Setting up your first internet store can seem quite daunting but in fact is relatively straightforward as can be seen by the thousands of internet shops which seem to have sprung up over the last few tears. This is a welcome choice for consumers who like to shop around with an open market option and compare prices.
In order to trade through an internet store you either need your own website or open a store front with one of the existing e-shops such as Amazon or EBay, who will process your transactions for a fee. Most importantly, you will also need a merchant account to allow you to trade.
What is a merchant account? Basically this is vital if you have your own website as it is the type of bank account needed to be able to accept transactions with debit or credit cards. There are various providers and you are advised to shop around as they offer different rates and facilities.
A merchant account will allow online or even phone transactions and many even provide the software to integrate into your website to facilitate the online shopping.
Rates can vary between just under two per cent to around two and a half per cent, plus there is usually a one time set up fee. It therefore pays to compare rates between the different providers.