HSBC Merchant Account

[raheelgup]

Hi,

I wanted to know whether its better to go with HSBC Merchant account or a PayPal Websites Payment Pro account.

What is the transaction rates for HSBC ?
We have $50000/month in revenues.

 

[Cream2cream]

i suggest hsbc,. paypal is not good for the big funds, read there terms nd conditions they can sieze ur money at any time, and put blocks when they feel like it, from my experience its alot easier to use a high street bank than paypal.

 

[raheelgup]

Hi,

Sir, can you help me with some info on HSBC :
1) WHat is the rates they charge and what is their monthly and setup fees ?
2) Do they allow credit card processing ON our website directly or does a customer has to go to the HSBC website ?
3) When does the money reflect in the Bank Account ?

I would really appreciate if you could help me with this information sir.

 

[Cream2cream]

hello, you might want to join the fsb then you will get all the services for free, i paid 150 like many other members on here for a years membersip but then got card processin machine FREE and setup of merchant account

you will need to apply online hsbc website or just gointo ur local branch

im unsure about online card payments as my site is not live, but from the card machine i get money in bank within 1-2 days max

as for the processsin on my website it takes the customer to a separate page I use worldpay so no credit card details are actually typied into ur website, so no risks as all the information is held on the bank sites, you might want to ask other people about this as i aint too clued up, but done a few test transactions and this is what happened on my site.

Also any problems you have you get given a personal manager at bank, so quck call to them they will resolve any issue you have.

 

[raheelgup]

Sir, I will not be needing the Credit Card terminal as its 100% online

What is FSB ?

I will assume Pound 150 as the setup costs for a year and NO monthly fees.

But what percentage do they CUT from the sales we make. They must be taking a certain percentage right ? Lets say we make a sale of $100 then how much does HSBC deduct from the $100 for porcessing the payment ?

Is there any other online merchant who has experience with HSBC and can answer my three questions :
1) WHat is the rates they charge and what is their monthly and setup fees ?
2) Do they allow credit card processing ON our website directly or does a customer has to go to the HSBC website ?
3) When does the money reflect in the Bank Account ?

 

[Cream2cream]

Sir, I will not be needing the Credit Card terminal as its 100% online

What is FSB ?

I will assume Pound 150 as the setup costs for a year and NO monthly fees.

But what percentage do they CUT from the sales we make. They must be taking a certain percentage right ? Lets say we make a sale of $100 then how much does HSBC deduct from the $100 for porcessing the payment ?

Is there any other online merchant who has experience with HSBC and can answer my three questions :
1) WHat is the rates they charge and what is their monthly and setup fees ?
2) Do they allow credit card processing ON our website directly or does a customer has to go to the HSBC website ?
3) When does the money reflect in the Bank Account ?

hello, are u based in the uk? the fsb is the federation of small businesses, there annual cost is 150 but you get access to some serious services; legal free backup and advice, free bank terminal, which costs £200

but all depends if your based in uk, by the sounds of it ur based in a dollar currency country, so you might well ave a similar organisation which provides mega discounted services and protects its members

the monthly rates are very small 1/2% if that, the customer goes on to the merchant website so no details are actually entered in your own site, that is more secure, money comes in my account 1-2 days


thanks

 

[raheelgup]

hello, are u based in the uk? the fsb is the federation of small businesses, there annual cost is 150 but you get access to some serious services; legal free backup and advice, free bank terminal, which costs £200

but all depends if your based in uk, by the sounds of it ur based in a dollar currency country, so you might well ave a similar organisation which provides mega discounted services and protects its members

the monthly rates are very small 1/2% if that, the customer goes on to the merchant website so no details are actually entered in your own site, that is more secure, money comes in my account 1-2 days


thanks

We are incorporating in the UK in June.
I guess we will sign up for the FSB. Our main sales are in USD so hence I was referring to USD.

>> the monthly rates are very small 1/2% if that

Means if a customer buys stuff of $100, the bank will charge only $0.5 for processing the transaction ?

 

[Cream2cream]

i would defo join the fsb, you get your own regional manager, who is always on hand to offer assistance, and being from the us you might need assistance in uk trading practices & laws which might apply to your business he will assist with all this and then they have regional meetings so you can meet other companies local to you to discuss how they do things.

also ther eis the mega legal advice discounts and banking charges etc..., defo worth the £150 joining fee.



thanks

 

[raheelgup]

Hi,

Sir, thanks for the info on FSB. Can you confirm :

>> the monthly rates are very small 1/2% if that

Means if a customer buys stuff of $100, the bank will charge only $0.5 for processing the transaction ?

 

[raheelgup]

The HSBC people told us that they dont give merchant accounts for businesses with less than 18 months of being in business.

 

[TotalWebSolutions]

HSBC will only consider applicants who have been trading a certain length of time for new to cards or new businesses. Other acquiring banks may well consider a new business but may ask for a business plan and access to any test site as part of the assessment process.

FSB membership is generally for established businesses only and you would have to be UK based as well as registered in most cases.

You could have a look here for possible solutions: http://paymentbrain.co.uk/

 

[Cream2cream]

The HSBC people told us that they dont give merchant accounts for businesses with less than 18 months of being in business.

hello, well they gave me one for my website, but they did come to my premises and check the place out and then done a random visit few months later twce,

i think as ur not a uk based firm policies might be different as they have to be strict these days due to money laundering regulations

also the rates depend on your own circumstances, judgin by how much you'll be turning over a month you may well get it at a lower rate

 

[Cream2cream]

HSBC will only consider applicants who have been trading a certain length of time for new to cards or new businesses. Other acquiring banks may well consider a new business but may ask for a business plan and access to any test site as part of the assessment process.

FSB membership is generally for established businesses only and you would have to be UK based as well as registered in most cases.

You could have a look here for possible solutions: http://paymentbrain.co.uk/

I think it depends on your type of business as I got these for my new business without any problems, but I have been in the industry for 10yrs so I think this is why they might of given them.

 

[raheelgup]

Hi,

Thanks for the link. Its a great help.
So it looks like HSBC and others charge somewhere between 1.8 - 1.9%

What is the minimum criteria for FSB ?
We have a business in India for 4 years and now want to shift to the UK.
Will that business period count as suuficient to join the FSB ?

 

[raheelgup]

I think it depends on your type of business as I got these for my new business without any problems, but I have been in the industry for 10yrs so I think this is why they might of given them.

We are in the Software business and license a SOFTWARE to more than 30000 servers.

 

[Cream2cream]

Hello, if your that big i suggest contact them yourself, obviously if your dealing with that many accounts you will no doubt have a banking history in your country so your bank could easily send you a reference for hsbc