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%.