Once you have your business plan and strategy in place
you may have to get a programmer to make customized
payment software that will enable you to process
If you have all this in place you will need to contact
an "Acquiring bank" to complete the infrastructure.
The problem is that you will have to confirm to a
strict list of preconditions the banks lay down in
order for a business to qualify for their online
It is possible that the bank you have your corporate
account with may just refuse you access to their
online payment services. The checklist of
preconditions is sometimes endless and you will do
well to ensure you satisfy all the requirements before
applying to any bank.
You will need to provide the bank with details that
include: the nature of your business, where you expect
the cash to flow in from, explain the details of all
your products and services, assure the bank that you
will deliver the products and services, explain your
terms and conditions for online transactions, give a
detailed estimate of your turnover, how many credit
card or debit card transactions you are expecting,
(See how difficult it becomes)
You will also need to give the bank details of the
secure server you intend to use, and if you do not own
it you are likely to be turned down. The list goes on
In the end, many online merchants choose to set up an
online merchant account with a third party service
provider. This is invariably free to set up and with
the least trouble.
Setting up your site to accept online payments is in
fact, easier and faster using free payment processors
than it is applying to a bank.