A Rough Guide to Trading Online
MMC has been involved with helping customers to trade online for several years. In the last couple of years, we have seen an enormous increase in the number of requests for these services. MMC has produced this guide not as a definitive manual but more as a tool to assist a new comer to the world of e-commerce. We hope this helps!
Web Design
If you have chosen to trade online you’ll need a "shopping cart". The term "shopping cart" is a general description given to a web site which is specifically designed to allow consumers to browse, select and purchase products online. All shopping carts follow the same fundamental processes but our web design team will be able to customise the look and feel of your site to match your corporate style. A shopping cart can operate as a stand-alone site where it functions as your sole web presence. You may already have a corporate website in which case we can integrate the shopping cart into that site.Domain Names
For people to be able access your website you’ll need to select a domain name and direct it to your shopping cart. MMC can manage this process for you, so all you need to do is choose the domain name for the site and we’ll do the rest.If you already have a domain name, or want to purchase one independently, MMC can supply you with an IP address to point to your domain name.
Email Addresses
Once you have selected your domain name (e.g. myshop.com) MMC can create as many email addresses from this domain as you requiresales@myshop.com
customers_servcies@myshop.com
All emails (sent or received) are processed via a special anti-virus and anti-spam service, ensuring that email communications are as secure as possible.
Web Hosting
So, your website has been designed and you’ve selected a domain name. You’ll now need to "host" the site so the public can access it. MMC can offer this service via its own in house hosting solution. We believe this gives our customers the best possible service as we can control and are responsible for all of our own hardware and software. MMC also maintains a dedicated link to the internet to ensure fast access for your website.Finance
To be able to process credit and debit card payments from your customers, you will need 3 things.- A business bank account
- A Merchant Service
- A Payment Service Provider
Business Bank Account
You probably have one of these already but this is an essential item for the next step in the process.Merchant Service
A merchant service involves your selected merchant bank (please see list of merchant banks), issuing you (the merchant) with a merchant number. This number forms a link between your normal business account and your PSP service (which I’ll come to in a minute). There are two types of merchant number, MOTO (Mail Order, Telephone Order) and E-Commerce. There is fundamentally no difference between these two types of merchant number. It is just a mechanism for your bank to be able to differentiate between these two modes of transaction.The cost of this service will vary from bank to bank and it will also depend on your volume of transactions. As a rule of thumb, the cost of processing a credit card is 1.5-2% of the value of the transaction and 20-25p (flat rate) for a debit card.
A note of warning.
As trading is progressively moving online, plus more and more merchants are requesting numbers, the banks are becoming more stringent before giving out numbers than in previous years. Your bank will ask a variety of questions about your trading to establish a level of risk (fraud). One very key area of their questioning will be security and this is where your choice of PSP is most important (please see PSP).
PSP (Payment Service Provider)
A PSP is a company that acts as a facilitator between your customers and your merchant bank. If you imagine a shop with a PDQ machine, the shop owner has his merchant number linked to this PDQ machine so he can swipe his customer’s card. In the world of online trading a PSP acts as that PQD machine.In reference to my "A note of warning" above: Your choice of PSP is most important. You need a PSP who demonstrates a highly level of security and still offers a competitive rate. After many years and many choices of PSP, MMC now operates exclusively with a PSP called Protx. Protx are a specialist online PSP offering a variety of secure payment solutions. This guide does not extend to the detail of Protx’s services (please see the dedicated Protx guide). For the purposes of this guide, once you have been issued your merchant numbers by your bank, MMC will assist you with the setup and implementation of your Protx account.
Sage Pay, the new name for Protx
http://www.SagePay.com
PSP Update (21st March 2009)
Sage Pay (Protx) now offers an integrated PSP and merchant service. This means that Sage Pay can offer a one stop shop for your entire payment solution. There a five simple steps to set up such an account.
- Complete our online sign-up form
- Accept the terms and conditions
- Print, sign and send your completed application form to us
- Pass any KYC checks required by the bank and you'll be sent you merchant number
- Your merchant account number will be sent to Sage Pay — we'll allocate it to your Sage Pay account and we'll email you to confirm that you're ready to start taking payments
Click here for more information about Sage Pay's merchant services
Fulfilment
This is a core aspect of MMC's business. At the end of the day your products will need to be stored somewhere safe and when an order is received, that order will need to be picked and packed accurately. MMC can manage and facilitate this entire process.Customer Services
This is an important part of you business model but one that can often be over looked. There are three basic choices here.Do you want to deal with your customer queries via the phone, or email or both?
The answer to this question generally depends on your type of business and the type and value of the products you’re selling. Regardless of your choice, MMC can provide you with access to our Call Centre who will manage every aspect of your customer services.
We hope this document provides you with a basic outline of trading online.
We also have flow chart which helps to illustrate the process.
If you require any further assistance in setting up your company to trade online, please contact our Sales Department who will be happy to help.
