I need a payment plan created The payment plan outlines how

I need a payment plan created

The payment plan outlines how you plan to receive money from your customers and which vendors you choose to use. Follow the guidelines in the lecture and textbook for selecting vendors and software, and be sure to carefully research at least two online payment service providers before making your choices. You are expected to be able to justify your selection based on your findings.

The Payment System Plan should be added to your document from Week 2, and a table of contents must be included. The deliverables should be formatted correctly as a business document and should use APA formatting for cited sources, cover page, running head, and so on. Spelling and grammar must be accurate. See the sample business plan in Doc Sharing for further guidance.

Your payment plan should include the following items.

Merchant Account/Payment Gateway Selection

State the chosen vendor for credit card payments online.

Describe the services offered by the merchant account or payment gateway that resulted in their selection (this is where you justify your choices based on your research, and indicate how they fit with your overall business plan).

Shopping Cart System Selection

State the chosen vendor for the shopping cart.

Describe the services offered by the shopping cart system, including integration with the merchant account or payment gateway (again, justify your choice based on your research).

Payment Transaction Software

State which payment transaction software you will be using.

Describe integration with the shopping cart and merchant account or payment gateway.

Secure Connection Method Selection

State the method you selected.

Describe why you chose this method (e.g., most secure in the industry, according to. . . .)

Here is the business profile that I\'m using for this e-commerce class:

X-Fashions

Eric Childs

WEB320

Contents                                                                                                                                             

Business Plan for X-Fashions. 2

Executive Summary. 2

Vision. 2

Mission. 2

Management Team and Ownership. 3

Goals. 3

Customer Value. 3

Market Analysis and Strategy. 4

Competitive Environment. 4

Target Market and Opportunity. 4

Competitive Advantage. 4

                                                                                                                                                                                                               

Executive Summary

X-Fashions is a clothing Company Firm based in North Carolina focused with the production of production all types of Jeans clothing for men and women. The firm was co-founded my Michael James and Philip Adams having a common goal of enhancing the jeans fashion and making a profit from the venture.

The firm sells its products directly to local clothing shops within the North Caroline State. The Company also engages in online selling for the convenience of all the categories of customers. The sales projections for the firm in the next five years is to achieve sales of above $500000 per year. Within the five year period, the firm plans to open up additional distribution stores and form partnership with some of the leading clothing manufacturers for enhanced market penetration.

The firm will carry out its operations with emphasis on the protection of the environment. This will be achieved through the use of renewable sources of energy such as solar and emphasis on organic jeans and recycling of used and old jeans (IOAN Clean Jeans, 2015). The management understands that the clothing industry is very competitive and as such several promotional and marketing strategies will be employed with the emphasis on the use of social media to promote the products of the firm. The Company will use innovation as the key pillar for its success.

Vision

The Company aims to be a world class producer of quality jeans clothing.

Mission

To increase the popularity of the jeans and come up with innovatively designed jeans for the satisfaction of the customers.

Company Profile

X-Fashions was formed in the year 2009 by two reputable designers with unique entrepreneurial knowledge. The idea to create this firm was based on the popularity of the jeans clothing among the Americans thus the need to take this fashion to a higher level through innovative design. At the inception of the Company, the Company had less than fifteen employees. The success of the firm has resulted in the expansion of the Company with an employee of over seventy employees and with a revenue turnover of approximately $200,000 per year. The firm is run alongside the guiding principles of respect to humanity, environmental protection and responsible citizenship.

Management Team and Ownership

Michael James and Philip Adams are the executive officers for X-Fashions. The firm has the Marketing department, Accounting and Finance department, procurement and Supply Department and the Research and Development Department headed by a manager. Each department has several employees that enable the daily operations of the firm. The total number of employee in the organization is 75 employees.

Goals

Achieve sales of $ 1million by 2016

Become largest supplier of jeans clothing by 2020

Have sales offices or agents in more than 20 locations within North Carolina by 2018

Customer Value

The firm provides the consumers with locally manufactured jeans from organic denim. The firm innovatively designs well-fitting and customized jeans clothing to the customers. Furthermore, the firm uses the lean production methodology so as to lower the costs of production for affordable pricing of its products to the customers (Inman, A., 2008). Furthermore, customers are given the chance to provide suggestions and feedback that is used in the improvement of the final product for better satisfaction of the customers.

Market Analysis and Strategy

Competitive Environment

The firm is faced with direct and indirect competition from local and international firms. Indirect competition is majorly from the local clothing companies producing inorganic clothing such as spandex. Direct competition is majorly from foreign based companies based in Sweden and Netherlands that produce organic Denim jeans.

Target Market and Opportunity

The firm will target individuals aged from 12-40 years that have been known to have a preference for the jeans products. The spending power of Americans in North Carolina can be considered healthy which makes this a viable idea in the sale of the jeans Clothing. Furthermore, majority of the Americans own personal computers and smartphones which represents a boost to the firm’s online marketing and sales operations.

Competitive Advantage

The Company will use its status as a local Company to compete with the international companies. The firm has strong leadership from the executive officers. The culture of professionalism and hard work is also deep rooted within the firm making the daily operations of the firm to run very smoothly. The firm also has a very active Research and Development Department that has enabled the firm to be very innovative. Furthermore, the local status of the firm has enabled it to enjoy benefits of reduced taxation and other incentives. The firm is also in a position to serve the customers more satisfactorily than the foreign firms because of the close relationship between it and the locals.

Revenue Model

Income Statement                            

Particulars

2013

2014

2015

Sales

Expenses

Net Profit

$400000

$200000

$200000

$450000

$150000

$300000

$500000

$230000

$270000

Balance Sheet

Particulars

2013

2014

2015

Assets

Liabilities $ Capital

Net Worth

$105000

$50000

$55000

$130000

$60000

$700000

$160000

$75000

$85000

Particulars	2013	2014	2015
Sales Expenses Net Profit	$400000 $200000 $200000	$450000 $150000 $300000	$500000 $230000 $270000

Solution

I have opt Ezypay is payment service online

Payment plan creation:

There are two types of payment plans:

Main payment plan:

Create this plan for new debit instruction

Each customer added to the system under main payment plan.

Add- on payment Plan

Can create this plan when needs to specify separate amount

A customer cannot have  add - on payment plan without a main payment plan

Attach the add on payment plan to a customer with main plan payment

Billing is ongoing and will not automatically

Billing ends after a  number of debits are collected

A customer may have multiple add -on -payment plans in addition to the main payment plan.

A customer can create multiple add on plans for billing also

Select the payment plan

Enter the Name of payment plan

Select the type of payment plan

To make main payment plan available for customer online sign up, then select yes

Enables the online sign up settings

Recurring:  this customer will be debited at the same amount of every debit

Recurring with a different first amount: The customer will be debited at a regular rate but the first debit can be of a different date and amount

Once off:  Customer will only have one debit

Flexible: It is name of the payment plan, online sign up users not available the facility.

Press the confirm button will be activated and confirm to add the payment plan