Merchant Account Ratings In The UK
If you have a business of your own, you will find that having your own merchant account is the best way for you to be able to accept payment via debit or credit cards from your customers.
You can do this by setting one up with one of the banks in your area.
However, before you decide where you will be opening up the account, you have to realize that having a merchant account means that you may need to pay an array of fees and charges, either on a period, percentage or per item basis. There are also the interchange fees.
All these fees are not mainly coming from the bank or financial institution where you have your account. It may also be from the credit card or debit card company that you are having transactions with.
It is for this reason that you will need to find the Your best move in finding the finest fit for you would be to shop around to see which institutions offer it’s customers the best merchant account ratings. You can go about doing this through giving the banks and other financial institutions a ring and asking about their rates.
That way, you can get quotes based on the basic information that you will be giving them. You can ask your bank about any discount rates or promotions that may be having so that you can go cheaper.
However, you should be aware this way is not the most simple and clear-cut way to get information on rates, though. This is because the banks also take into consideration all the things like the items that you are currently putting up for sale, your turnover, the risk for charge-backs and any other things that they see fit.
You do not have to worry about foreign currency deals as well. Most institutions offering merchant accounts are able to do transactions using foreign currency.
You can choose to either add the foreign currency directly into your merchant account or you can choose to set up a separate account for the foreign currency. The thing with the latter is that it might become far more complicated and a lot harder to keep track of.
The financial institutions in the UK base their rates on the turnover that your business gets. Through this, your business will be put in a specific bracket with ratings that are more or less set. This is not an assurance that you will get a cheaper rate though.
On the other hand if you do not want to transact with a bank, it is a great idea to gain membership into a reputable business association. Through this, you will be privy to discounted merchant account rates.
The important thing is that you should take a look at all the options that are available for you so that you can contrast and compare.