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Free guide to online payment systems

Aug 22 2003

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A free and independent guide to help small businesses develop internet payment systems has been launched by Government-backed organisation UK online for business.

According to UK online for business, online sales have almost doubled in the last 12 months, with over Ł1 billion a year being spent over the internet in the UK. Small businesses without an adequate virtual payments system could be losing out on a slice of this fast-growing market.

The organisation lists 5 benefits to customers of having the capacity to receive online payments: you can offer a wide range of payment options; no need for invoices, cheques, cash and BACs (Bank Automated Clearing Systems); they may allow purchases that would otherwise be delayed; small discounts encourage online purchases; and if you don’t offer the full range of payment options but your competitors do, what does this say about your business?

To help small firms set up an online payments system, UK online has developed a dedicated website, www.electronic-payments.co.uk, which is designed to take owner-managers through the process step-by-step, with advice and options at each stage.

There is also a tool to show the costs involved. These will include set-up cost, annual cost, monthly, payment service provider, transaction charge and bond. UK online warns small firms to be aware of hidden costs.

It also has a network of e-business advisers around the country and has organised a number of events focused on implementing online payments systems. For more details on these, call 0845-715 2000 or visit www.ukonlineforbusiness.gov.uk.

(22/8/2003)

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