Electronic Payments

Implementation Checklist

Research & Analyse

Set targets

Set goals for electronic payment systems, such as increasing profits, reducing costs or growing the customer base and agree specific, measurable objectives for what you want to achieve, such as:

• increased profits

• reduced costs due to banking processes becoming automatic speeding up payment for goods

• greater productivity from staff due to streamlining of buying cycle and audit and accountancy processes

• increased customer base.

Cost benefit analysis

Establish the costs of electronic payment systems, including website upgrading (as applicable), software, bank charges, staff training and maintenance.

Compare these with the benefits, including faster payments, increased efficiency, reduced operational costs, increased customer base and streamlined audit and accountancy processes.

Evaluate options

There are several approaches to taking electronic payments, some of them can co-exist with others and some are mutually exclusive. The options are:

• Traditional Card Payments
• Mail Order
• Online Payments
• Payment Bureaux
• Secure Order Forms
• BACS
• Alternative Payment Options

Evaluation criteria

• Do you want to set up a manual or an automatic system?

• Offer payment by credit card?

• Invest in software?

• How quickly do you want to set up your solution?

• What is required of your trading record? For example, banks have higher requirements.

• Cost - use the self-service comparative tool on our electronic payments website available at www.electronic-payments.co.uk

• How will your system integrate with the rest of your business, such as accounting, stocks and order processing?