Online payments without the big commitment

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terrygbarnes

  • #1
    Hi, I'm looking at payment solutions to enable me to sell services online in both UK Pound and SA Rand. I've found two so far; Worldpay and HSBC but they both have such long commitments; Worldpay is a 12 month contract and HSBC is 24 months.

    I'm slighly nervous about entering in to such a long contract in case they end up being not quite what I'm after!

    Does anyone know of any others with a smaller contract length?

    Thanks in advance for any help... Terry
     
    P

    PayVector

  • #2
    terrygbarnes said:
    Hi, I'm looking at payment solutions to enable me to sell services online in both UK Pound and SA Rand. I've found two so far; Worldpay and HSBC but they both have such long commitments; Worldpay is a 12 month contract and HSBC is 24 months.

    I'm slighly nervous about entering in to such a long contract in case they end up being not quite what I'm after!

    Does anyone know of any others with a smaller contract length?

    Thanks in advance for any help... Terry
    Click to expand...

    12 month is the minimum across the industry. Some banks it can be 3 years but that is usually if you take physical machines on lease hire.
     
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    P

    PayVector

  • #6
    The reason why the contracts are so long is because of the credit risk exposure from charge backs.

    A consumer can do a charge back for up to six months after the point of transaction. I the Merchant only had a three month contract and a customer did a charge back at the 4 month point then the bank has no recourse to get monies back from the merchant.

    If you look at the fine print there is normally a clause the the minimum time is a year and there will be a run on time until all the exposure from the Tx's is cleared.
     
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