7 Payment Options Every New Business Need to Consider

7 Payment Options Every New Business Need to Consider

Technology has changed the landscape on how businesses can accept payments for goods and services. The old days of collecting cash payments and then taking them to the bank to deposit them into a business checking are becoming outdated, as new forms of payment processing take hold.

If you are starting a new business, here are seven payment options you need to consider to make your payment processing easier and faster.

  1. BACS

The BACS (Banker’s Automated Clearing Scheme) payments system allows you to accept direct debit authorisations from customers and it allows you to make direct credit payments to the bank accounts of your suppliers and employees. You need to get a SUN (Service User Number) number to set up an account up before you can use the BACS service.

The SUN number is used to track the debit and credit transactions your business makes and to ensure that your payments are processed efficiently. You must be sponsored by a major bank based in the U.K. to qualify for a SUN number. As a new business, you typically won’t qualify for sponsorship until you have been in business for three years and you’ll have to rely on a third-party who has a SUN number to process your BACS payments.

  1. PayPal

PayPal is useful to send and receive money from many different areas of the world through your website. PayPal is also useful if you are going to do auctions on your business website as they will bill the buyers and send them reminders about ongoing auctions you may be doing. You need to set up a premier or a business account with PayPal to take advantage of its services.

A premier account is useful for businesses that expect to do a lot of credit card transactions per day through the website. The business account allows you to accept credit card payments and send out mass payments. Signing up for PayPal is easy and is done online. You’ll pick the services you want to use at the time you sign up for an account.

  1. Faster Payments

Faster Payments allow customers to send money directly to your bank account. The customer will need the sort number for your bank and the account number you want the payment to be deposited in. The payments typically get deposited on the day it is sent by your customer. You need to be a member of a bank that utilises the Faster Payments system to take part in the program. You should also be aware that there are limitations on how much can be sent at one time over the Faster Payments system. The limits vary depending on how the payment is sent.

  1. CHAPS

CHAPS (the Clearing House Automated Payment System) is another system people and businesses in the U.K. can use to make payments to accounts housed at member banks. The CHAPS system is typically used when a business has to make high-valued payments to suppliers. CHAPS is particularly useful if you are establishing a real estate business where fund transfers typically have to take place on the same day you are signing the paperwork to consummate a real estate transaction.

The CHAPS system transaction happens in real-time and the recipient doesn’t have to wait for the money to clear. They can use it the moment it is deposited into their account.

  1. Android Pay

Android Pay allows your customers to pay you through their Android phones. You will need to have an account with Google’s mobile payments system and have a Point of Sale (POS) device that accepts contactless credit and debit cards. The customer needs to download an app from a participating bank and enter the debit or credit card information into the app. All the customer does is swipe the phone over the monitor on the POS device and the transaction is automatically processed without handling cash and debit or credit cards.

  1. Apple Pay

Accepting the Apple Pay system over an iPhone is very similar to the process used to set up the Android Pay system. You will need a contactless POS terminal system to accept the Apple Pay system.

  1. Nochex Online Payment Services

You are able to accept online transactions with a Nochex account. You will need to set up either a merchant or a U.K. Trader Account in order to utilise the Nochex system. The U.K. Trader Account is good for new businesses as the account doesn’t have any set-up or monthly fees while you are starting out.

If you’re just starting to break into the world of business, the above are a just some of the key payment options you should consider implementing.

Important Factors For Solicitors When Choosing A Third-Party Litigation Funder

litigation fundingIntroduction to third-party litigation funding:

Best, briefly defined as the’ financing of litigation by an independent person(s) not party  to the litigation, in return for a share of the winnings  where the outcome is successful’, third-party litigation has grown rapidly in the past five years. So some advice for solicitors considering third-party funding:

Why do they need third-party funding?

The best answer here is that their clients need it. Without third party funding many would-be litigants would simply have to abandon any hope of pursuing their claim to justice.  With the best interest of their clients at heart the solicitor must then do his up most to secure the best funding deal available. Initially they must explain to their client the pros and cons of funding: if the case loses the client will have incurred no costs but if it wins, a proportion of the success must be yielded to the funder.

What do they see as the outcome of third-party funding?

Again the answer is client-led. They must secure the best deal possible for their client. This leads onto the crucial question.

How do they choose the best third-party funder?

Perhaps they should start by imagining the worst case scenario: a funder who runs out of money mid-way through the case and pulls out of the deal, accompanied by acrimonious relations with both funder and unhappy client.

So firstly, solicitors should build up good relationships with funders based on trust and honest communication. Negotiating and securing the funding deal is the key starting point, so here they should look for funders who can make quick decisions and who actually have the funds and ready access to them. They need to research the funders, for some are brokers, themselves looking for commission on introducing cases to funders , and therefore best avoided.

Also to enable funders to make quick decisions, they need to ensure their case is a suitable one for funding. Most funded cases arise in commercial disputes, professional negligence, and breach of contract and arbitration cases. Also the cost of the claim has to be sufficiently high to bear the necessary quantum-to-costs ratio. Also the defendant must be capable of meeting the damages, or insured to do so. Since funders will only finance cases after doing careful due diligence on them, the solicitor can help by doing much of this prior to requesting funding. It will save time, help the funders to make a decision and help establish a transparent and open relationship with the funder.

Having secured funding, the solicitor should satisfy themselves as far as possible on the clarity of the funding arrangement; it should be in writing and be as exact as possible on percentages to be paid and whether the agreement is a conditional fee arrangement. (The 2013 Act will see important changes as it introduces Damage Based Awards and new rules on recoverable costs). The canny solicitor needs to keep abreast of these changes. This leads onto another factor in the funding agreement. It should ideally allow for flexibility and this goes back to having a good relationship and open communication with the funders.

Rogue funders are unlikely to be members of the Association of Litigation Funders; its code of conduct covers ethical and practical standards that should give solicitors confidence if they chose only funders who are members. The requirements on capital adequacy are stringent and rules on written agreements provide the bench mark for what solicitors should be looking for.

In conclusion:

The above is only a guideline. However, solicitors must get the funding option right. Solicitors’ Regulations now demand they inform their clients of all funding options available. It follows that they must know the third party funding options as fully as possible. (They themselves could find themselves being sued by dissatisfied clients.) To do their best for their clients and secure their own financial future they will certainly be working increasingly with more third party funders. In short, they must choose funders with available funds, ready to make quick decisions and with whom they can develop excellent communication and trust.

This article was written by Anne Evans, a legal consultant for Vannin Capital. Vannin Capital are a third party litigation company offering legal assistance for solicitors.


Investing Online 101

Trading stock online is a relatively easy process to get started in. However, just as it is true in most things relating to investing, research and knowledge are valuable tools in order to have a safe, low stress, and profitable experience. Here are a few simple tips that will get you on your way to online investing.

By reading this article, you are already well on your way in the process. Thorough research is the first step. Online trading is neither painful or difficult, but researching is still necessary. The first thing that should be researched are the different types of trading platforms that can be used. Performance history as well as customer reviews are readily accessible via the Internet. Customer reviews provide valuable insight on the quality of the company. Patterns of complaints and qualities should be evident after reading a variety of reviews.

Knowing some of the fundamental terms is also crucial to online trading. These include stop orders, limit orders, and timed orders. Knowing markets, researching industries, and projections are also good routes to take when first learning the ropes.

Furthermore, thorough research on the specific companies and industries that you would like to invest in is key. Just knowing the fundamentals of investing is not going to produce successful results for you. The underlying investment must also be thoroughly understood so that you can make an educated decision on how you would like to proceed with investing. Do not rely on what you hear in order to make investment decisions.

Getting a good understanding of the brokerage account software is also critical before you start investing all of your money. It is important that the brokerage you are using has good customer service as well. A good way to test out the software is by making a few small test trades and monitoring them. Knowing how to interact with the interface is critical to the success of your investing career.

No matter how much research you have done, the important thing to remember is that there is no such thing as a safe bet in stock trading. Never  what you can’t afford to lose. Doing your thorough research can help deter you from panicking and selling everything in times when the market is uncertain. Markets tend to fluctuate and knowing the difference between a sinking ship and choppy waters is crucial.

Regardless of how much you know about investing, starting is always the hardest part. It is extremely important to start, no matter how small the initial investment. This is how you will learn the valuable information that you won’t be able to learn from research, such as your risk tolerance and goals. Regardless, online trading is something that can quickly become a hobby. Even if it’s just a means for growing your money, these simple pointers will help you get started in your journey.

Litigation Funding and the Rest of the World

third-party funding court roomLitigation funding, or third-party funding as it is also known, is by far the most popular and effective method of acquiring financial support for an impending court case.

This method is widely used across the whole of England, Wales, the US and Australia.

But as its positive reputation grows worldwide, how are other countries implementing it?

Litigation funding in other parts of the world is still a growing trend, especially compared to its use and success in England and Wales.

The thing to remember is that other countries have varied attitudes and laws, including their opinions and methods towards maintenance and champerty. The laws regarding those two factors can make litigation funding illegal, but what do they mean?


This is when a third party, whether it is a business or individual, provides financial support to another party, in which they have had no previous dealings with.


If a third party provides financial assistance to a claimant, and gains a financial reward, this is classed as champerty.

Litigation funding developments by nation

South Africa

Litigation funding was made legal in 2004, as the ban on ‘no win, no fee’ financial deals was lifted.

When this was implemented, South African courts no longer felt that maintenance and champerty were viable rules.

Hong Kong

Litigation funding is still an on-going process in Hong Kong, as a reform is currently being considered.

This follows on from the conviction of Winnie Lo in 2009. The local solicitor was charged with conspiracy to maintain (receive funding), but the conviction was subsequently overturned in 2012.


Where litigation funding is concerned, Germany laws and attitudes are very similar to those in the UK.

There are no maintenance or champerty laws in place, which has led to a booming industry.

This method of funding has also been heavily used in cartel damages cases.

Well that’s just a few of the global attitudes towards litigation funding, and as you can see, it is a truly invaluable method that is being implemented throughout the world.

Photo by: cormac70

How To Sell on Craigslist and Do It Successfully

how to sell on craigslist

Have you ever wondered how to sell on Craigslist but did not know where to turn to get started?  Well you have stumbled to the right place to learn how to make a quick buck by selling on Craigslist.  We will also teach you how not to get screwed by selling on Craigslist.  If you are not familiar with Craigslist please go take a look, it is the largest and most popular classifieds in the world.  If you own a small business or have unwanted items in the garage then you have come to the right place to learn how to sell on Craigslist.

Tips on How To Sell on Craigslist Successfully

Make sure that you have a catchy phrase or heading to grab the attention of the reader.  It has been shown that a catchy phrase or heading attracts readers and will generate clicks.  Which is what you are looking for to showcase your product or service.

Attach graphics if you want to make a successful sale on Craigslist.  Let’s face it if you are purchasing a snow blower on Craigslist you want to be able to see what it looks like rather than wasting time to  contact every seller to ask for the condition of the machine.  A photo will help sell on Craigslist, because as they say a picture is worth a thousand words.  You can see for yourself the condition of the snow blower.

Keep your ad short, well composed and precise.  This is the key on how to sell on Craigslist successfully, nobody wants to waste their time reading long posts when they are looking for a snow blower.  They want to know what make and model are, how old it is, and if there are any problems with it.  They do not want to know that I really like the machine and any other irrelevant information I may provide.

Make sure in your post that you specify how the product will be delivered.  If you are selling a large product they may likely need to come to your residence to view the product.  If you are selling tickets or something you can meet in a public location to ensure your safety.

These are the tips that I have found on how to sell on Craigslist successfully and I have been employing them for several years.  Sometimes I am an impulse buyer and Craigslist has helped me with these impulses as many times I have sold what I bought shortly thereafter.  Last year I purchased a snow blower on there and sold it a week later for a 50 dollar profit.  I just wanted to try a different brand to see if it was better than the one that I had.

One of the best benefits to selling on Craigslist is that it is free to list your classified, and you can reword it and re post it as many times as you want until the product is sold.

In the end you have a product or service that someone need, and the beauty of the internet you have the largest store in the world at your finger tips.  Sign on to Google and do a quick search for the item we are selling and we can get an approximate ball park for what the item should cost.

I hope you have the same success that I have had with my guide on How To Sell on Craigslist, and if you need any questions please drop me a line.

Photo by: acloudman

Sponsored Video – Christmas Is Inching Closer: Buy Gifts For Children

As a Jeep owner I am happy to share this video. This post is sponsored by Jeep.

It has been a busy week with work as working in finance it is month end and the financial situation like so many other businesses around is not doing good.

Seeing first hand the money that the organization is bleeding does not give me that warm and fuzzy feeling, but it also makes me look inward to tidy up my own finances to make sure that I have my money in order.

So here is what my wife and I have done since mid October.  We have paid off about $2500 in credit card debt.  While it does feel good we are no where near where we need to be.  We upped our 401k Contribution percentages to 10% each.  Was this the correct financial decision?  Probably not considering we are only being matched up to 4% but we want to bulk up our 401ks and then with our tax return next year put it towards paying down more debt.  Remember back wayyy back about Dear debt I am going to defeat you.

Well that didn’t happen as planned my wife and I were burnt out and needed a vacation.  We have steadily been paying down our debt but really took it to heart this Christmas season.

In addition to being vigilant with our debt reduction practices we have adopted 3 children to purchase Christmas gifts for.  This is one of the best ways that I know to give back for being so fortunate.  The organization that we are working with is Kids Oneida.  If you would like to donate there is a link on their site, or see if you have it in yourself to do something in the community around where you live.  Until next week be safe and have a happy weekend.