Payment
Service Provider
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In order to have payments from your web site processed
by the credit card networks you will
have to apply to an approved Payment Service Provider,
known as a 'PSP' - these have names such as Optimal
Payments, WorldPay, Netbanx, Datacash, Sec Pay, Secure
Trading, etc. Their function is to integrate your e-commerce
enabled web site with the international credit card
networks so that orders generated by your chosen 'shopping
cart' software can be authorised and payment collected
for you. This payment will be transferred to your Merchant
Account for payment into your bank account.
As you might expect you will have to go through an
application process in order to get your agreement in
place with a PSP. Their terms and conditions and charges
vary enormously from one PSP to another and it is very
difficult to make exact comparisons. You need to be
aware, however, that whatever charges your PSP makes
will be added to those charges which are levied by the
bank providing your
Merchant Account. This means you may well end up
paying two lots of set-up charges, monthly/annual fees,
and, worst of all, two lots of percentages on every
transaction.
Finally - once you have dealt with the application
process for your selected PSP, you will need to
confirm with your bank that they will accept Internet
generated transactions, because even if you have a Merchant
ID it does not guarantee that you will be allowed to
use it for sales from
your web site.
Let Web-Merchant
take care of all this for yo
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