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Ecommerce Forum

UK Merchant Accounts
Which bank offers the best rates?

 1:02 pm on May 30, 2006 (gmt 0)

I currently use Worldpay and have payments processed through their merchant account, however I'm looking at getting my own merchant account to get better transaction rates...

I've spoken to Bank of Scotland (my current business bank) who are offering me 2.35% on credit card transactions and 25p on debit card transactions. I guess it depends on the volume, but does anyone know any better providers?

Also, Worldpay still want to charge me 1.6% on top of this, which has really put me off using their service, so I'm looking at moving to ProTX... Has anyone else gone down this route, and has it made a big saving?





 11:43 am on May 31, 2006 (gmt 0)

There are definitely better deals out there than Worldpay, so you're wise to shop around. I would get quotes from 3 or 4 banks before making a decision - most quotes are for your specific business, so what might be cheaper for one person may not be for another. Protx is cheaper for processing payments, but if you do a bit of research you may find they have had some reliability problems in the past if I remember correctly, so check that's ok now before you sign up. Using Protx or any of the others that charge a fixed amount per transaction rather than a percentage can save you a lot compared to Worldpay.

The other thing of course is to renegotiate your rates with Worldpay, if you haven't done this already.


 1:03 pm on May 31, 2006 (gmt 0)

Worldpay did lower my rates about 6 months ago, but they are refusing to budge any more.

I have had a very good quote with Lloyds, so will probably get a merchant account with them and go with ProTX. Should actually 1/2 my transaction costs!


 1:27 pm on May 31, 2006 (gmt 0)

In the UK your rates tend to be based on your turnover. That is not to say some banks may not be a little cheaper than others.

But basically your turnover puts you in a bracket for set rates. That is why some businesses pay twice what others do


 4:59 pm on Jun 5, 2006 (gmt 0)


what rate did you manage to get Worldpay down to? I'm just trying to get them down a bit now and they said they'll 'get back to me'.

I am also looking at going the Protx route with a Merchant Account. Lloyds are top of my list, as (rather starnagely) a customer of mine actually recommended that i switch from Worldpay to Protx/Lloyds, as he did it on his own website and cut his bill in half.


 10:37 am on Jun 11, 2006 (gmt 0)

If your intended market is European country I hope ChronoPay might be good option, they can offer you best rate, so far I know their charges are lowest compare to other reliable processors.


 4:03 pm on Jun 14, 2006 (gmt 0)

Lloyds tsb gave us the best quote by far - then lowered it when I told them BoS matched it :)


 9:03 am on Jun 15, 2006 (gmt 0)

any of you using ProTx/AnyBank to accept payment in foreign currency?

I am looking at setting up a shop to get payment in euros but wondered how it works and how charges apply to the ransaction. ProTx small business seems a very good deal @ 20 for 1000 transactions.


 10:25 am on Jun 20, 2006 (gmt 0)

anyone? <<bump>>


 12:00 pm on Jun 20, 2006 (gmt 0)

I don't think it's a problem. I remember when I spoke to the banks, they asked if I'd be accepting any other currencies.

I'd suggest giving one a call to discuss it (Lloyds seem to be very competetive and very keen to get new business).


 10:19 am on Jun 22, 2006 (gmt 0)

Try Securehosting (with a co.uk domain suffice)

They offer a fully customisable form only or payment via UPG credits. More you buy cheaper the transaction.

I have used them a lot and they are reliable.


 11:32 pm on Jun 26, 2006 (gmt 0)

Try HSBC. I have a merchant account with them for 1.7%. I then use protx for the gateway.

I started off with Worldpay, these guys are seriously expensive and their service and interface is poor.


 7:43 am on Jun 27, 2006 (gmt 0)

yep I asked lloyds and they don't seem to have a platform to accept foreign currencies while using protx.

I'll check HSBC thanks.


 11:00 am on Jun 27, 2006 (gmt 0)

Yes there are two ways you can accept foreign currencies. You have to add the currencies you want to your merchant number and arrange it through protx as well. (The merchant provider will provide different charges for each currency I have Euro, USD and GBP)
You can either then have a foreign currency account for each currency. I think this is a bit expensive and harder to keep track of so I use option 2 which is...

To convert the foreign currencies in to GBP this means you will take the exchange rates at the time.
I use a .txt file to determine exchange rates on my site so if it changes rapidly I can simply update it.


 12:23 pm on Jun 27, 2006 (gmt 0)


Do the customers get billed in GBP, or the currecncy they choose to pay in using that method?


 12:43 pm on Jun 27, 2006 (gmt 0)

they get billed in what they pay with, the exchange happens when it enter my account.


 6:34 pm on Jun 27, 2006 (gmt 0)

Anybody know that do they have any UK Merchant allow international company sign up and using the merchant with them.


 7:26 pm on Jun 27, 2006 (gmt 0)

No you have to have a UK business bank account to acquire a UK merchant number.


 7:39 pm on Jun 27, 2006 (gmt 0)

What is my best option as a young company?

My mothers company has been going since February selling holidays.

She needs to handle 5-10 transactions a month ranging from 200 - 2000.

Lloyds have said we are too young for a merchant account with them. Any suggestions?


 6:23 am on Jun 28, 2006 (gmt 0)

I have searched that they are some kind of company that can help international company can register the company in UK, Is that acceptable for UK Bank to obtain the merchant account?


 7:31 am on Jun 28, 2006 (gmt 0)


You may be able to start up a Limited Company in th UK and obtain a bank account this way. Just search for UK company formation on Googl.


Give Barclays and HSBC a try as well. Many people get a merchant account before they start up. If your credit rating is good and you have a solid business plan you sould be OK. It may be worth going to see your local Lloyds buainess manager in person as well.


 7:44 am on Jun 28, 2006 (gmt 0)

another couple of questions popped into my mind.

  • if you have one merchant account say to accept euros. Do you need another one to accept GPB?
  • can you use the one merchant account to accept payment on many websites, or do you need one account / site?
  • if you can have one account for many sites, do you need a new Protx account for each site?



  • heliguy

     2:47 pm on Jun 28, 2006 (gmt 0)

    In reply to TomAnthony, use paypal. Higher rates but there are always sacrifices in the beginning.


     4:20 pm on Jun 28, 2006 (gmt 0)

    I investigated Barclays EPDQ, Worldpay etc and the thing is a lot of merchant accounts when you are a relatively new business want to hold onto your money for chargeback protection for 30+ days....something the sales rep won't tell you if you dont ask!

    Plumped for Euroconnex as banking with Alliance & leicester so can have my money in our business a/c in 3 days...much better! Although we are paying competative but not overly great rates its worth it right now for cashflow.

    There is always something you'll have your pant's pulled down over in this life ;-)

    Its horrible at first when you are new in a business as no-one wants to know but if you keep hassling people you'll get a deal eventually ;-)

    nochex anyone?


     5:28 pm on Jun 28, 2006 (gmt 0)


    I did look into Paypal, but the 500 limit for non-verified members is a problem for people.


    Yeah, I have been trying different banks. Will keep at it! Thanks. :)


     6:32 pm on Jun 28, 2006 (gmt 0)

    then verify your self it is free.


     8:33 am on Jun 29, 2006 (gmt 0)

    if you have one merchant account say to accept euros. Do you need another one to accept GPB?

    can you use the one merchant account to accept payment on many websites, or do you need one account / site?

    if you can have one account for many sites, do you need a new Protx account for each site?

    I was thinking the same.

    Euros shouldn't be a problem. Protx supports them and any decent Merchant account should be able to as well.

    I guess you can use 1 merchant account across many sites, but the name on the Statement (and the payment pages) will be from whatever site you opened the account in unless you choose a generic name perhaps. This isn't such a big deal, but it may just increase the risk of a chargeback if a person buys dog biscuits from your dog biscuit website and the name 'Massive TV's' appears on their statement (Massive TV's of course being the name your merchant account is in.)

    This is one thing I would like to find out. It's not critical, but would make my life easier in the future if I could set the statement name and have different payment pages with Protx depending on the website they went through.


     5:03 pm on Jul 1, 2006 (gmt 0)

    Thank you chodges84, Usually , How long it takes for getting the merchant if we have just established the UK Company? After we form the UK Corporation, we can have UK Business Bank Account. We can use the online service from that bank to transfer back to our bank in my country right. Do you have any suggestion of UK Corporation Forming Service company which help us to handle on the merchant account. And let me know the good recommend of Payment Gateway in UK. Thank you in advance.


     5:36 am on Jul 11, 2006 (gmt 0)

    If you are looking for high risk you can check with StandardPay they offer the best rates.

    [edited by: lorax at 11:52 am (utc) on July 11, 2006]
    [edit reason]
    [1][edit reason] removed url [/edit]


     6:49 pm on Jul 15, 2006 (gmt 0)

    Do you have any idea about how can we trust to PSP companies and about payout? I am very serious about payout and account reliable.

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