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About eCommerce V2 || Payment Methods || FREE Demo Site

Methods of Accepting Online Payments

One of the most important aspects of your internet business will be how you handle payments. CoralCaves eCommerce has been developed to allow flexible integration with Payment Service Providers and we are usually able to integrate with a provider of your choice.

For their excellent reputation, flexible integration, speed of integration and excellent customer service, we reccomend Secure Trading but you are free to choose whatever system and provider best suits you.

As a starting point, we have produced these tables to provide an indication of the aproximate costs of the various systems & providers.

Please remember this list is for guidance only, and may not reflect current pricing policies of the companies mentioned here. Always confirm prices yourself before making final decisions.

  Charges  
Payment Method Setup Annual Monthly Transaction Requirements
Credit Card (Offline) None None None None Ability to handle card holder not present, mail/telephone order transactions
Credit Card (SecureTrading) None £195 + VAT £10 or 1.5% 1.5% Merchant account and Internet Merchant Number from your bank
MoneyBookers None None None From 2% Moneybookers account
PayPal None None None From 3% PayPal account
Cheque None None None None Patience!


Payment Method Pros Cons
Credit Card
(Offline)
  •  
    		•  Cheapest way to add credit card functionailty to your website.
  •  
    		•  Users never leave your site, creating a more professional feel.
  •  
    		•  No need to involve any additional companies.
  •  
    		•  Requires manual processing of credit card transactions offline.
  •  
    		•  Whilst still secure, is less secure than alternatives like SecureTrading.
  •  
    		•  Must be able to process Credit Card transactions by mail order or telephone already.
    Credit Card
    (SecureTrading)
  •  
    		•  An industry standard and highly secure, automated credit card transaction system.
  •  
    		•  Includes a virtual terminal allowing you to take payments over the phone.
  •  
    		•  Virtual terminal makes it easy to issue full or part refunds.
  •  
    		•  Looks exactly like your site so users never feel they leave.
  •  
    		•  Very good telephone support available from early morning to late night.
  •  
    		•  Minimal administration by you. Just check the transaction status and send out the goods.
  •  
    		•  Requires existing Merchant account AND Internet Merchant Number which your bank may charge for providing. Your bank may also charge additional transaction fees.
  •  
    		•  Setting up with Secure Trading can be expensive and cost-prohibitive for very low turnover businesses.
  •  
    		•  Signing up with Secure Trading can take a couple of weeks as there are forms to fill in and if your bank likes it's customers to use an alternative to Secure Trading, they may drag their feet.
    Moneybookers
  •  
    		•  Allows users with or without credit cards to pay for goods from your site.
  •  
    		•  Very inexpensive way to process online transactions.
  •  
    		•  Does not require you to speak to your existing bank.
  •  
    		•  If you have cause to pay for goods or services from a company that accepts MoneyBookers, you can do so with your MoneyBookers funds, saving transfer charges.
  •  
    		•  Requires users buying from you to have a Moneybookers account or signup for one as part of your checkout process.
  •  
    		•  Users are visibly taken away from your site which, those unfamiliar with Moneybookers, may find offputting.
  •  
    		•  Funds paid to you remain with Moneybookers and must be transferred to your bank by you as & when required. This may attract further charges.
    Paypal Same as Moneybookers with:-

  •  
    		•  As the primary method of payment on sites such as eBay, PayPal has a very large user base meaning some of your customers will already have PayPal accounts AND prefer to pay with PayPal than with Credit Cards.
    		Same as Moneybookers with:-

  •  
    		•  More expensive than competitors such as MoneyBookers.
  •  
    		•  PayPal has changed hands now but prior to this, did not have a fantastic reputation. We have recent, first hand, experience of their, less than ideal, customer service.
  •  
    		•  Can be tedious setting up.
    We would reccomend you choose ONE of the Credit Card systems (Offline, Secure Trading or another) and one or both of the alternative payment methods such as MoneyBookers & Paypal.


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