View Full Version : £0.46p per Debit card transaction!!
Strass-Rocker
1st May 2009, 15:41
I am going ahead (after dragging my feet for many years) with an ecommerce site with Tiger commerce (which I have to say is fantastic in comparison to other offers) with protex/sage pay as my PSP.
We currently have a merchant account with Lloyds Cardnet (yes Lloyds the crooks) which currently charge me:
Credit cards 2.03%
Debit Cards 0.36p!
I asked Cardnet to send me details for an internet merchant account that mailed me through yesterday with there charges:
£25.00 min monthly charge
£180 joining fee
Credit card transactions 0.5% above existing rates (2.53%)
Debit card transactions 10p above existing rates (46p)
As you can see £0.46p is quite a joke, seeing as many of our transactions will between £2.50 - £5.00.
Can anybody (after they picking themselves up from the floor in laughter) point me in the direction of a better option than these crooks?
MGSteve
1st May 2009, 16:45
HSBC are better than that, and I have a client who got an account with streamline that had around the same rates as LLoyds.
You don't have to have an internet merchant account with the same bank - indeed you can often run a website off the same merchant account as a customer not present machine, a few of my clients do that. But of late the banks do appear to have been reluctant to do that and instead sting you for another setup fee and another monthly fee.
KateCB
1st May 2009, 16:54
HSBC - we pay 1.88%, Debit cards 30p - I think the set up is £250 but check that as they have 'deals' at times where set up is free - no minimum invoice charge that I am aware of. Works well with protx/sagepay.
davidakerr
3rd May 2009, 13:14
The FSB/Streamline deal is very good. No set up fee and if you are using cards at present you should get Credit Card 1.63-1.65%; Debit Card 22.5-23.5p per transaction. Membership to the FSB is from £120 per annum plus loads of other benefits.
Dominic Taylor
3rd May 2009, 23:00
I'd say try Barclays however this thread has brought to my attention that we are almost certainly getting done over with our merchant charges. Though that completely depends on the transaction volume you're putting through - feel free to PM me if you don't mind sharing, it would be very useful to know as a guide for my discussion with the bank next week (as we're contemplating changing bank anyway) :)
Christiane
3rd May 2009, 23:16
I'd recommend Streamline too, if you are an FSB member. I have got similar rates as davidakerr, slightly higher. The rates decreased as my turnover increased. I request for a review every 6 months to make sure I get the best rates.
As per other replies above, take a serious look at FSB/Streamline - its hard to beat plus FSB membership has its own benefits.
IridiumCorp
5th May 2009, 16:46
Rates from the banks are Dependant on what kind of business your doing, turnover, history etc.
If you want to know were abouts approximately you should be send me a PM with the following :
1. Annual turnover
2. Average transaction value
3. Industry you trading in
4. Time trading
I will send you back some numbers that you should be getting from your bank.