The Importance of a UK Merchant Account

2007-03-08 10:33:40

( Financial )



A UK merchant account is a very important tool for online businesses today. With the increasing popularity of ecommerce, customers are more and more amenable to paying for the items they have purchased over the net. There is therefore a problem if your company does not have a UK merchant account. You will have problems regarding payments for the products that you sell over the internet if you don’t have a UK merchant account.

Online credit card companies such as mbna co uk or mbna uk and www barclaycard co uk are providing solutions for this need. These providers of such UK credit card solutions are also offering ways for small businesses to open a UK merchant account.

This UK merchant account will make it possible for you to process credit card transactions over the net automatically and with complete security. To avail of this service, you will need at least two things, a payment gateway and a merchant account.

You can either apply for only a payment gateway and then open your own merchant account, which will take some time to process or apply for a payment gateway and connect this to a third party merchant account.

A simpler solution to credit card processing over the internet is to receive and save the credit card information of the customer over a secure location. A customer support representative then takes the information and uses a credit card payment terminal to manually charge the card.

This negates the need of a payment gateway and is usually the cheapest and simplest way. However, this system is cumbersome and inefficient for businesses expecting lots of credit card transactions over the internet. Moreover, you have the additional expense of extra personnel whose task is to manually charge these cards.

Of course, online financial transactions always have the inherent risk of credit card fraud. For these reasons, you must make sure that the payment gateway that you have chosen has security systems installed such as an avs or address verification system. This enables you to verify your customer and the credit card by comparing the information you have with the information on the bank that issued the card. An encryption program will also be a great help to the security of the credit card details.


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