banks I use Lloyds and RBS say that I need a business account and can only be done online and can take up to 4 weeks to process; no good!

whats a merchant account? is it the same thing as opening a paypal account

Do you know of anything less then 25 quid a month

Would that mean that my customers do not need to log in or have a SP account to purchase goods from my site?

Why is 4 weeks no good? They take as long as they take, no bank is just going to give you one without 1st going through some basic checks.
Do you have a business plan?
What are you selling? 
How much do you expect to sell?👍

I suggest you do a lot more research on how to run a business. As this just sounds like "I've had a idea to make some money" 


Rather than rely on others to do the work for you 

p00hsticks

Wouldn't this thread be better off over on the 'small businesses' part of the forum ?

https://forums.moneysavingexpert.com/categories/small-biz-charities-moneysaving