Jyemstone
4th November 2009, 16:35
Hi all
I’m currently looking into setting up my business bank account. I’ll be trading online and have spoken to HSBC who put me in touch with someone who dealt with their merchant accounts. She couldn’t tell me anything about their charges for accepting credit card payments as it all depends on the type of ecommerce system that I use. Then she blinded me with science and began talking about the 4 types they use, but wouldn’t tell me which was the cheapest. :|
So I phoned Nat West today and they charge £150-£250 to set up the account to accept card payments, then a 1%-4% fee is applied to each transaction.
I’ve recently found out that Paypal Business Account just charges a small percentage per transaction with no set up fee.
I’d like to know if people are using Paypal … or paying the higher bank charges per card transaction, or is there an alternative?
I'm unure about HSBC now - anybody got any recommendations.
Cheers
I’m currently looking into setting up my business bank account. I’ll be trading online and have spoken to HSBC who put me in touch with someone who dealt with their merchant accounts. She couldn’t tell me anything about their charges for accepting credit card payments as it all depends on the type of ecommerce system that I use. Then she blinded me with science and began talking about the 4 types they use, but wouldn’t tell me which was the cheapest. :|
So I phoned Nat West today and they charge £150-£250 to set up the account to accept card payments, then a 1%-4% fee is applied to each transaction.
I’ve recently found out that Paypal Business Account just charges a small percentage per transaction with no set up fee.
I’d like to know if people are using Paypal … or paying the higher bank charges per card transaction, or is there an alternative?
I'm unure about HSBC now - anybody got any recommendations.
Cheers