Best Business Accounts E-Commerce

[MarcusUK21]

Hi All.
with a good range of business accounts which offer free banking etc which sounds good but when you look at the charges per transaction it can be confusing. Does anyone recommend a good business account for a online store that could potentially have 100+ item sales each month. Any ideas advice welcomed.

 

[Ozzy]

I think you may be referring to the merchant account rather than the bank account, yes?
As it is the merchant account and payment service provider that will be applying charges for sales on an ecommerce store, the current account I feel would be negligible.

There are a couple of merchant account providers who frequent this forum who could probably expand on this.

 

[japancool]

Some bank accounts do charge per payment in, depending on how the payment is made, but most don't charge for UK BACS payments, which is how most merchant accounts pay in to your bank account.

Klarna, for example, pays in via an international transfer, for which Barclays charges £6 to received - but they only pay out once a week, so you're not being hit quite so badly. It's still bizarre that they can't pay in via a UK bank transfer though (which Stripe does).

 

[MarcusUK21]

Some bank accounts do charge per payment in, depending on how the payment is made, but most don't charge for UK BACS payments, which is how most merchant accounts pay in to your bank account.

Klarna, for example, pays in via an international transfer, for which Barclays charges £6 to received - but they only pay out once a week, so you're not being hit quite so badly. It's still bizarre that they can't pay in via a UK bank transfer though (which Stripe does).

Thanks that’s interesting. That’s what I thought. My transactions will be mostly online through sales.

 

[Matt.smith.TP]

Hi All.
with a good range of business accounts which offer free banking etc which sounds good but when you look at the charges per transaction it can be confusing. Does anyone recommend a good business account for a online store that could potentially have 100+ item sales each month. Any ideas advice welcomed.

Hello Marcus,

To clarify is this for a gateway or payment platform on your own website or a stand alone payment platform to request payments directly form customers?

People use services such as paypal to request payments for their business but as you mention you typically pay higher fee's for this service.

Other business's offer solutions with lower transaction fee's

Thanks

 

[MarcusUK21]

Hi Matthew.
it will be an online gift store which would mean the payments for products will go in to my gateway payment account. It is Shopify platform. Thanks for your help.

 

[Matt.smith.TP]

Hi Matthew.
it will be an online gift store which would mean the payments for products will go in to my gateway payment account. It is Shopify platform. Thanks for your help.

Hi Marcus,

With Shopify you can only use their Gateway I Believe, Our E commerce doesn't integrate with Shopify and they're restrictive of what Gateways you can use.

I'd look into your projected turnover and weigh up between Shopify solution or a 3rd party but Shopify then charge between 1.5 or 2% transaction fees.

Thanks

 

[MarcusUK21]

Hi Marcus,

With Shopify you can only use their Gateway I Believe, Our E commerce doesn't integrate with Shopify and they're restrictive of what Gateways you can use.

I'd look into your projected turnover and weigh up between Shopify solution or a 3rd party but Shopify then charge between 1.5 or 2% transaction fees.

Thanks

That’s right yes have to use their own gateway. I will factor these costs in. what type of business do you have?

 

[fisicx]

That’s right yes have to use their own gateway. I will factor these costs in. what type of business do you have?

Link is in his signature. He does online payment solutions. But no good for Shopify.

 

[japancool]

I think Marcus is getting confused with terminology.

A merchant account is a card processing service, that allows your business to take card payments. It is not a bank account.

A payment gateway is the bit of software that integrates with your online shop, and allows your shop to use your merchant account to take payments.

A bank account is a service with a bank that lets you store money, amongst other things. Money from card transactions taken through the payment gateway is paid out from your merchant account to your bank account.

Which one are you looking for?

 

[Matt.smith.TP]

That’s right yes have to use their own gateway. I will factor these costs in. what type of business do you have?

Hello Marcus,

Believe this was answered above but Yes I work for a business that supplies Payment gateways and other payment solutions.

Kind Regards