Netbanx will allow you to accept payments in the language and currency of the customer's choice

Company: Netbanx (part of the Neteller Group)Based: CambridgeWebsite: www1.netbanx.comClients: Over 1200 businesses 

Who are you?

Dan Starr, executive vice president of Netbanx. 

What do you do?

It’s actually quite simple. The goal of our company is to enable businesses to accept payments from consumers online in the language and currency of their choice. We achieve this through a system called the Dynamic Currency Conversion (DCC). 

What does this mean in practice?

If a customer is putting items into their shopping carts and then want to pay we, provide that page.    

What size company suits you?

We have packages that can be integrated in a couple of hours and that are aimed at smaller boutique retailers. However, this goes right through to larger companies, such as npower, for which we handle the entire payments platform.       

Why should I care?

We can handle transactions from all European credit and debit cards and also from payment types which are common in parts of Europe, but less so in the UK. The DCC converts your prices into the currency of the customers so they can understand exactly what they are paying. Generally, payment providers only handle one country whereas we can offer UK businesses real international reach. 

What mistakes will you prevent me from making?

Managing payment is not an activity to be taken lightly. If you’re taking people’s money, you’d better know what you’re doing. You can’t mishandle the situation or take double or late payments without very quickly creating brand reputation issues. Fraud and financial crime is a risk all businesses face – from a low level where customers dispute transactions or pay with fraudulent cards, or on a large scale if your customers’ system is hacked. You could also be breaking local and national laws just by accepting payments. There are many laws and regulations that you may not be aware of. However, we know what’s required, have built it into our systems and can prevent you making that kind of mistake. 

What can you do for me that I cannot do for myself?

Emerging businesses find it difficult to get banks to allow them to accept credit card payments as they don’t have long trading histories. This can be a Catch 22 situation, because if you don’t have a trading history, how can you get one unless you are able to trade? We provide a bureau service to companies, which allows us to carry out a greater level of due diligence and risk profiling. This means that we can underwrite part of the risk so that banks can take payments and the business can get up and running. 

Give me an example

One of the smaller boutique companies that we work with is Whiskey – Online, which sells its products across Europe using our payment system. We work with many clients of different sizes. One of our clients that I am sure you know of is, Companies House.  

Why should I trust you?

The Neteller Group has built trust with its merchants over the years at multiple levels. It has been delivering gateway services since 1996 and e-wallets since 1999 and has not suffered from major account attrition. The company also has good regulator oversight; authorised and regulated by the UK Financial Service Authority. Additionally, as a publicly listed company on the London Stock Exchange AIM index offers transparency into its business to investors, the market, and merchants – and has an independent, non-executive chairman on the board of directors. Its gateway services are also PCI DSS certified and compliant, meaning that sensitive consumer data is protected to the highest standards.  

What will it cost me?

There’s an initial set-up fee of about £100 which covers the installation and due diligence on the company. We then make a charge for each transaction which is about eight to ten pence for up to 10,000 transactions. If a merchant goes above that then they are offered a new rate, as they are a much bigger business. For smaller companies there’s a minimum charge of £20 per month. 


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