When you are running an online store, there will a number of additional suppliers you will require services from to secure your store and additionally to process payments.
Security (SSL) Certificates
An SSL certificate allows a website to communicate with a Web Browser privately via the HTTPS protocol. The certificate itself is "signed" by an authority that web browsers already trust, this allows the browser to verify the identity of the website before exchanging private details such as credit card numbers.
We currently provide Thawte certificates at a cost of around £120 per year. Thawte are one of the world's leading authorities and our relationship with them allows us to issues certificates very quickly and painlessly. By allowing us to manage your certificate, we can ensure that when it is time to renew, the process is simple and easy needing minimal input from you.
Internet Merchant Accounts
An Internet Merchant Account is a bank account that recieves payments from online transactions, your business must have one to accept payments through a website unless you opt to use a solution such as PayPal.
If you do not already have an Internet Merchant Account, we would recommend discussing setting this up directly with your Payment Solution Provider. The fees associated with an Internet Merchant Account are usually low with a setup cost of around £100. Each transaction processed through your Internet Merchant Account will be charged a small percentage (usually around 1 to 1.5% to cover the processing fees).
If your business is of a higher-risk, your Internet Merchant Account provider may hold a bond on this account or hold the money for a short period of time (a few days) before releasing it into your primary bank account, this is standard practice and is negotiable once your business shows its true potential.
Once a payment is cleared into your Internet Merchant Account, the funds are passed into your bank account.
Payment Solution Provider
A Payment Solution Provider is the company that check the cards numbers that are being sent to them for payment and request that funds are transferred into your Internet Merchant Account.
We work with 2 key Payment Solution Providers at this time although we support many more, these are:
While a Payment Solution Provider never handles any of the money going through your accounts, they are responsible for ensure that the funds will clear from the card you are processing. Payment Service Providers charge a small fee for their service which is around 1 to 1.5% of each transaction for credit cards and a fixed fee for debit cards.
If you sell larger consumer items such as furniture, household appliances, etc - salesonrails has integrated with Hitachi Capital to offer your customers real-time finance on their purchases.
As purchases are made through your store, alternative finance options can be offered and a real-time credit application can be made, improving your conversion and offering multiple purchasing options.
Fees associated with this service are negotiable with Hitachi Capital.