Summary If you want to use Electronic payments you will need to undergo an application process. Think about your average transaction value, transaction frequency, perceived security risk, exposure level, forecast turnover, online turnover, trading history and time from payment to order fulfillment. The diagnostic tool will help you.

Electronic payments are a financial process and your application will be checked thoroughly by the solution provider. The banks use the most rigid application procedures but other service providers will ask questions about your business to determine the price and products that suit you. Please register for free to use the e-payments comparison tool. This will give you a good starting point and allow you to shortlist potential solution providers for a detailed discussion. We would also recommend you look at the product information datasheets which are accessible from the tool as all the contact or online application forms are linked from these pages.

Prepared data means a faster application process. Here is a list of criteria to consider:

• Average transaction value: this is the normal size of transactions that go through your electronic payment system. There is a big difference between a £0.50 sale and a £2,500.00 sale, especially if your solution provider charges a commission based on a percentage of the transaction!
• Transaction frequency: This determines what solution is best for the volume of transactions carried out; 100 x £10.00 transactions per month are very different from 10,000 x £30.00 transactions per month.
• Perceived security risk: Most providers (especially banks) will place your business into a security classification when assessing your application. Easy to resell items like CDs and footballs then might fall into a lower risk category than a business selling, say, holidays where the customer has to turn up to take the holiday.
• Exposure level: This reflects the perceived risk of refunds and fraud in your business; see the next few pages.
• Forecast turnover figures: This is an indication of your financial viability.
• Online turnover: Simply how much do you plan to make online!
• Trading history: This will affect the trust the provider places in your business; if you are a newly started business you might find it harder to get some products but the diagnostic tool will help you identify the alternatives.
• Time from payment to order fulfillment: This is the period of time a customer has to become dissatisfied.

These main points to consider are examined in the following pages. The diagnostic tool also provides links and phone numbers for all the main UK electronic payment solution providers so you can progress your application.

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