Hi Dave

Thanks for the advice, it has made things a little clearer for me.

How does the money from WorldPay get into your bank account is it like a nochex type system or is it transferred into your account straight away?

And are any of the abbeys transaction limits used in the process?

Thanks

Mark

www.24-7mobileaccessories.co.uk">href="http://www.24-7mobileaccessories.co.uk">www.24-7mobileaccessories.co.uk

Mark, Just to say tumbs up to the abbey business account is pretty good as most of the banks offerings of "free" banking only last 18 months and is ideal for most startup and small enterprises. Worldpay will trasnfer to you once a month but there is quite a delay in gettting payment, this can normally be negotiated down however. No doubt Dave can advise in more detail on this area. Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

Over to you Dave!
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www.24-7mobileaccessories.co.uk">href="http://www.24-7mobileaccessories.co.uk">www.24-7mobileaccessories.co.uk

WorldPay will pay you monthly, via bank transfer.

The payments maybe around 60 days in arrears dependant upon how high risk your business is. You should contact them, as they should be able to tell you what arrears you can expect for your business type.

What they are protecting against is the possibility of chargebacks - but if you state you require a pre-authorisation account then this alone shows you are aware of the risks and intend to check orders before completing any transactions.

Hope that helps.

Hi Guys

As Worldpay partners for 4 years + now I can offer a bit of assistance:

1. Our clients receive "remittance" in their bank account 30 days from the payment, on average.  As Dave says, you can negotiate this down quite easily once you have a few months trading under your belt.

2. Any high street bank will sign the forms for you, its essentially ant fraud stuff to check that you are who you say you are, are not laundering cash, buying weapons or married to Mr O B'Laden..

3. If you do order a Worldpay account, contact us first.  If you need web hosting, e-commerce or integration services we can offer a discount if you get in touch in advance as we can earn a small finders fee for signing you up to Worldpay.

4. With regards chargebacks, they can be a problem but it depends on the nature of your business.  Worldpay preclude certin high risk areas anyway (subscription sites, porn, etc)  But we have one client who puts half a million through their account on a monthly basis and they have to deal with 10% of their orders being challenged or fraudulent.  But the nature of their business means they expect this and have mechanisms in place to minimise the cost to them.

If you need any other advice, call us on 0845 108 0411, only too happy to help.

Regards

James Hirst

A4 Internet ltd

www.a4internet.com

0845 108 0411

Discboy,

How do you process your payments now?

Mark

www.24-7mobileaccessories.co.uk">href="http://www.24-7mobileaccessories.co.uk">www.24-7mobileaccessories.co.uk

I've been using Worldpay for over a year and found them great - no chargebacks at all, but then I don't have a store as such rather than clients, and although these are nearly always one off clients that I don't know, I'm sure the chance of fraud is less.

No problem with the bank signing the form even though at the time I had been trading less than a year.

Regards

Amanda

I have been trading on the web for about a month now, haven't received my first payment yet from worldpay (oohh the excitement). I have found the easy to deal with, the setup was easy, i did have the assistance of Phil at Openmind, so that obviously took a deal of the worry out of the equation.

I bank with Llyods and have found them easy to do business with, then again i haven't really had to ask for much, so if i do i'll let you know what kind of response i get.

What are peoples experience of getting your limited increased with worldpay, when we started the business we envisaged some deal of success, but now we have trade deals and a new affiliate and reseller scheme going live we will have to significantly increase our trading limit, are worldpay helpful with growing businesses?

Many thanks

Tim

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I used WorldPay for ecommerce downloads. I had to stop the automatic downlaod system as over 50% were fraudulent. Even checking the info WP supply I was getting chargebacks months after supplying. I then phoned the customer before allowing downloads. This was clearly not an 'automated income stream'. In the end I dropped WP and use Paypal - and haven't had a single payment problem...
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I'm currently looking at using a Moto system - Mail Order Telephone Order ,The funds are then electronically transmitted to your business checking account, at your local bankwith my bank (if they get around to calling me back) they were going to quote me for this system but said because the turnover is over £150k they need to get a sales manager to deal with it and arrange something else.

So I eagerly await, does anyone else use this kind of system and what are the charges involved? 

Hi Mark,

I've been using www.moneybookers.com since December 2003 and have not received 1 fraudulent order. I am looking into www.mypaysystem.com as well.

Jonathan

Don't overlook Secpay www.secpay.co.uk. 

Your cash is credited in days not months plus they offer the flexibility for you to incorporate the payment details capture screens into your own site instead of being forced to use xyz payment processing company's pages (allbeit thinly disguised as part of your site because it has your logo on it!)

Mark Challice - Technical Director
Small World Systems Ltd

www.smallworldsystems.co.uk">href="http://www.smallworldsystems.co.uk">www.smallworldsystems.co.uk

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