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'Rip-off'

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Independent e-commerce outfit Netshopper claims that its new Netpayments service will halve the costs of processing online debit and credit card sales.

Current charges on online sales can run up to around 6 per cent. Netpayments says it can do it for 2 per cent. Why? Because it says it's an independent company with lower costs.

In a bid to get publicity for the service Netpayments claims current payment arrangements are a "rip-off" and claims that the new cheaper service could save business £460m a year.

In a statement Mike Foster, director and founder of Netshopper (UK), said: "UK business has been ripped off for too long. The whole point of trading online is about providing consumers with more choice and lower prices - that’s the service Netpayments provides.

"Not having the infrastructure and costs of a financial institution allows us offer secure transaction processing costs at rates that materially influence a merchant's margins or retail price in their favour," he said. ®

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