Accepting Payments Online

[citycm]

I could really do with some advice with this.

We currently accept online payments through Google Checkout and Nochex but with their fees being 2.9-3.4% plus 20p, we're looking for a cheaper alternative.

So, today, I contacted our bank and asked about a Merchant Service Agreement to enable us to use Worldpay. They phoned me back about an hour later and told me they couldn't offer us merchant services because of adverse data when we opened the account (i.e. my credit rating).

I opened the account last October after having used my personal account for some time and have managed the account well and the only thing I have on my credit report is a 5 year old default with Orange.

Is there another way of getting merchant services without having to use PayPal/Nochex/Google Checkout?

 

[richardlangley]

We have used Paypal but the commission is hefty, saying that it does allow my business flexibility in terms of what I can achieve, sending invoices etc. Surely there is nothing to stop you from re-applying to your bank in 6 month's time?

 

[ITsoldUK]

My first port of call would be credit expert, have a peek at your report before applying anywhere else as each search will impact on your rating.

The rate you are willing to pay would be driven by your margins, so I am assuming you are in a price sensitive/tight margin market.

To be honest, Paypal is cheap once you start racking up your monthly fees, transactions costs etc associated with a PSP and a merchant account, not to mention how much your acquiring bank will hit you for on each transaction...

HTH
Regards
Daren

 

[citycm]

My first port of call would be credit expert, have a peek at your report before applying anywhere else as each search will impact on your rating.

The rate you are willing to pay would be driven by your margins, so I am assuming you are in a price sensitive/tight margin market.

To be honest, Paypal is cheap once you start racking up your monthly fees, transactions costs etc associated with a PSP and a merchant account, not to mention how much your acquiring bank will hit you for on each transaction...

HTH
Regards
Daren

Thanks for the help to both of you.

I have got my credit report (valid as of this morning) and the only outstanding debt it shows is to Orange, which defaulted in March 2006 whom I have contacted in order to get the debt settled.

Unfortunately, I have no data on how much an aquiring bank will charge for transactions but Worldpay offer an account for £19.95 per month which covers for 350 transactions.

As I said, at the moment we use Google Checkout and Nochex. Nochex is by far our preferred method because the fees are that bit cheaper but as you say, we are in an extremely competitive arena.

The reasons for looking at possible other solutions is we used to offer a web hosting account that was £1 per month. Not a lot of money but was very popular. Unfortunately, due to the 23-25p transaction costs we had to stop offering it and switched to a £10.99 annual charge instead but we're trying to find a way of offering it again.

 

[ITsoldUK]

£1 per month with a £3 set up fee?

 

[Pandybearse]

Time and time again we look at carts and merchants, mainly for Sage integration etc, but for flexibility and value (you only incur charges when you make a sale!), Paypal have got the market sewn up. I don't know how they compare to Google / Nochex but you also have the huge customer feel good factor of instant address transfer and no forms to fill out on purchase, this alone makes the Paypal experience easy for our customers, and we have proved it with surveys etc. Hope this is of some use.

 

[PayPoint net]

I could really do with some advice with this.

We currently accept online payments through Google Checkout and Nochex but with their fees being 2.9-3.4% plus 20p, we're looking for a cheaper alternative.

So, today, I contacted our bank and asked about a Merchant Service Agreement to enable us to use Worldpay. They phoned me back about an hour later and told me they couldn't offer us merchant services because of adverse data when we opened the account (i.e. my credit rating).

I opened the account last October after having used my personal account for some time and have managed the account well and the only thing I have on my credit report is a 5 year old default with Orange.

Is there another way of getting merchant services without having to use PayPal/Nochex/Google Checkout?

We may be able to help you with your merchant services and payment gateway (particularly given that you are already accepting payments online). Some of our acquiring partners are a bit more flexible so it would be interesting to learn more about your business. If you are interested, please PM me your details I can have one of our payments team contact you and provide you with a quote.

 

[Somecamel]

I have had the same problem- Paid over £1000 in paypal fee's in only the last 6 months I have been using them- Have been turned down by a few of the better known Merchants.