Is the any UK merchant account in London?

I heard worldpay provides merchant account service.
Another one from the UK is something like Barclay..? Sorry I do not have the URL?

I think you might be thinking of: http://www.barclaycardmerchantservices.co.uk/ :)

Originally posted by coreybryant
I think you might be thinking of: http://www.barclaycardmerchantservices.co.uk/ :)

Oh..yes, this is the one!
Thank you! Corey! :)

But of course - anytime!

Do they work with International merchant , company registered in UK?

Yes I do beleive Barclay's does work with companies registered in the UK

worldpay provides merchant account service for both small and corporate business. Another one is I think, ikobo for providing merchant account.

The website www.electronic-payments.co.uk is dedicated to UK merchant accounts. Offers lots of information.

Many people overlook their own bank when it comes to merchant services, but they sometiems provide the best deal and pay out quicker.

If you bank in the UK with Natwest, ask your bank manager about the Streamline service. You can go through an internet payment gateway such as SecPay for online real-time payments. Natwest charge about 2.6% (depending on type of business and volume) and the money is in your account 3-4 days after each transaction.

HSBC also have a merchant service with online website processing option.

So do Barclays and Lloyds TSB.

I'd say try your high street bank first for the safest deal, and you can also then use it for non-internet transactions (eg. telephone orders).

UK banks will put you on three month deferred payment which means you will not receive any cash for three months and they will hold three months of your turnover on reserve.

Our merchant provider has us on 30 days deferred and holds about £50,000 of our money on reserve.
They just told us they want a further £78,000 to protect them against possible chargebacks on our account.

Our chargebacks last year were about £3000.

So, in other words, don't become successful and don't bother keeping the chargebacks low as it does you no good.

We use Natwest in the UK. We didnt pay any deposit, and they pay us within 3-4 days of transaction. The cleared funds appear in our current bank account.

It really depends on the type of business you are running.

If you are an established business, who sells everyday goods then you'll get a better rate and payment period and no requirement for deposits or reserves.

If you are new, and/or do high risk business such as gambling, adult materials, electronic goods such as mobile phones (which have a high fraud rate), then of course you wont get as good as the above.

So, it all boils down to what you are selling.
abdullahrahman, what are you selling?

If you tell them its web hosting you can guarantee deferred payment unless they haven't a clue what you are talking about.

Actually its to do with your size as well. If you have a large turnover and its mainly customer not present the risks are a lot higher. We can't change provider because of this, none of them would take us on.

Yes, you're right. I think its because credit card holders are entitled to complain/refund upto 12 months afterwards as part of Visa/Mastercards consumer policies.

So, if you're selling 12 months of hosting, then there is a risk of chargeback upto 2 years later!!!

One trick is to separate the 'setup'/'installation' fee and make it higher, and make the ongoing rental less. That way, your percentage of revenue for forward-dated business is much less...

moneybookers.com is UK based but does not have whole merchant account functionality I think