Web Cart - Payment Service Providers
In order to take online payments you need to have an online payment provider in addition to your website and shopping cart software. There are a variety of different payment providers on the market but they generally fall into two types. Those that require an Internet Merchant Account with a UK bank and those that do not. Which of these two types of payment providers you use is up to you. The providers that require an IMA have been vetted and approved by the main UK banks.
Most Payment Service Providers (PSP) require that you have an Internet Merchant Account (IMA) with a UK
Bank. These accounts have their own service charges which are not listed. Worldpay have a facility where they will act as your IMA subject to approval.
| Provider | WorldPay | WorldPay | Secure Trading | HSBC |
|---|---|---|---|---|
| Website | www.worldpay.com | www.worldpay.com | www.securetrading.com | www.hsbc.com |
| Service | WorldDirect | Bank Direct | Oak Service Plan | Secure ePayment |
| Setup | £200 | £200 | £200 | £200 |
| Monthly Free | £30 | £30 | £15 | £20 |
| IMA | Via Worldpay | Via UK Bank | Via UK Bank | Via HSBC |
| IMA Fee | 2.4%-2.9% | Via UK Bank | Via UK Bank | Via HSBC |
| Processing Fee | 1.35%-1.6% | 1.35%-1.6% | 1.5% | Negotiated |
These fees are correct as of 8th May 2007. Additional fees may be payable for extra currencies, charge backs and settlements. The above information is for guideline purposes only and should be checked with the appropriate service provider.
Other Payment Services
In addition to the above PSP's there are payment service providers that do not require a IMA. These providers do not pay directly into your bank account. You will need to manually withdraw funds from these services into your bank account, additional fees may apply. These services may not have the same fraud detection systems as the above PSP's.
| Provider | Nochex |
|---|---|
| Website | www.nochex.com |
| Service | Merchant Account |
| Setup | £50 |
| Monthly Free | None |
| Processing Fee | 2.9%* + 20p |
