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