A merchant account is your excellent opportunity or golden ticket to accepting card payments. This is our jargon-busting guide to help you pick the best merchant account for your business in UK. If your UK based merchant and looking to start taking card payments or wanting to switch from your current payment processor providers and payment processors of varying types and quality.We know how confusing merchant accounts can be — and we decided to do something about it to help you find the best account.
Thinking about how you’ll take and process payments may not be the most exciting part of starting a new business, but it’s one of the most important. It’s how you’ll turn your passion into an income.The best merchant services can then be identified, based on a clear understanding of the specific needs of each business also the fees applied by merchant account providers, and of what documents are required so that the application will be processed and accepted in the smoothest fashion.
Merchant account basics:
Here are a list of basic requirement which helps you in getting the best merchant account in UK
Who Provides Merchant Accounts?
Merchant accounts can be processed from a range of financial service organizations. Banks are a popular choice for merchant accounts, but, they often have strict regulations and a tough approval process. This can cause problems for small to medium sized businesses and for businesses that don’t have an excellent credit record that’s why there are so many other options available.
What Are the Costs Involved With Merchant Accounts?
Few merchant account providers charge a fixed price per transaction without charging you any additional fees. Others providers charge a little more than what the credit card issuer would charge directly. There are also some providers have a tiered pricing system that depends on card type and other variables.
Last but not the least you have to remember about merchant account fees is that your price may vary based on how you process payments. Your payment gateway is either a point of sales system located in the store, or a mobile phone reader, or an online portal. Fees will be different based on the risk of fraud posed by each type of gateway, with online being the riskiest and therefore the priciest. Pick your merchant services provider carefully – you don’t want to incur unnecessary costs when you should be saving money!
- Opening a merchant account may require underwriting and approvals:
Several merchant accounts have to undergo an underwriting process for approval. The complexityof process depends on the terms. Underwriting is usually required if you want an individual merchant account, however that type of account will give you many more customization and negotiation options.
How to choose the best merchant services for your business:
Cost is always the leading factor – yet it’s rare to find a card processing company advertising fees and costs.
Customer service as well plays a major role when you choose payment processing option. You can look for something that comes under your time zone or some company who has round the clock customer care.
Finally, Draw up a shortlist of preferred providers, and contact each with a few details about your business
Look no further and apply with iPayTotal for a safe and secure merchant account. We have an excellent customer service team who will be happy to help you further.