E Payments

There are many options when choosing which online payment method to apply to your website. It is vital that you choose the best method to suit you and your customer. The two main different types of online payments these are Payment Service Providers such as Realex and Payment Bureaus such as Paypal.

Payment Service Providers- In order to use this method you have to have an Internet Merchant Account. Applying for an Internet Merchant Account can be a long and difficult process. This is usually because of firm and strict rules of the Bank. When you have successfully setup a Merchant Account you will be required to pay a monthly fee and also for every credit card transaction a percentage fee will be applied and for every debit card transaction a flat rate fee will be applied. Payment Service Providers offer a Payment Gateway which is a link between your website and the bank. Transactions are processed by taking the card details through the Providers Payment Gateway and passing them onto the bank. Realex is a popular choice when it comes to PSP’s.

 

Realex
Realex is an Irish owned Payment Service Provider. They currently have over 3500 customers including Vodafone, Party Poker and Aer lingus.  Since started in 2000, the company has experienced year on year growth. Their main values are security, customer service, expertise and innovation. Their competitive fees start at around €30 per month for up to 350 transactions with additional transactions processed at 19 cent each.

Payment Bureaus- they offer a complete processing system. An Internet Merchant Account is not required. Payment Bureaus collect and process the card details for a business. It's a much easier method to initially setup as they are not as strict as PSP’s. This method could typically suit a small startup as the only real requirements are that the business has a bank account and that the address matches for confirmation. When transactions are processed the Bureau secures the funds until a certain amount of time. In currents years this settlement time has greatly reduced. This issue can present cash flow problems. The most well know Payment Bureau is Paypal.

 

Paypal
Paypal is the world market leader in online payment processing with over 150 million accounts. They offer a fast, affordable and convenient online payment service for businesses of all sizes. They also have no startup or monthly fees. This is what makes them a very common choice for online startups. The main disadvantage of Paypal is that they do not accept Irish Laser cards. This could turn potential customers elsewhere. Below is a table of related fees for a paypal business account.

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