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Merchant Services - which is best / cheapest?

Discussion in 'Accounts & Finance' started by GenOneClaire, Feb 9, 2009.

  1. GenOneClaire

    GenOneClaire UKBF Newcomer Free Member

    Posts: 25 Likes: 2
    I've been in business coming up to 2 years and cashflow is becoming more and more frustrating - we're getting the business in, it's just almost impossible to get people to pay. We have quite a lot of low balance clients, so I think enabling them to pay by card, rather than offering credit, is probably the way to go.

    Any recommendations? As cheap as possible with the best service, ideally ;)
     
    Posted: Feb 9, 2009 By: GenOneClaire Member since: Apr 25, 2008
    #1
  2. myles-at-icomplete

    myles-at-icomplete UKBF Newcomer Free Member

    Posts: 51 Likes: 10
    main ones

    Google prob bext entry point.

    ProTX
    Google
    Paypal
    HSBC
    Streamline
     
    Posted: Feb 9, 2009 By: myles-at-icomplete Member since: Nov 17, 2008
    #2
  3. Dibs_h

    Dibs_h UKBF Newcomer Free Member

    Posts: 97 Likes: 13
    Protx are a gateway (internet) whereas HSBC & Streamline (apart from being acquiring banks) would provide you with the magic Merchant Account (either CHP or MOTO or Internet).

    The merchant account - that is what you require. Approach your own bank assuming it's a major bank and inquire about one. It's a place to start. Assuming they don't have issues then get other quotes.

    There will be set up fees & monthly charge (maybe) plus a % of the funds going thru.

    If you join FSB (which I'm not a member of) they do have preferential rates for members with Streamline and much reduced initial\ongoing charges. I think it costs around £100 to join.

    If cashflow is becoming an issue - stay away from WorldPay, as they will hold onto your funds for 6 weeks prior to crediting your account & even then may still hold a portion back for longer.

    Oh! - I'd give Paypal a wide berth personally.
     
    Posted: Feb 9, 2009 By: Dibs_h Member since: Feb 2, 2009
    #3
  4. billie1

    billie1 UKBF Enthusiast Free Member

    Posts: 823 Likes: 95
    Paypal has been recommended on previous posts. Its a cheaper option.
     
    Posted: Feb 9, 2009 By: billie1 Member since: Nov 3, 2008
    #4
  5. alphanumeric

    alphanumeric UKBF Newcomer Free Member

    Posts: 484 Likes: 91
    Posted: Feb 9, 2009 By: alphanumeric Member since: Jan 26, 2009
    #5
  6. dancottam

    dancottam UKBF Newcomer Free Member

    Posts: 1 Likes: 0
    I have a deal with a merchant provider where they give me preferential rates and they also cap the rates so it works out the best option. Also really fast set up. Message me if your interested
     
    Posted: Feb 10, 2012 By: dancottam Member since: Feb 10, 2012
    #6
  7. CPRAS

    CPRAS UKBF Newcomer Free Member

    Posts: 1 Likes: 0
    I notice that this thread is quite old now so I assume that you have found a solution. Many of the recommendations below are expensive solutions though, so now might be a good time to review your provider and seek better merchant account rates.

    The Card Processing Advisory Service are specialist independent negotiators of improved merchant account rates. The Service is on a no-win-no-fee basis. The website has blogs which help answer your question further, but I can't post links here yet!
     
    Posted: Oct 17, 2012 By: CPRAS Member since: Oct 17, 2012
    #7