just.b started this topic @ 13:05 on 03/05/2006
I need to open a Merchant Account. Abbey, where my business bank account is, are directing me towards Streamline, but they seem pricey.
I can't find anywhere to compare merchant accounts. I need one to be set up in less than 2 weeks. (doing a show and want to hire a terminal for the duration of the show to take credit/debit card payments)
Thanks
RE: RE: Merchant Account - Who to choose?
Dewetha | 03/05/2006 01:52 PM
world pay are ok but they hold your money for nearly 6 weeks before you see it. can cause cash flow problems.
for online payments i would recommend http://www.protx.com/ £20 a month for upto 1000 transactions per quater. no % charged on the transactions.
they do not however offer a terminal, but they do offer a virtual terminal online where you type in the credit card numbers to a piece of software and take payments.
They are deffinately worth looking into for both of you. You will find it hard to get a genuine terminal within 2 weeks complete with a merchant account i would imagine.
hope this helps.
RE: RE: Merchant Account - Who to choose?
just.b | 03/05/2006 02:29 PM
Thanks.
Streamline (I understand they're the market leader) said that if I set up with them, then I just go to 123send to hire a terminal for the weekend, that can be done within 3 weeks (the show is in 3 weeks).
I've heard about protx but it's not what I want (I already have Nochex and Paypal for that). A Merchant Account is only with certain banks, i.e. Abbey don't offer it directly. I could ask quotes from Barclays, Natwest, etc... but maybe someone has a good deal I've not seen yet.
I read that NMTF offer really good rates but not sure who they have them with (1.95% on credit cards, 29p on debit cards, + reduced set fee)
Streamline didn't mention any set up fee, now I think of it, but their rates are 2.5% and 35p.
RE: Merchant Account - Who to choose?
craigmc | 04/05/2006 01:23 PM
But you still need a merchant number to use Protx
RE: Merchant Account - Who to choose?
mab123 | 26/11/2009 11:35 AM
Hi
I'm with Natwest and I have a Sreamline account which they recommend (they don't have their own). It costs about £200 to set up and then you have to rent the terminal and that's about £20 per month. There is a minimum monthly fee of around £12 and the cost range is according to your usage and can be up to 3%. I am looking for a cheaper alternative although I have to say that they are really quick at processing and often payment is processes into the bank by the next day - 3 days is unusual. Apart from getting a faulty terminal model which kept going wrong until it was finally replaced I have had no problems at all with them.
If anyone knows of a cheaper version that has a terminal can you let us know the pros and cons?
RE: Merchant Account - Who to choose?
jonnyporter | 28/11/2009 12:57 AM
Last time I looked into Merchant Accounts, Alliance and Leicester were the most cost effective. However they were slow at processing the application. If you only want it for a show and its a short term thing, they will probably turn it down as its a lot of hassle for them to set up a merchant number for you when it might only get very little usage.
If Streamline are saying they can do it, sounds like a good option to me.
You do need a merchant number with Protx (now Sage Pay) so whilst its good its not really what you need. If you have reliable net access at the show you could always set up a payment page on your website, and sit your customers down at the laptop and take card payments that way. Sounds a bit odd but could work if shown professionally perhaps like this example
http://www.thebestdesignercakes.com/page/payment/
Its quite easy to set that kind of thing up when you have a paypal business account already.
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RE: Merchant Account - Who to choose?
Josh Webber | 26/01/2011 10:29 PM
Hello everyone,
Choosing a credit card processing company can seem little intimidating as there are many out there and only a few may be suitable for your unique business. Filtering through the promotions and sales pitches that you may encounter can feel dabbling at times but what needs to be considered above all is the companies reputation and experience working with businesses similar to yours. It's important that you do your due diligence and conduct thorough research in narrowing down your list of potential companies and reaching out to them directly as well as seeking out reviews and insights from industry publications and maybe their current clients. When I started my small business, I was referred to a reputable credit card processing company, called North American Bancard. They had years of experience working with other small businesses like mine and I've been with them ever since. Regardless of which company you choose, make sure it's a good fit because after all a part of your businesses reputation depends on it.
RE: Merchant Account - Who to choose?
londonwebdesign | 03/02/2011 12:52 PM
ProtxSagePay isn't suitable if you want to take face to face transactions - they deal with transactions for websites.
Barclaycard were offering a deal of 3% commission until the end of Jan - some negotiation may allow you to push them in to giving you that, or a better rate.
I've also found that it's very helpful to be somewhat optimistic when telling the banks about your turnover and also how much of that will be from card payments; since the more transactions you process the lower the commission they charge.
A 2 week setup is pushing it; but again, call call call and push them in to doing things faster. Only this morning when setting up a new account for one of our clients, we were told 3 working days to setup a test account - a bit of pushing and they agreed to get it done this afternoon.
HSBC can be very cheap - but they require you to bank with them, or have been trading for a set period of time before you are able to take payments over the Internet.
All the best
Mark at Cordian
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Twitter: @LDNWebDesign
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