UK Merchant Accounts

[Weirfire]

I'm setting up a Protx account and just wondered if anyone has any advice regarding the different merchant accounts;

Lloyds TSB
Bank Of Scotland
Barclaycard
HSBC
Streamline
American Express
Diners Club
JCB Cards

So far this is what I've heard about the following accounts;


Bank Of Scotland :

£100 set up
3% per transaction for Credit Cards
40 p per transaction for Debit Cards
£15/month maintenance charge but the Bank of Scotland will make up the difference if you don't meet £15 of transactions

HSBC :

2.9% per transaction
(Other details are fuzzy)

[fastfences]

Hi,
I have present info re this;
HSBC also has £200 'joining' fee (even if you bank with them) plus the other % charges which I can elaborate on at your request.

Abbey was going to charge a £300 joining fee with similar charges to HSBC. I guess if they give free banking they have to pick it up somewhere.
Cheers, Nigel

[Toon]

I use protx with BOS. I think i paid £200 setup about a year ago. Rates depend on what your average basket and turnover is. i have been getting charged 2.8% and 48p. The £15 is a minimum charge so even if you put no transactions through then you still get charged. I have recently phoned BOS who have reviewed my rates and are reducing them to 2.4% and 44p.
I also have a machine with them which costs me £65 per quarter.
I also have a seperate Amex account which charges me 2.6%.

[JaysonGray]

I use Protx with Natwest Streamline. Protx charged their standard small business rate of £20 per month including 1000 transactions per quarter.

Natwest Streamline was free to set up and 2.5% cc transactions. Don't recall debit card charges... 35p I think. Seemed a good deal anyhow.

Jayson

[daisyzoo]

HI

I use Streamline with ProTx. The set up fee and running costs were the lowest I found after a lot of research. As they are a part of Nat West I think transactions go through a day earlier if you have an account there but we've had no trouble with our lloyds account. The set up fee I think was £250 and a monthly minimum of £10

[autolycus]

AIUI, rates and joining fees are quoted according to various factors such as business type, trading history, turnover, %age of T/O via credit cards, etc.

Therefore the only way to properly compare merchant account providers is talk to each of them and get quotes specific to your business.