Doozer started this topic @ 14:23 on 14/08/2003
Hi,
We are in the process of starting up an online shop selling model helicopter kits and parts. We have got to the stage where we need a merchant account so that we can sign up for a payment service provider and accept credit cards.
What we would like to know is who would you recommend?
We have pretty much decided to go with Protx as the PSP so it would be helpful if the merchant was one of the banks they already dealt with (Lloyds, Barclaycard, HSBC, American Express, Bank of Scotland).
What are the most important things to look for when choosing a merchant account?
Are there any big gotchas that we wouldn’t spot immediately like extra charges?
Thanks,
Graham
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Graham Smith
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Shallow Sea Aquatics ---
An Aquatics Community and Shop in One
RE: Merchant Account
gary | 14/08/2003 04:01 PM
Hi Graham
If you're a startup, then getting a merchant account can be tricky and you may find your options limited. The best place to start is the bank where you have your business bank account as they will most likely be the most favourable towards you.
That said, you should always shop around as there are differences, and as most accounts are set up specifically for your business, what may be a good deal for one company may not be such a good deal for another, so you will have to approach the banks yourself to see what they will offer you.
Costs vary and the things you have to ask about include:
1) Setup costs - anything from £0 to £250+
2) Transaction fees - the % of each transaction the bank takes, anything from 1.5% to 3.5%, usually around 2-3%.
3) Bank charges - any additional charges for depositing funds into your account
4) Monthly charges - some banks charge a monthly service charge as well
If you can't get a merchant account, then your options are very much more limited to Worldpay or Kwikpay, but that's a whole new post!
HTH.
Oh, and let me know when you get your shop up and running so you can give me a massive discount on a helicopter kit... 
Gary
Managed Web
Website Maintenance & Management
www.managedweb.com
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