I am looking into using protx to proccess my online payments and I require a merchant account. I have already contacted NatWest to see what they can offer me as they are my bank provider anyway but I wanted to know if there were any good cheaper options as I do not plan to proccess to much for the first few months but at the same time I do not want a third party proccessor to handle the transactions.
That was one of the things that I thinking about but just wanted to know if there were any other merchant account providers who I should look into. I am in the proccess of contacting all of the main UK banks to see who offers what. Is there any age limit on actually accepting credit card orders or is it just to own a credit card? NatWest asked for my business plan and I sent it to them and they were all ok with it.
There are a few others. Some acquiring banks though require you to be going about $30,000 a month in volume. Some processors will sign you up on their 3PP platform until you are doing that volume and then they will help you migrate to your own merchant account / MID
Originally posted by camers Proxt is your best bet. And yes you have to be 18, be a registered business and have VAT numbers.
Why do you need a VAT number though? As far as I understood you don't need to be VAT registered until the business has an annual turnover of £54,000.
As for 3rd part proccessors I have considered this but I wanted to integrate the credit card proccess straight into my order form which as far as I know the 3PP can not do. It is not a big problem and it is something I have considered doing. The other problem with the 3PP I have looked at is that the money does not reach your account for a prolounged period which I do not want to wait for. At a maximum I am willing to wait for 5 days which NatWest said they would cash into my account by.
Originally posted by camers Looks like they want you to have £50k+ a year then
Contact them for more info. But you can still register for VAT anyway.
Well NatWest offered to take me on for 6k for the first year and so did barclays so it obviously not what most of the banks do actually require. I know some of them ask you about it but they didnt say it was a requirement.
I was looking at them the other day but there didnt seem to be to much information on their site. I guess I might apply or find a number for them that I can call. Thanks for reminding me of them anyway.
Usually - when you use a US based processor - they will use a US acquiring bank. So everything will be billed in US dollars. You can bill in pounds, etc but when the batch is ran at night, it will be settled in dollars. You might lose a few cents depending on the fluctuation of the market.
I do not know if Protx is compatible with any US processors.