Credit card merchant services
Discussion
Just looking around for the best rates. Does anyone know of any good deals going or of a website that will compare the best ones.
The best deal I have got so far is via a trade association which costs £150 pa to belong to. These rates are far better that what we have been quoted from the high street banks. One of them wanted to charge 2.8% on credit cards!
Credit Cards 1.74%
Debit Cards 18p
Minimum monthly charge £20
Joining fee £30
Monthly rental £20
It will be a new business so we do not know what our likely sales on cards will be at this time but projected sales for this first year are £75,000
I suppose another thing to take in to account in the length of time it takes to recieve the money.
Any advice would be helpful.
The best deal I have got so far is via a trade association which costs £150 pa to belong to. These rates are far better that what we have been quoted from the high street banks. One of them wanted to charge 2.8% on credit cards!
Credit Cards 1.74%
Debit Cards 18p
Minimum monthly charge £20
Joining fee £30
Monthly rental £20
It will be a new business so we do not know what our likely sales on cards will be at this time but projected sales for this first year are £75,000
I suppose another thing to take in to account in the length of time it takes to recieve the money.
Any advice would be helpful.
Doh - posted the same topic with out looking, sorry.
Moving on from the parcel sending idea which has had its first customer already thanks to this site !! I'm looking at automated payment costs.
Having spoken to merchant services at our bank I'm being offered 30p per transaction initially on debits and 2.3 percent on credit cards. In addition using protx at 10p per purchase equating to 40 denk plus vat obviously. Looks quite expensive compared to the above.
Moving on from the parcel sending idea which has had its first customer already thanks to this site !! I'm looking at automated payment costs.
Having spoken to merchant services at our bank I'm being offered 30p per transaction initially on debits and 2.3 percent on credit cards. In addition using protx at 10p per purchase equating to 40 denk plus vat obviously. Looks quite expensive compared to the above.
We may have to go down this route at some point, though I am very loathe to. I think the costs are rediculous given that as a merchant Paypal trader we pay 2.2% on everything but there are no other fees. As it is, although only accepting paypal is a bit of pain sometimes, it has never lost us a sale (just online x/actions, no shop), and has saved us £100's - money in my back pocket thanks very much.
Stupid banks.
Stupid banks.
stuthemong said:How do you know? How do you know how many people might have bought but thought "PayPal? No thanks!" and clicked away without leaving any clues that they may otherwise have bought?
although only accepting paypal is a bit of pain sometimes, it has never lost us a sale
My wife had a website that started out only accepting PayPal and cheques. When she started using WorldPay instead sales increased by an order of magnitude, indicating that she had indeed been losing sales by only having PayPal. It could be that the same is true for yourself (although circumstances differ, your mileage may vary, etc. etc.)
Going through exact same process at moment - this was a useful site
www.merchantaccountforum.com/ukmerchantaccount.html
No decision made yet...
www.merchantaccountforum.com/ukmerchantaccount.html
No decision made yet...
My wife has just incorporated her business that she's been running as a Sole Trader for several years.
Earlier this week she opened an HSBC business account for the company and got quizzed as to why she was with WorldPay and not their Merchant Service. Simple answer was that a year or so ago they had told her that they wouldn't offer her Merchant Services until she'd banked with them for a year which was why she'd gone with WorldPay in the first place. They said they'd give her Merchant Services immediately for a £200 setup fee and £25pcm fee, 3% on credit cards, 30p-odd on debits and only a 3 day delay on passing the money on to her (WorldPay are 4 weeks). Needless to say she's looking into it.
>> Edited by JonRB on Friday 28th April 14:20
Earlier this week she opened an HSBC business account for the company and got quizzed as to why she was with WorldPay and not their Merchant Service. Simple answer was that a year or so ago they had told her that they wouldn't offer her Merchant Services until she'd banked with them for a year which was why she'd gone with WorldPay in the first place. They said they'd give her Merchant Services immediately for a £200 setup fee and £25pcm fee, 3% on credit cards, 30p-odd on debits and only a 3 day delay on passing the money on to her (WorldPay are 4 weeks). Needless to say she's looking into it.
>> Edited by JonRB on Friday 28th April 14:20
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