- Original Poster
- #1
Hi Everyone,
We've recently opened a new business (magazine), and although we have run a similar business previously we weren't heavily involved in the start-up stages such as choosing bank accounts etc.
We've just opened a bank account with Barclays, and once the account details were confirmed we were able to apply for a merchant account. However, the application has been accepted with terms that mean they will hold any payment for 30 days! This cannot possibly work with our business model - we give our larger clients 30 day invoicing terms, which in turn allows us to meet our 30 day invoicing terms with our printers and distributors. If our payments were held for 30 days then we would need 60 day credit with our suppliers, which is not going to happen any time soon!
With our previous business card payments were only held for a few days (less than a week); this was with HSBC (both accounts) using a PDQ machine for CNP payments. We chose Barclays this time specifically because of their ePDQ and because we wanted to manage all the banking with one provider. Unfortunately that is looking unlikely now...
Does anyone have any suggestions before we go back to negotiate with Barclays? Will they even consider negotiating? Are there any other competitive solutions you can recommend?
FYI - we require a MOTO merchant account. We take card payments over the phone as our primary method. Some larger clients pay by BACS and the occasional client pays by cheque or international transfer (using IBAN number). We do not take any card payments face-to-face and we operate a mobile office meaning a virtual terminal is a necessity.
Thanks in advance,
Paul
We've recently opened a new business (magazine), and although we have run a similar business previously we weren't heavily involved in the start-up stages such as choosing bank accounts etc.
We've just opened a bank account with Barclays, and once the account details were confirmed we were able to apply for a merchant account. However, the application has been accepted with terms that mean they will hold any payment for 30 days! This cannot possibly work with our business model - we give our larger clients 30 day invoicing terms, which in turn allows us to meet our 30 day invoicing terms with our printers and distributors. If our payments were held for 30 days then we would need 60 day credit with our suppliers, which is not going to happen any time soon!
With our previous business card payments were only held for a few days (less than a week); this was with HSBC (both accounts) using a PDQ machine for CNP payments. We chose Barclays this time specifically because of their ePDQ and because we wanted to manage all the banking with one provider. Unfortunately that is looking unlikely now...
Does anyone have any suggestions before we go back to negotiate with Barclays? Will they even consider negotiating? Are there any other competitive solutions you can recommend?
FYI - we require a MOTO merchant account. We take card payments over the phone as our primary method. Some larger clients pay by BACS and the occasional client pays by cheque or international transfer (using IBAN number). We do not take any card payments face-to-face and we operate a mobile office meaning a virtual terminal is a necessity.
Thanks in advance,
Paul
