SagePay - Am I understanding correctly?

[Lowcanna]

I am in the process of designing my website, so I am not online yet.

However, I would like to start trading online, but I am not sure if I am understanding correctly the procedure to start trading online.

Do I do the following?

1) Setup buisness account

2) Setup Merchant Account

3) Setup Sagepay account

Is this the correct procedure?

Many Thanks

CB

 

[TotalWebSolutions]

Hi CB,

That is the correct procedure in as far as you will need to have a business account in place before you can obtain a merchant account. However, you can then obtain the merchant account and payment gateway simultaneously with most providers. If you are looking for a low cost gateway we often work out cheaper than the likes of Sagepay so give me a shout if you would like to discuss setting up with us. We can apply on your behalf for the merchant account with Barclays, HSBC or Streamline (Natwest/RBS).

Drop me a PM or click the link in my signature to learn more.

Kind regards,

Simon

 

[Christiane]

Correct indeed, you'll never get a merchant account without a business account.

 

[ctrlaura]

That's correct, I am in the process of setting up an online business myself. I have a Santander business bank account, will be using Sage pay as the payment gateway and will be using the RBS Worldpay as a merchant account. Little tip for you, become a member of the Federation of Small Businesses and you get a nice discount with them.

 

[tictac]

That is the correct order and things you need to get.

You can get some combined payment providers and merchant account providers such as worldpay which can work out cheaper if you are just starting out but it is not quite as seemless a process for the end user and you can't do repeat payments.

 

[Lowcanna]

Spot on

Any advice on who to open a buisness account with?

Many Thanks,

CB

 

[ctrlaura]

well I have mine with Santander which is a free business banking account but to be honest I had a nightmare setting it up! Nobody at Santander seemed to know what they were talking about and it took a few weeks longer than it should of done!

I believe if you become a member of FSB you can get free business banking with co-op but can't comment on them as never used them.

 

[lmartin87]

Can recommend NatWest and have heard nice things about Co-Operative. It might be wise to open your business account with the same bank as you will open the merchant account with. They don't have to be the same but it can sometimes help as your bank/relationship manager will be more familiar with the processes. e.g. NatWest will probably point you towards Streamline/RBS WorldPay and Lloyds TSB towards Cardnet etc...

 

[Lowcanna]

I am with lloyds, however I have heard bad things about cardnet?

 

[lmartin87]

We're with Lloyds and Cardnet for our primary accounts but that's simply because it is how it has been for 20 years and we're a well established customer. We use SagePay for the payment processing both online and through our backoffice system for MOTO payments.

Not had any problems with Cardnet myself. Lloyds did recently mess up our online banking for our business account by implementing a new card reader authentication system before sending us a card!

 

[Lowcanna]

What are the fees for setting up a buisness account with Lloyds?

 

[lmartin87]

Most of the major banks will offer free banking for 12, 18, 24 months. Lloyds are the same :-

http://www.lloydstsbbusiness.com/accounts/businessaccountforstartups.asp

 

[Lowcanna]

Thank you.

I think I may give these are try.

Kind Regards,
CB

 

[lmartin87]

Just noticed NatWest are offering £75 of Free Google Adwords credit when you apply online for a business account. Might be worth considering :-

http://www.natwest.com/business/pro.../google-adwords-offer.ashx?DCMP=ILC-RHNgoogle