Merchant Account Required.

[tel_afc]

I have recently started a business however i wasnt aware we would be unable to obtain a merchant account.

It is vital we obtain one in order to trade, i have asked every major bank who have refused us on the grounds that we are newly encorporated. Anyone who has any ideas or can offer any help/solutions please contact me as it could be financially beneficial all round.

Many Thanks

Terry.

 

Have you tried Netbanx? they set one up for us as a new Company

 

[Sacha]

That sounds strange tel_afc.

Companies are usually jumping head over heel to provide this service for you. They make their money by charging you a small amount (6 odd pence) per transaction. This is why some stores demand minimum payments by card.

I'm sure if you try and obtain a credit/debit card terminal a merchant account will be part of the package. I'll reply with our provider tomorrow if no one else has shed light on this matter, though I'm pretty sure its HSBC. I distinctively recall a sales person entering my restaurant trying to take over their business a few months ago.

Sacha

 

[PayPoint net]

Hi there -

Acquiring banks vary on the level of risk and business models that they support, so being a new business in and of itself is usually not the sole reason why your application is declined.

Have you tried going through a payment service provider? PSPs have relationships with acquiring banks that they can leverage in your favour. We work with many start-ups on a daily basis and we'd be more than happy to issue you with an internet merchant account if your business model is one that we can support. Feel free to PM me with your contact details if you'd like to discuss what we can offer you.

Best wishes
Rory