Merchant account and product type

[ljcomp]

Hi All, I am looking for some advice with regard to online payment processing.
I am a sole trader and have been for a few years,my business is computer service sales etc etc related.
However I have the opportunity to get into web hosting.

So my first question is :-
Do I use my exsisting sole trader bank account or should I create a new account for the new business type ?

Once decided on the account part, I am concidering Fasthost as the IMA and PSP, I am also researching Worldpay and others.

After successful setup of the web hosting venture, I will want to provide online payment services for my client webshops.

Would I be allowed to do this since the product type would be very different ?

Sorry I have 2 question in my first post, but I have searched and failed to find an answer, I have googled and am running arround in circles, I have read several threads in these forums, and like what I see.

So I am hoping you knowledgable people can point in the right dirrection.

Lyndon

[DavidT]

Hi Lyndon

Hope to help a little, get the ball rolling so anyone that disagrees, or has anything to add please do.

If the business is to run under the same business, although as an alternate service I see no reason to have additional bank accounts. In your bookkeeping you would just add a new income code/s so you can identify what your income is, where it is growing and so on. I expect you would also add new expense codes for the new hosting service side for server hosting, SSL certificates etc.

We went with PayPal, best to look at all the costs involved, types of transactions, any costs to transfer to your bank account... see which one is most suited to your expectations of receiving payments.

I really don't think the product is that different, it is still an IT service. I also don't think having different product types should make a difference... the main area this may matter is with your business name & marketing, although there can be other factors such as different ownership (partners, shareholders etc).

I am also new, but hope to see you stick around and maybe you can offer some advice to others, as well as continue getting advice and opinions.

Cheers

[AdamW]

Hi Lyndon,

If it is just an extension to your current business I would, as David has suggested, continue to use the same account and use a different income code in the books so you can monitor it.

I would definitely research other psp. There are plenty out there. Paypal Pro, Worldpay, Protx, Secpay, etc etc. Some offer a joint IMA and PSP account some just a PSP so you would need to source your own IMA from a bank.

Any customers sites would have to use their own payment service. They wouldn't be able to use yours as it would breach your terms and conditions.

HTH

Adam

PS. In my humble opinion I'd avoid Fasthosts like the plague. Am I biased.. yes.. but I would say the same if I wasn't!!

[ljcomp]

Thank you David and Adam.
I appreciate your help, I would be only to pleased to stick arround in the forums but the only help I am likely to provide would be in the area of computer hardware/software/networking and a bit of PHP/MYSQL.
That said anyone have an issue don't hesitate to give me a shout:redface:

Ok PS. In my humble opinion I'd avoid Fasthosts like the plague. Am I biased.. yes.. but I would say the same if I wasn't!!

Any chance of further details, because at this point in my research they seem to have the facility at the best cost. But will certainly listen to members with experience of fasthosts.

I really don't think the product is that different, it is still an IT service. I also don't think having different product types should make a difference...

What if 1 of the clients of my hosting co, was my own shop, and what if I was selling clothing, or plants, or adult products, or cannabis seeds etc etc.

Any customers sites would have to use their own payment service. They wouldn't be able to use yours as it would breach your terms and conditions.

Would I be allowed to be 1 of those customers ?
In which case would I be allowed ?

Perhaps I didn't go into enough detail in my first post.

I hope that makes sense all, it does to me of course.

Lyndon