Best Merchant Account in the UK

For payment ease and to be able to increase clientele number, a business has to have a merchant account.

A merchant account allows a business entity to receive payments via debit cards or credit cards. There are two ways wherein merchant accounts are being marketed:

• Via ISO (Independent Sales Organization)/MSP – for an ISO to be accredited by Visa and Mastercard, it is required to pay a registration fee. But before that, the ISO has to pass Visa and Mastercard’s strict requirements to prove their financial stability and suitability to market in behalf of the credit cards.

• Via banks – there are certain banks who have merchant processing agreement with Visa and Mastercard and they are the ones doing their  own business scrutiny and approval for merchant account applications.

Here are the services rendered by a business entity known as merchant services:

1. Cash advance

2. Email Marketing

3. Payment gateway

4. Loyalty card programs

5. clearing house for checks (automated)

6. check conversion

7. and of course, credit card and debit card payments

In the United Kingdom, the options of merchant account providers are thoroughly diminutive. If you are just starting a business, the chances of you being approved to acquire account is nil if you are seeking accreditation via UK banks such as Barclays, HSBC, or Natwest. You may want to search for accreditation elsewhere.

Since payment through credit cards and debit cards the most accessible and by far the fastest way to pay and accept payments, it is imperative for businesses small or large-scale, to have merchant accounts.

There are two merchant account third party processors in the United Kingdom and by far they seem to be the more promising in the bunch.

• 2CheckOut

• Clickbank

These two sites are the most accommodating and by far the most unrestrictive merchant account processors in the United Kingdom market. 2CheckOut can be used for payment on any product, however Clickbank is only good for digital items which means online stuff. If you are skeptic about the payment deductions and or earnings, there is a
merchant account fee calculator available to you for proper computation.

But of course on all types of easy and accessible transactions, there is a snag especially if you are a startup.

There is a charge of between 5 to 10% on all credit card transactions processed through them (understandable but a bit high) and a setup fee (low) of 40pounds or thereabouts. Plus, the payment turnover is every two to four weeks so you might want to tighten those belts if you want to sell a lot online.