Over the last few years I've seen some brilliant local startups, though few have been able to monetize their ventures to it's full potential. Personally, this is the exciting part of starting an online company... the "How is it going to make money" part.

Monetization in regards to an online startup plays a key role in securing an investment as most VC's will not always see your vision, nor understand your target market and how it applies. If you plan on making money through mere advertising (without having an advertising model), think again and start discussing.

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Don't want to make it sound like I'm punting them... but all I can say is Netcash. Gaurantee you will not be dissapointed. We've been using their services on a weekly basis since 2007 and never had a problem. PLUS, I can say with confidence... they are the cheapest out there. Do some pricing research and you'll see what I mean.

Regards,
JP van der Spuy

http://www.mytrade.co.za
Founder and Operations Manager

Nicky Panton said:
Hi Danni

Just got a merchant account for a brand new online startup using my own details as credit reference within one week from Nedbank. However, the monthly costs are high, but at this stage I needed to get going and will now re-look at other options that I have read about here.

Danny Day said:
Sounds to me that any service that undercuts that ease of doing business thing would reap some pretty hefty rewards. People don't want to have to jump through hoops, they want the sort of services that others enjoy elsewhere... That's a rather obvious opportunity, right there ;)

I've done the whole "Hi Mr Bank Manager" thing, 3 times now. Don't qualify. Mainly due to not wanting any form of real-world merchant support: What good is a card machine to me? People just didn't seem to understand an online-only business model, you're supposed to transition to the web once you've established yourself as a physical merchant. Perhaps something like Silicon Cape can change that attitude, but I'm tired of watching bank managers turn blue as soon as the words "credit card" and "internet" share a paragraph.

If there ARE banking types out there that can and do understand online businesses, they should be part of this tutorial we're talking about. I've got a queue of people that would want to talk to them!

Neil Henegan said:
Danny,
We don't have a very good Ease of Doing Business Index and I don't suspect it'll change anytime soon. Take a well written business plan to your bank and they'll help you with the merchant process. Its more about following the correct procedures and paperwork than anything else.

I'll look into writing a step by step guide to getting a merchant account/gateway setup.
Many thanks. I have just started using Mygate with Nedbank due to a real lack of research but am keen to see what I can do about the transaction costs , cause these are going to kill me.
Much appreciated.

JP van der Spuy said:
Don't want to make it sound like I'm punting them... but all I can say is Netcash. Gaurantee you will not be dissapointed. We've been using their services on a weekly basis since 2007 and never had a problem. PLUS, I can say with confidence... they are the cheapest out there. Do some pricing research and you'll see what I mean.

Regards,
JP van der Spuy

http://www.mytrade.co.za
Founder and Operations Manager

Nicky Panton said:
Hi Danni

Just got a merchant account for a brand new online startup using my own details as credit reference within one week from Nedbank. However, the monthly costs are high, but at this stage I needed to get going and will now re-look at other options that I have read about here.

Danny Day said:
Sounds to me that any service that undercuts that ease of doing business thing would reap some pretty hefty rewards. People don't want to have to jump through hoops, they want the sort of services that others enjoy elsewhere... That's a rather obvious opportunity, right there ;)

I've done the whole "Hi Mr Bank Manager" thing, 3 times now. Don't qualify. Mainly due to not wanting any form of real-world merchant support: What good is a card machine to me? People just didn't seem to understand an online-only business model, you're supposed to transition to the web once you've established yourself as a physical merchant. Perhaps something like Silicon Cape can change that attitude, but I'm tired of watching bank managers turn blue as soon as the words "credit card" and "internet" share a paragraph.

If there ARE banking types out there that can and do understand online businesses, they should be part of this tutorial we're talking about. I've got a queue of people that would want to talk to them!

Neil Henegan said:
Danny,
We don't have a very good Ease of Doing Business Index and I don't suspect it'll change anytime soon. Take a well written business plan to your bank and they'll help you with the merchant process. Its more about following the correct procedures and paperwork than anything else.

I'll look into writing a step by step guide to getting a merchant account/gateway setup.

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