Business Resource Centre

Receiving online payments

By using the Internet to accept payments or donations online, you can reach new customers, reduce costs and sell more efficiently. There are a range of online payments providers available today, for example Cardnet.

1. The benefits

Accept payments and donations more efficiently

Make it easier for your customers or benefactors to pay you. With products and services only a click away, eCommerce is often more appealing to today's consumers than traditional in-store shopping. Nowhere is this more apparent than in the UK, where consumers do more shopping online than any other major country.

Eliminate time and location restraints

Reach customers or benefactors outside your geographic area and across all time zones by doing business online. When the working day ends here in the UK, it is only beginning in other parts of the world. Tap into these new markets by making your company accessible online 24/7.

Reduce costs

In a recent survey, over half of business and charities reported cost savings as a direct benefit of using the Internet. Transacting online often frees up money once spent on post, traditional marketing tactics, storage space and the many other outgoings associated with running a 'brick and mortar' company. The time and money you save by handling money online can be reinvested into building and growing your organization.

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2. How to do it

Build an eCommerce-enabled website

eCommerce refers to any site that allows people to pay directly online, usually by credit card. There are simple, third-party DIY platforms available to help you create your own website, or you can hire a web designer to build it for you. Whichever option you choose, make sure the website is designed so that you can easily manage it, without needing to rely on a programmer to make simple changes or add new pages. Consult our guide on building a website for more detailed information.

Choose a secure payment software

Once your site is built, you will need to select a secure, third-party payment software, such as Google Wallet† and Paypal†, to ensure your customers' payment details are properly protected. There are also secure payment options designed specifically for non-profit organisations to use for accepting donations, such as Blackbaud†, DonorPerfect† and thankQ†.

Use a tool to view online transactions

In order to track inventory and monitor incoming orders, choose a third-party eCommerce software solution, such as Big Cartel†, OpenCart† and Zen Cart†. This process is essentially like online banking, but for your website - allowing you to view details of incoming payments and transaction details.

Review Payment Card Industry (PCI) regulations

These industry PCI regulations apply to any company accepting payments by card. If you choose to use a secure, certified third-party payment service, your site will likely already meet the PCI requirements. However, if you choose to manage your customers or supporters payment details on your own, it's important to carefully review the PCI regulations before accepting payments or donations.

†Please note that these are just examples of the types of software available and Lloyds Banking Group does not endorse the services they provide.

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3. Useful links

For further information about receiving money online, you can visit pages listed below.

Clicking on these links will take you to pages on other websites.

Receiving online payments:
www.enterpriseitguide.com/e-commerce/receiving-online-payments/  

PCI compliance:
www.enterpriseitguide.com/legal/pci-compliance/  

Information you must display to legally receive money online:
www.gov.uk/online-and-distance-selling-for-businesses  

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Important legal information

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Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com (opens in new window)