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  1. #1

    All in one Merchant account for the UK

    Hello everyone, i have been browsing for the last couple of weeks and have just signed up today.

    I hope someone can help.

    I need a merchant account that is all in one. So far i have found quite a few that will be suitable for UK residents.

    I know about worldpay and there seems to be problems with them holding your money for a long time

    I have seen on this forum conflicting views about 2checkout. What's the deal here?? are they any good ?? are they reliable and trusted???

    Also someone has told me about Optimal payments as well as Durango merchant services. Has anyone heard about these???

    These were just coming up when i searched, i have seen that optimal payments were called firepay in the US. I do not know anything about Durango

    Can someone give me their views on the companies mentioned??? Also which one would you choose that is reliable and trusted and is a all in one service for the UK???

    Look forward to your replies and Hope someone can help!

  2. #2
    I used optimal payments last year and then stopped using them when they tried to suddenly change the deal in a big way, even though we had zero chargebacks.

    When i refused to sign up to the new higher-cost deal, they threatened to hold back my previous periods funds if i did not sign up/renew.

    It was only when i threatened legal action that they paid up.

  3. #3
    If you're in the UK, and worried about worldpay holding back money for a long time, then the best thing is to go via your high street bank.

    We went through Natwest (streamline) and they charge only 2.6%, and the cleared funds are in our current bank account within 3-4 days of each transaction.

    We go through Secpay for the gateway, they charge 10/month.

    It depends on the type of goods/services you sell, and how long you've been in business with your bank.

    HSBC, Barclays and Llloyds have similar setups.

  4. #4
    How much does natwest streamline merchant account cost to set up?

  5. #5
    I think natwest charged around 250 setup after they had it all up and running.

    If you want to process telephone orders and in-person payments as well, they charge you for the pdq equipment also. Otherwise its cheaper just to have the internet option.

    WIth secpay gateway, if we get a telephone order, we put it through their online terminal.

  6. #6
    ps. when you contact Streamline, make sure you tell them that your with Worldpay currently and you're looking for a faster payout so they'll give you the same competitive deal (depending on what goods/services your selling and the associated risk).

  7. #7
    Join Date
    Jun 2004
    Hmm, Would'nt you need money around the thousands to be accepted?

    I think this guy is very new to business and the concept of merchant accounts, so I dont know if these are acceptable alternatives..?
    It's Scott!

  8. #8
    I've been planning a company for about 6 months now, but I'm still looking at its feasability. It's going to be a startup company, so I'm guessing that I'm going to have to look pretty organised if I want Natwest to accept my application. I'm pretty sure I know what a merchant account is; Like another bank account, but for payments to go through whilst being cleared... So you don't actually have access to the funds until it's been cleared into the companies normal bank account.

    Payments -> PSP -> Merchant account
    (48-72 hours)
    Merchant account -> Bank account
    (4days - 4 weeks)

    Is that correct?

  9. #9
    those people who think you need "thousands" to setup a merchant account are either running high-risk businesses (eg. adult, gambling etc), or are living in the dark ages.

    We setup with Natwest for 250, it took 7 days, and a further 2-days to get the gateway setup with Secpay. We get cleared funds in our account 3-4 days after each transaction without fail.

    There is No reserve and No deposit.

    I dont know why more people in the UK dont use their own their high-street bank if they're not running high-risk businesses. At 2.6%, and pay outwithin 3-4 days, its brilliant.

  10. #10
    thats correct crbendell.

    But some merchant accounts also hold back a security 'reserve', eg. 10% of the transaction, and only pay this after, say, 6 months.

    So when deciding which one to go for, you'd need to look at your profit margin, and whether you could afford to hold out, as well as of course the transaction fees (anywhere between 2.5% - 15%).

    If you sell goods or do a lot of advertising, your cashflow will get really screwed if you go for an account which only pays out after 4-6 weeks.

    Thats why I said the natwest was a good deal, there's no reserve/no deposit and the money is in your current bank a/c within 3-4 days. It of course depends on their risk assessment of you as to what deal they'll actually offer you, but the above is what i got.

  11. #11
    Do they class a high-risk busines as one that is more likely to recieve fraudulant payments?

  12. #12
    "high risk" is a combination of the age and track record of your business, and the risk associated with the goods/services you sell.

    The former takes into account your business credit history, strength of your accounts, as well as the personal financial status/history of you (the owner).

    Regardless of business strength, items such as gambling, adult materials, tobacco, pharmaceuticals on the internet are seen as high-risk as well as value items which are easily re-sellable by thieves who use stolen cards (eg. electronic goods such as mobile phones, cameras, etc).

    If you are stock-based, they will look at whether you hold and own the stock before you sell it.

    If you are service-based, they will look at the time-frame in which the service is to be delivered. For example, if you sell 12-month subscriptions, thats higher risk that if you deliver a same-day service and the contract finishes right away.

  13. #13
    Join Date
    Feb 2005
    I wouldn't consider 2CO a merchant account, but rather a 3rd party processor, like Paypal. I personally prefer something that is onsite (with an SSL cert of course) rather than leaving the site (as you do with 2CO) You might want to have both, since 2CO is just a one time $49 fee, with no recurring payments, so in case you have customer that prefer 2CO they will have that option. I recommend having Paypal as on alternate, as some people will only shop somewhere if it accepts Paypal.
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