'Mr W Merchant' has a dream about selling mugs online!

Do you want to start selling online but not sure what's what and how it all works? Well Mr W Merchant is in the same predicament ... ... Here we will explain what it is you need to do, what everything means and finally explain how it all works to come together to create the ability to sell online

Right, what's first? - Company type and bank account

If you are not set-up in business yet you will first need to decide what type of company you will be. Either Limited etc. or sole trader. The main reason for this is because it is dependent on what type of bank account you can use to accept payments. If Limited, PLC etc. you will need to have a business bank account set-up. If on the other hand you are a sole trader you can use a personal bank account. The bank accounts are where you want the money to be paid into from each transaction. You can use your current bank account or you can simply set one up when you are ready to start trading online.

If, for whatever reason, you are wanting to channel your online transactions into say two different bank accounts, you would need to set-up a different merchant account for each and use the relevant account depending on where you wanted the money to go. Say for example you want the money taken from your TV sales to go into your NatWest bank account and the money taken for DVD sales into another NatWest account or even a totally different bank such as Lloyds TSB - you will need to set-up a different merchant account for each bank

Please note that if you decide to go down the sole trader route and then become Limited at a later date, you will have to re-apply for this service as you would have become a new legal entity.

Secondly you need the ability to get paid

You need the ability for visitors to your website to actually pay you. To be able to actually accept credit and debit card payments you need what is called a 'Merchant Account' - A Merchant Account is an account opened through a bank that is a member of the Visa, MasterCard, or other credit card network which allows merchants to accept credit cards from purchasers. The funds are then transferred electronically to your bank account.

Traditionally you would need to apply to your bank for this. However we can take care of all this for you. We have teamed up with the international credit card networks via RBS and the Bank of Ireland so that orders generated through your site can be authorised and payment collected for you. This payment will be transferred to your Merchant Account for payment into your bank account. Talking of bank accounts...

So, which of the three accounts you provide should I use?

This depends largely on how you operate your business and what your priorities are i.e. cash flow, when you want to get paid, type of business etc.

Our Optimal Account offers a 2.99% transaction charge with a £20 monthly fee and £150 set-up. However even though you are paid (settled) weekly, 5 days in arrears there is a 5% rolling reserve (The rolling reserve holds 5% of total transactions, over the previous six month period). This means that even though you are paying less per transaction and in monthly fees and will be getting settled quickly, you won't be getting all your money

Now, our World Account is slightly more expensive with a 4.5% transaction charge and a £30 monthly fee with £200 set-up fee but you are paid the full amount when you get settled, however it is 28 days in arrears

Our third account, the Premier Account, is very similar to the Optimal Account, however due to the high risk businesses that can be accepted with this account certain terms are slightly higher

There are several more factors you need to take into account with each account. For example even though the World Account offers most of the currencies to get paid in, you only get one free initially. The Optimal Account however offers them all free, with 3 set-up as standard. However the Optimal Account is slightly limited to which countries you can be incorporated in where as the World Account offers you many more.

As you can see, choosing the right account can get a little confusing. Because of this we have created a way to help you come to a decision. Please click here for help on how to workout which account is best for you!

For further help please click here to read more about the Optimal, Premier and World Accounts

You've set-up your business, arranged a bank account and worked out which merchant account is best... what now?

You now need to set-up your website and shopping cart and get your products out there to sell.

What is a shopping cart? A shopping cart is a piece of software that produces a product inventory and shopping mechanism for your shoppers to view and buy your products online. It works on the principle of placing products from a catalogue into a basket, then going to a checkout to pay for the goods. (Similar model to a supermarket).

Do I need an ecommerce shopping cart?

This is dependent on the number of products that you are intending to sell. If you have just 1 or 2 products with fixed prices, and standard shipping rates you could design your site so you only use our payment secure process to take the orders online. If on the other hand, you are selling multiple products with complex pricing and shipping costs we strongly recommend the use of a shopping cart like eCommerce Builder. This will enable you create a structured product inventory which looks professional and is fully integrated with our payment process.

To discuss eCommerce builder further, or if you would like us to design and build you a site please contact us

My website is now built and integrated with my merchant account. Is there anything else I need to remember?

What about marketing your website and search engine optimisation?

Many companies go online and think by doing so they will make money over night and their business will become successful. Well unfortunately this just isn't true and many simply get lost in cyberspace! Just like a normal high street business you need to market your site and work hard at turning your online venture into a successful enterprise making thousands rather than hundreds of pounds per month

Because of this we have put together a rough guide to marketing your web site

What is Search Engine Optimisation (SEO)?

At present statistics show that 85 percent of all user traffic comes from the main search engines this means 85 percent of 1 billion Internet users worldwide (including more than 35 million in the UK). A user base that is growing all the time. There are over 6 billion websites competing for top spots on the search engines, for this search engine optimisation is needed.

SEO (search engine optimisation) is one of the most essential factors in your websites' success. Search engine optimisation is the procedure of selecting and positioning your website's targeted 'keywords' and 'key phrases' which are used as part of a web search by your potential customers to ensure that your site is placed high on the search engine results

Please click here for more information regarding SEO and how we can help

Is that it?

One more word of warning...

When you first get a website you will probably spend time working out what kind to get. Should it be perfectly designed and aesthetically appealing or functional and attention grabbing? You will spend hours poring over the words for the home page, deciding exactly what shade of blue to use and working out the finer details of navigation. Probably for the first few months you will eagerly post new client stories and special offers but, as the novelty wears off, so will your enthusiasm.

If you don't continue to update your website then the message you give out to prospective and existing customers may no longer be the one you want to give out.

In a few months take a good hard look at your site. Are there news stories that are out of date? Are your company contact details up to date and correct? Does your website really reflect who you are today?

If any of these ring a bell then it really is time you revisited your website. A few years ago it was fine to not have a website, now it's the first port of call for most business customers to check on information about your company. Poor design or inaccurate information can mean the difference between a new client or no client.

If you do decide to sell online we wish you every success and hope that you come to us for all your eBusiness needs