Can't get internet merchant account !

[videoproductions]

Hi all !

I have a SFLG loan through HSBC bank, and need to trade on the internet, however,HSBC wont give me an IMA till I have ben selling online for six months !!

As such I signed up with worldpay, who, after taking $500 in setup fees now want five thousand as a deposit as well. Why am I finding it so hard to get sorted with ecommerce ???

 

[webit]

Have a look at https://www.2checkout.com/2co/signup?affiliate=601004

(2Checkout.com) It's who we went with - no merchant account needed and only $49 set up costs. The tech support has been very good so far though we've not used in anger yet.

Yes - it is a aff. link from us however I have recommended them to others as well.

 

Hi all !

I have a SFLG loan through HSBC bank, and need to trade on the internet, however,HSBC wont give me an IMA till I have ben selling online for six months !!

As such I signed up with worldpay, who, after taking $500 in setup fees now want five thousand as a deposit as well. Why am I finding it so hard to get sorted with ecommerce ???

I know what you mean, WorldPay want silly money from me and there not getting it.

Im looking at Protx.com

 

[webit]

I lookat at Proxex, Secpay and Cronopay before going with 2Checkout - just seemed the best fit for us at this stage in the business.

DC

 

[nethosts]

Have a look at Velocity Merchant Services velocitypay.co.uk

 

[webit]

I was really put off but their show at the Internet World show - a flash racing car and people in polo shirts - you couldn't tell who worked there and who was a ligger - just didn't seem like the type of people I wanted to do business with - really off putting and un-inviting.

 

[halo1234]

have a look at Metacharge.

 

[videoproductions]

Anyone have experience with metacharge or velocity ? Does 2 checkout seem professional ? I am selling globally to other business', and whilst worldpay seems too expensive, I cant have a paypal type solution either. I really wish HSBC would just hav given me an internet merchant account ...

 

[halo1234]

I've just signed up to Metacharge, so no transactions or history yet. I'm not going to sell it to you, but for me it offered the best overall package. Keep in mind they offer a merchant & gateway in one. Also keep in mind that it's your own merchant account, instead of them providing the service as a 3rd party.

Their monthly charge is higher than others, but their rates seems the most competative.

Another thing that really bugged me with most gateways & merchant accounts. You never really know the true cost until your about to sign. At which point you've spent hours doing paperwork. It's very hard to do a clear comparision upfront.

Thanks

Peter

 

[videoproductions]

I just dont want to go for another provider and get landed with a fixed reserve of 5000 by their risk assesment team... a la worlpay...

 

We have a 2Checkout account, I stopped using it you have to have a certain amount before you can transfer.

They also don't accept Solo, Switch etc.

 

[videoproductions]

Thanks for all the answers guys ! I think I will just swallow hard and stump up the 5000 for worldpay, is only for six months after all !

 

[printerbase]

You could have a word with Lloyds TSB Cardnet, they were very helpful with us when we first setup:
http://www.lloydstsbcardnet.com

Peter

 

[videoproductions]

I've given Llloyds a call, maybe they will be able to help. I'll post back when I find out more...

 

[Arial]

I`ve been doing business online for a year now and have been using 2checkout with absolutely no problems.

You can set the release amount for paying out to your account.

 

[SuffolkDesigns]

We have a 2Checkout account, I stopped using it you have to have a certain amount before you can transfer.

They also don't accept Solo, Switch etc.

True, but the limit is very low, about $300 USD I believe

 

[Arial]

I`ve been doing business online for a year now and have been using 2checkout with absolutely no problems.

You can set the release amount for paying out to your account.

 

[Kevy]

Payment Service Providers (PSP's)


The following list represents third party companies currently submitting data on behalf of merchants to Cardnet.


Secure Trading
Parc Menai Business Park
Bangor
North Wales
LL57 4BF


www.securetrading.com
Tel: 01248 672000 Netbanx
Netbanx House
Station Road
Great Shelford
Cambridgeshire
CB2 5NE


www.netbanx.com
Tel: 01223 845594 Imation IT Solutions Ltd T/A Protx
6th Floor
22 Soho Square
London
W1D 4NS


www.protx.com
Tel: 0207 2923900
Datacash Ltd
Descartes House
8 Gate Street
London
WC2A 3HP


www.datacash.com
Tel: 0870 7274761 BT Buynet **
Shenley Church End
Wolfscote Lane
Emerson Valley
Milton Keynes
MK4 2BD


www.btaccurate.com
Tel: 0808 152 5252
Universal Payment Gateway Plc **
7 Claymore
Tame Valley Ind Estate
Tamworth
Staffordshire
B77 5DQ


www.quiss.co.uk
Tel: 01827 265000
Commidea Ltd
Kent House
Romney Place
Maidstone
Kent
ME15 6LH


www.commidea.com
Tel: 0870 9008575 Servebase
The Corn Mill
Stanstead Abbotts
Hertfordshire
SG12 8XL


www.servebase.com
Tel: 0870 333 6363 Comms XL
XL House
C83 Barwell Business Park
Leatherhead Road
Chessington
KT9 2NY


www.commsxl.net
Tel: 0870 7875530
SECPay Ltd
Hanover House
High Street
Tonbridge
Kent
TN9 2LE


www.secpay.com
Tel : 08701 904136 CyberSource Ltd **
400 Thames Valley Park Drive
Thames Valley Park
Reading
RG6 1PT


www.cybersource.com
Tel : 01189 653819

 

[SuffolkDesigns]

If I remember rightly Yorkshire bank wouldn't give us a merchant account until we had been trading 6 months as well, despite having other business accounts with them for over 15 years....

 

[videoproductions]

Hoping Lloyds will let me have it despite no trading record...

 

[SillyJokes]

Hi Videoproductions, you've had some good advice and lots of other options given.

What I am concerned about is why WorldPay feel it is necessary to ask for a £5000 deposit. They do not ask everybody for this. You must be, in their eyes a high risk. What they are doing is protecting themselves from what they see as a high risk project. They are assuming there is a very good chance you will take £5000 worth of orders and then disappear without fulfilling them. Why is this do you think?

Is your product likely to suffer from a very high level of fraud? If so you need to take plenty of action to reduce this, like not sending goods to their list of countries which seem to have a lot of fraud.

Is there any way you can take some orders and fulfill them before trading online. We did about 5 months of accepting cheques before we went with online payment processing and we have always used WorldPay, not the banks online trading which seemed like a dinosaur at the time.

 

[KateCB]

Could you use PayPal????? paypal.com????

We use protx in conjunction with HSBC - we used Worldpay to start with years ago, but weren't asked for a deposit...still they are one of the most expensive for transfer/commission fees etc.

Kate
http://www.martialdesign.co.uk

 

[SillyJokes]

Could you use PayPal????? paypal.com????

We use protx in conjunction with HSBC - we used Worldpay to start with years ago, but weren't asked for a deposit...still they are one of the most expensive for transfer/commission fees etc.

Kate
http://www.martialdesign.co.uk

Didn't you ever ask for a reduction in these? Too late now, but they would always reduce fees rather than loose a good customer.

 

[aeromit]

2checkout are OK. You can also use PayPal. The have launched merhchant account service a few months ago.

 

2checkout are OK. You can also use PayPal. The have launched merhchant account service a few months ago.

Did they? I thought Nochex did

 

[richs99]

Hi all

I have a similar question but didn't want to start a whole new thread...

I want to process payments online, but I don't want the customers to have to leave my site to put in their details.

I want to buy my own secure certificate and collect the customer information on my own site because I think it looks unprofessional to have to leave it.

So I need to find a supplier that offers payments over web services or something like that.

Does anyone know of such a service? I'm not too kean on a big monthly fee either ;o)

Thanks in advance

Rich

 

[eshopcreator]

Paypal allows you to take credit card payments, from anyone, not just PayPal account holders - this might be an option.

There is a full set of articles on their site on integration.

Whilst a IMA will cost a set up, monthly fee and % of transaction PayPal only takes a % of the transaction so is quite a cost effective alternative, the only down side is the five day wait for transfer of funds.

There are many PSPs in the market place, but £5000 is a lot of tied up cash flow for a business to put up with.

Hope you find a sutable solution

Darren www.eshop-creator.co.uk

 

[videoproductions]

I'm selling B2B software on a DVD, my competitior sells 40,000 similar products a year. I will sell to US Europe / UK and Japan. Most of the companies I will be selling to are valued in Millions of pounds.

How is that high risk, its not pornography, or gambling ?

I really don't think Worldpay have a clue abotu what I do.

 

[videoproductions]

I have emailed WorldPay explaining that we are selling a b2b product to real world (non internet) based business'. I really have no idea how they can assess our business as so risky.

How much would they charge for internet services, consumer products or low value products ?

Thanks for all the replies everyone, it has really helped.

 

[SillyJokes]

It'll probably be the DVD component that is ringing bells at WorldPay towers.

Also the fact you are shipping worldwide. Regrettably it is very difficult to recover funds when shipping goods to a forgiegn country and they have done it fraudulently.

Also, perhaps your average order size is very large. Ours is pretty small, hence a much reduced risk.

It is a great idea to talk to them and explain what you are doing and hopefully they will listen, especially if you are able to do some trading and demonstrate that your business works and does not suffer high levels of fraud.

WorldPay will take on virtually any new business, but as we know, many new businesses fail. They are covering themselves against these losses. Once you show your business is a success you can negotiate better rates and settlement periods.

 

[videoproductions]

I think my email to Worldpay was overly harsh. I think it is the order size that is the problem.

 

[UK2004]

I haven't read the whole thread but from what I can see you didn't get a merchant acount with hSBC so went straight to Worldpay, try other banks, I set up my merchant account at 21 years old, no problems at all was very straightforward.

 

[videoproductions]

Hi 2004, who did you get yours with ? Had you been trading before you got it ?

 

[videoproductions]

Apparently, my Bank feel that giivng me an IMA would be credit risk.

 

[UK2004]

HI Videoproductions,

I dont want to say who it is with but it's a big high street bank very well known in UK. Hadn't been trading nope just got it straight away very easy to set up.

 

[eshopcreator]

I have just been speaking with our Merchant Account Manager at Paypal and he was telling me that PayPal are just training him up on the Virtual Terminal for PayPal Pro to be launched very shortly in the UK.

He advised me that subject to the useual checks anyone will be able to get a virtual terminal, meaning they can take CC payments over the phone etc.

They will also be allowing people such as Market Traders to take payments by phone whilst at market too.

He advised that there will be no set up fee but a basic £20 a month charge for the service and the usual 3.4% so if you can hold on it may be worth alook

 

[jrb1512]

Have a look at

(2Checkout.com) It's who we went with - no merchant account needed and only $49 set up costs. The tech support has been very good so far though we've not used in anger yet.

Yes - it is a aff. link from us however I have recommended them to others as well.

do these guys come recommended then? i will see if you can have uk accounts

 

[PayPoint net]

Just to let you know that SECPay and Metacharge have re-branded to PayPoint.net. We still offer flexible payment gateway packages to merchants that already have an Internet Merchant Account; if you don’t, we can provide you with a complete solutions package (payment gateway + internet merchant account).

We started processing payments for many of our established merchants when they were just starting out, so please visit our new website at paypoint (dot) net and/or call us on 0800 324 7052 to find out how we can help you grow your business.