Bank account for E-Commerce

grzjop · Apr 21, 2008

Hi

I looking for good and cheap bank account. I've read that Federation of Small Business offers free bank account in Co-operativebank if you join them. How good solution is that considering I will have to do money payments within EU for my supplies. Is it worth to join the FSB. The other thing I've heard is they have good deal with Streamline. What kind of deal is that?

What is your experience with this bank and FSB?

Thanks for info

Kind regards
Shamack

Christiane · Apr 21, 2008

Abbey and A&L both do free banking. I started with Abbey but when I needed some flexibility, they were unhelpful to say the least so I open an account with A&L and got what I wanted.
I had tried the Coop a few years ago through the FSB but they wanted a few year's trading (I wa a start up back then) so don't know what they're like.

I use internationalpayments.co.uk from A&L to do my overseas transfers, including Euros. It takes 3 days and they are very quick to sort out problems.

Streamline is not a bank as such, you can only get a merchant account with them to take credit/debit cards payment.

duongo · Apr 21, 2008

I have just joined with the FSB, and now have a much reduced merchant transaction fees with Streamline (who i've always been using). My credit card fee has dropped from 2.6% to 1.6%, which is excellent. Rates do vary according to the set up bracket you are in. They do offer free banking with Co-Op. There's not that many high street Co-Op banks around so may not be very convenient if you need to deposit cheques at the bank (unless Co-Op have another method of deposting cheques that doesn't require a visit.) I think it's worth joining the FSB...for £130/year membership there are a heap of benefits you can take up eg discounted delivery service and lots others which they will talk you through.
I know for me, my discounted merchant fees will more than account for the membership fees.
Hope that helps!

grzjop said:
Hi

I looking for good and cheap bank account. I've read that Federation of Small Business offers free bank account in Co-operativebank if you join them. How good solution is that considering I will have to do money payments within EU for my supplies. Is it worth to join the FSB. The other thing I've heard is they have good deal with Streamline. What kind of deal is that?

What is your experience with this bank and FSB?

Thanks for info

Kind regards
Shamack

Masterfulmatt · Apr 21, 2008

I think when it comes to merchant services, get a quote from all of them, personally I got the best rates from Cardnet marginally better that the FSB offering and that was as a startup with no trading history.

A few years back HSBC were keener by a long way, guess a lot of it depends on the salesperson and what they need to hit targets that month!

Pelenna · Apr 22, 2008

There's not that many high street Co-Op banks around so may not be very convenient if you need to deposit cheques at the bank (unless Co-Op have another method of deposting cheques that doesn't require a visit.)

I believe that with the Coop you can nominate a local post office where you can transact business. I've got free banking with HSBC, their direct bank account I think it's called, so there are a few around. The streamline rates with the FSB are very good though.

saidexo · Apr 24, 2008

The Federation of Small Business is not only a good choice for creating business bank accounts. By becoming their member you can join their network of many small businesses and get more customers for your just starting up business.

Besides, their membership costs not so much but in return you get valuable information and practice interacting with other businesses. You may even find a partner for your business.

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Bank account for E-Commerce

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