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Once you’ve had that light bulb moment and you decide to start an e-commerce business, chances are you’ll be eager to accept your first orders online as soon as possible – especially if the boom shopping periods of Christmas or Easter are coming up. But while Australians have been quick to adopt online shopping (in fact, we spent $37.1 billion online in 2013), it can feel like our financial and administrative systems for businesses have not embraced the speed of online retail.
Setting up an e-commerce website can happen as quickly as you (or your website developer) can choose a domain name, select a design and populate your online shop with stock. However, setting up your online payments solution has typically taken longer because a financial institution needs to assess what level of risk your business represents.
For example, a brand-new business likely appears a more risky prospect than an established business moving online. And a straightforward e-commerce model – where customers select and pay for, say, a T-shirt online and then receive their order in the post – may appear a safer bet than a business that sells holidays online, which may have delayed payments or get refund requests months after receiving payments.
As a result, it can take a bank about five weeks to approve an internet merchant account for a business – and you can’t accept online payments without it!
When SecurePay decided to launch SecurePay Online Payments, a faster application and approval process was one of the key benefits it wanted to offer e-commerce businesses. General Manager Nathan Brown says: “We don’t skimp on the risk assessment process, but because we specialise in e-commerce businesses, a typical application usually takes us less than five business days to process.”
For merchants, this means you can be trading online a whole month earlier than if you’d gone directly to the bank.
Another contributing factor to SecurePay Online Payments’ speedy assessment is the whole sign-up process happens online – something that seems intuitive for an e-commerce business. You simply fill in the online application form and you’ll be sent your agreement and your test and live login details via email. You even sign your account acceptance electronically.
“With SecurePay Online Payments there’s no need to fill in paper forms, fax or scan them, and then find a place to store all this paperwork,” says Brown. “And electronic signatures have been legal in Australia for 15 years.”
So why miss out on a month’s sales while you wait for your bank? Sign up online now or get in touch with the SecurePay Online Payments team on 1300 656 372 or email: firstname.lastname@example.org.