E-commerce offers a wide range of opportunities for your business, including increased revenues, growth in new markets, and greater brand loyalty. To help you navigate the process, including how to get set up to accept payments online once you’re up and running, we have streamlined the steps involved in setting up your online business.
Before you can trade online, it is essential to have a legal entity. You can register your company and obtain a company registration number from Companies House or a Company Formation Agent. This process usually starts from around £20 and can be arranged on the same day if requested.
To handle funds from your online trading account, you will need to set up a business bank account. Visit your chosen bank to establish this account, where all cleared funds from your online trading account will be deposited.
To ensure that you have a clear vision for your business you need to create a plan that details who your company is, what you want to achieve and how you will achieve it. You may not have prepared a business plan before but it should be fairly straightforward – after all, you are the expert and know your business better than anyone else.
You’ll need to consider:
Customer support is essential for the success of any online business. Develop a detailed plan for addressing customer queries or issues and establish clear service levels to manage customer expectations. For example, you can specify that all customer email queries will be answered within 48 hours.
When creating your business's Terms and Conditions, it is crucial to ensure that you have a comprehensive set of policies in place. These policies will help protect both your business and your customers. While every business model is unique, there are certain elements that should be included in your Terms and Conditions. Here is a checklist of what you should consider:
Put simply, a domain name is the web address that you direct your customers to. A domain name not only gives you credibility but if selected carefully it can help drive increased traffic to your site.
Entering the term ‘Domain Name’ into a search engine will provide you with many domain name providers to choose from.
Registering a domain name can cost anywhere from £3 - £25 depending on the type you require. Generally a .co.uk is cheaper than a .com. You will be required to renew this every year (although some domain name providers allow you to buy longer licenses).
Registering for a domain name is almost instantaneous and can be set up in 24 hours if requested.
A reliable hosting provider will make your website accessible to the internet. Look for reputable hosting providers by conducting an online search. Web hosting is generally affordable and may even be offered for free if you purchase a package that includes a domain name, hosting, and a web shop.
Your website is a vital selling tool, so it is essential to get it right. Consider working with a web developer to create a bespoke website tailored to your specific needs. Alternatively, you can opt for a web shop, which is a pre-built website that can be customized with your brand, color scheme, and products. An e-commerce solution offers a quick setup, ease of use, and cost-effectiveness.
To process online payments, your company website needs to undergo a compliance check. Although the rules of compliance can differ depending on your business model, we have supplied a general checklist for you to consider when setting up your site:
In order to accept payments online you will need an Internet Merchant Account facility. This is different to your business bank account, as it is used specifically for online trading.
To set up your Internet Merchant Account you can speak to a Payment Service Provider or your bank. But you’ll need to provide some basic information:
It is standard practice to provide valid, unexpired, notarised proof of ID such as your passport or drivers licence, as well as notarised proof of address such as a bank statement or utility bill.
Decide how you would like your customers to make purchases. Will you accept payments through the web, over the phone, or a combination of both? Consider alternative payment methods, such as online cash payments or PayPal, in addition to processing card payments.
Payment Card Industry Data Security Standard (PCI DSS) compliance is necessary for businesses that store, process, or transmit cardholder details.
If your online business processes fewer than one million transactions annually, you must use a PCI DSS certified provider or provide certification of your own PCI DSS compliance to your acquiring bank. Many payment providers are already PCI DSS compliant, providing you with a secure processing environment.
By following these steps, you can effectively set up your online business as an e-commerce merchant. Payment processing software is essential for setting up an e-commerce business or trading online. It enables businesses to accept online payments securely, integrates with e-commerce platforms, ensures compliance, provides valuable insights, streamlines operations, supports international payments, and enhances the customer experience.
As a payment processing software provider, we are here to assist you throughout the process and ensure a smooth and successful launch of your online business. Get in touch today to find out more.
If you're ready to elevate your payment experience and boost customer satisfaction, Access PaySuite is here to help. Contact us today to explore tailored solutions for your business.
