Nochex
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Nochex is a United Kingdom based, online payment provider that specialises in providing businesses with online payment services and the instant transfer of money between individuals over the Internet.
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[edit] About Nochex
Nochex provides online payment processing, and allows people to pay other members online using their email address. Nochex is UK based and provides payment services to UK businesses however those with a Merchant Account can accept payments from international customers. Nochex mainly cater for small to medium sized businesses that trade online and at online auctions.
[edit] Account types
Nochex offers three types of account, Personal, Seller and Merchant Accounts. The most popular accounts are the Seller and Merchant Account which allow online payments to be processed through the sellers’ website. These accounts do not require the account holder to procure a bank merchant account or payment gateway in addition. All payments made via Nochex are 'Verified by Visa' and 'MasterCard SecureCode' enabled (commonly known as 3D Secure) which reduces the risk of fraudulent ‘card holder not present’ (CNP) transactions. In addition Nochex are fully PCI compliant meaning that data is encrypted to help reduce the risk of credit card fraud.
The ‘Personal Account’ allows people to send money for free to other Nochex account holders. Money can also be sent to people without an account although they would need to register an account to withdraw the funds. The Personal Account caarries a limit on the balance of £90.If you pay for goods or services using a credit card and the goods or services are not delivered, you cannot get a refund from Nochex and MBNA will not refund your money under section 79
The ‘Seller Account’ can be used for payments up to £100[1] that originate from a UK registered credit or debit card. There is no cost to set up a Seller Account and no monthly fees although a small fee may be charged for verifying the holder’s credit or debit card (up to £1.99).
The Nochex 'Merchant Account'[2] has far greater flexibility and includes additional services such as telephone support from a dedicated account manager. Payments made via a Merchant Account can be larger values and from overseas registered cards. The additional services offered include: fully customisable payments pages, a partial refund facility, and UK telephone support. The Nochex Merchant Account requires the holder to maintain a minimum balance in their account to cover for the risk of any chargebacks that may occur. This amount is built up from initial trading and is not an up front cost. After the account is closed, the retained or minimum balance will be returned in full, providing that no chargebacks occur after the account is closed. There are no monthly fees associated with the Merchant Account although a one off set up fee does apply.
[edit] Nochex-integrated shopping carts and software
Nochex is integrated into over 50 shopping carts and programmes [3], including: OScommerce, EROL, Zencart, Cubecart, Romancart and many more.
[edit] Nochex and auctions
Nochex is a widely-used method of paying in online auctions. Nochex is one of a small number of acceptable methods of payment on eBay, although unlike eBay’s subsidiary, PayPal, Nochex it is not fully integrated into the eBay system.
On 7 July 2006 eBay announced that Nochex would no longer be allowed for payments on their site. On 13 July 2006 eBay reversed their decision[4] which they explained had been a mistake and reinstated Nochex as an acceptable form of payment. [5]
In addition, Nochex is integrated into CQout – an alternative online auction system - as well as eBid and several other smaller auction sites.
[edit] Inactivity Charges
In 2004 Nochex introduced a fee to Seller and Personal Accounts which was levied against accounts that had been inactive for a period greater than twelve months. Inactive customers were not notified of this newly introduced fee. Where the account balance permitted, Nochex applied this charge at the rate of £2.00 per quarter. In 2006, Nochex revised this fee to £5.00 per quarter. When an account has no funds, Nochex do not charge this fee. Inactive accounts can be reactivated again at any time.
[edit] References
- ^ WebUser Magazine Review by Mark Wilson 21.6.07
- ^ Electronic Payments - Solution Provider Datasheet
- ^ List of Compatible Shopping Carts from Electronic Payments.co.uk
- ^ The Register 'eBay Restores Nochex' by Andrew Orlowski 13.7.06
- ^ eBay's Acceptable Payment Methods.
