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The State of Digital Marketing in the Middle East and North Africa 2012
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Managing Director at Meluba Ltd
23 October 2008 09:37am
Are credit cards more widely used on the internet than debit cards? If so what proportion of payments are made by credit card?
I am in the process of setting up my first e-commerce business and have been talking to a number of Banks with regard to setting up a Merchant account to recieve online payment.
One has quoted a low % fee for all transactions and the other a higher % fee for credit cards and a low flat fee for debit cards. What are peoples experiences of the proportion of payments as this would significantly impact the cost of payment processing.
I would appreciate any help or advise.
Mike
e-Commerce Sales Manager at CreditCall Ltd
23 October 2008 12:09pm
Hi Mike,
If you email me at I should be able to help you with the merchant account but also with some ideas about rate and process.
Thanks,
Paul
On 09:37:39 23 October 2008 MikeReddan wrote:
Senior Account Manager at Nedstat
23 October 2008 14:18pm
Hi Mike,
Credit cards are most widely used than debit card, with, I believe about 40% of all transactions.Although more costly, either to the user or the vendor, whoever incurs the processing fee, users feel more comfortable putting their credit card details online as they are not linked directly to an account rather than their debit card details which gives them more exposure. Hope this helps. Julie
On 09:37:39 23 October 2008 MikeReddan wrote:
Managing Director at Meluba Ltd
23 October 2008 14:25pm
Thanks Julie, thats very helpful.
Senior Account Manager at Nedstat
23 October 2008 14:38pm
Happy to help. Feel free to come to me for advice on online marketing activities, site optimization and upselling/xselling and web analytics. (j.sari@nedstat.co.uk)
Good luck!
On 09:37:39 23 October 2008 MikeReddan wrote:
Director at TeleGlobal
24 October 2008 10:40am
Mike,
Appreciate that this may be a bit off topic, but as you no doubt want to make sure your new venture is a success, I thought I'd post a response.
As much as 50% of the online population either do not have bank cards (Credit or Debit) or are reluctant to use them online for fear of fraud or loss of privacy - particularly with a 'new' Merchant they don't know or yet trust.
Most would agree it would be daft to open a high street business and not accept cash payment, yet most e-merchants do exactly that - turning away potential business. With even Gordon talking about the 'R' word, no Merchant can afford to refuse customers.
Our SNAP Card product offers eMerchants the ability to accept cash, with no integration hassle, no set up cost, no monthly fees and guaranteed payment (no charge-backs), along with the ability to put a simple and secure payment tool into the hands of the customers you want to attract.
Drop me a line if you'd like more information:
Ross
On 09:37:39 23 October 2008 MikeReddan wrote:
>Are credit cards more widely used on the internet than
>debit cards? If so what proportion of payments are made by
>credit card?
>
>I am in the process of setting up my first e-commerce
>business and have been talking to a number of Banks with
>regard to setting up a Merchant account to recieve online
>payment.
>
>One has quoted a low % fee for all transactions and the
>other a higher % fee for credit cards and a low flat fee
>for debit cards. What are peoples experiences of the
>proportion of payments as this would significantly impact
>the cost of payment processing.
>
>I would appreciate any help or advise.
>
>Mike
CEO at Econsultancy
25 October 2008 06:49am
Hi Mike
Very shortly (next week I hope) we're going to be publishing some research we've just done called "Online Transaction Processing Fees - Benchmark Report" which gives all the details of 29 online retailers, what they pay by card type, % splits, recommendations on how to get a better deal etc.
Sounds like this could be ideal for you? One retailer who took part has already shaved £20k of annual fees by negotiating their fees down based on our data.
If you want to contact our Head of Research, Linus, offline then he can make sure you know about this as soon as we publish it.
Regards
Ashley Friedlein
CEO
E-consultancy.com
Managing Director at Meluba Ltd
25 October 2008 13:25pm
Sounds perfect, I will keep an eye out for it next week. Exactly what I am looking for.
Thanks Ashley