High Merchant charges

[kevin555]

Hi all

I've been using Barclays Merchant Services for just short of 2 years and think I'm being charged too much.

I'm going to speak to them shortly and just wanted to arm myself with some idea of what others are paying in order to haggle these down.

My turnover has increased during this period from under £1k per month to £6k per month (£9k in December) and I'm looking for turnover in the region of £100k for this financial year (April 07-March 08).

What should I be looking for? My business is retail and not high end or high risk.

My current charges are 3.78% for credit cards, 4.36% for corporate cards, 35p for debit cards.

Thanks in advance for your help.

[Djfreema]

For credit card you should pay between 2-3% and 30-50p for debit cards. If you shop around you will get a better deal.

[Jon123]

Speak to cardave, for one of my companys it only has small T/O less than 25,000 they gave me 1.8% credit cards and 18pence a debt card. From what I have heard RBS do the majority of card proccessing in the industry and offer the best rates.

There is a guy on this forum who will beat your current rates if you have a years trading try looking through some posts on merchant accounts you should see his website.

Jon

[kevin555]

I had an idea that what I was paying was too high.

I tried six months ago to reduce the deferred payment period also without success - I think I'll try getting both sorted at once.

[Christiane]

I am an FSB member and got some preferential rates thanks to them with Streamline (part of NatWest).
Visa/Mastercard personal 1.93%/1.95%
Visa/Mastercard Business 2.45%
Visa delta/Electron 30p/transaction
Solo/Maestro 29.5p/transaction

[kevin555]

I currently work with Protx so just need the merchant account.

I'm surprised that RBS (Streamline) is cheapest - they're my bankers so I will contact them as well the others.

Cheers

[kevin555]

just.b what sort of turnover are we looking at for those rates.

Maybe it's time to join FSB. How much will that cost?

[Christiane]

I don't think it had anything to do with the T/O when I signed up, it's just that being a member of the FSB entitles you to these rates. Can't remember for sure though... At the time I was below VAT threshold, I am above now though.
FSB was £100 the first year then £80 a year (again if my memory serves me right!)