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Electronic Payments
Electronic Payment Methods
Payment Bureaux
A payment bureau such as WorldPay or Netbanx is a one-stop solution - collecting and processing the card details on behalf of the business without requiring an Internet Merchant Service with an Acquiring Bank or a separate PSP to be set up. As a result of their simple application process, bureau services are a popular choice for electronic payments and a good solution for a smaller business's first step into e-commerce.
Advantages
- These services will accept most types of business.
- Trading record or length of trading will not usually be an issue.
- Fast turnaround for applications - can take as little as a few working days compared to weeks for new erchant acquiring applications.
Disadvantages
- Merchants' funds are held for minimum of 30 days and up to 60 days.
- Transaction charges are higher, in the range of 4-8%.
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