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What is a merchant account and why does your small business need one?
Do you need to take payments in-store, on the go, over the phone, or even online?
With a merchant account, you can do this. Our merchant account providers provide a wide range of countertop, mobile, and portable card readers along with online payment solutions to get your small business taking card payments quickly and securely.
How does a merchant account work?
Who are the best UK Merchant Services Providers?
How do I apply for a Merchant Account?
For any business applying for a merchant account, there are several options that we would advise. Firstly, the route many start-up companies use is to apply for a merchant account via a card payment services provider. The other popular option is applying for a merchant account through your bank. However, expect the fees charged by banks to be significantly higher than independent payment providers or ISOs. Most merchant services providers do not advertise their fees. You must shop around and compare several providers to find the best deal for your business.
UK Merchant Services For Small Businesses – what are the best benefits and features.
Having a merchant account enables a business to accept payments securely both in person or online. The term merchant services covers a broad range of service options:
Credit Card Processing Services
What is a Payment Gateway?
Mobile Card Payment Solutions
Businesses can now take payments on iPhones, Androids, Tablets, and other popular mobile devices. Customers have to tap their credit card onto a mobile card payment device such as iZettle or Sumup card reader to make a contactless payment. For purchases over £30, they would have to enter a pin.
Point of Sale Solutions (POS)
POS is commonly known as the check-out point in retail stores. Point of sale includes all the software and hardware that is required to accept payments through credit card terminals or cash registers. Most of these have touch screens that allow the cashier to get accurate product and price information to complete a transaction efficiently.
How much are merchant account fees in the UK?
How much is a merchant account Payment Gateway Fee?
How much does a merchant account cost monthly?
How much is the Early Termination Fee charged by merchant account providers?
What companies provide high-risk merchant accounts to businesses?
If you are rejected for a merchant account with your bank it is not the end of the world. Shop around and talk to different merchant account providers.
How to accept card payments with a merchant account?
Credit Card Machine/PDQ Machine – Getting set up with a portable, countertop, or wireless credit card machine is the number one option for businesses of all sizes who want to accept payments. With the total number of card payments eclipsing cash payments in recent years it is a no-brainer if businesses wish to maximise their profit. There are many companies out there such as Worldpay, Sagepay, and Barclaycard that can help you get started.
Mobile Card Reader – In recent years we have seen the rise of the mobile card reader device. Companies such as Izettle, Sumup, and Square have enabled small businesses to use their mobile phone to take card payments at an affordable rate.
Online Payment Gateway – Small businesses can accept payments online on their website via a payment terminal / virtual terminal. Getting the right online payment gateway will enable your business to accept payments from all the major credit cards providers as well as provide features such as fraud protection and real-time transaction tracking.