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accepting card payments in business


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Hi

 

I am just starting s new business and have opened a basic business account.

I also will need to open a streamline account to take payment by cards.

My credit rating is very poor,will I find this a problem.Thanks

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Are you a membert of the FSB (Federation of Small Business's). If you join them before you set up your streamline you get a better rate on the fees that streamline charge.

Ring streamline and ask them what is their normal rate for accepting credit / debit charges. Then ring the FSB and ask them what rate do you get for going through the FSB.

 

Regards

Danler

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The problem I had with WorldPay is that it took 4 weeks before I got paid for a transaction. I asked for a reduction in time which they reduced to 3 weeks but would not reduct the time anymore

 

It only takes 3 days to get paid out from Streamline and Protx.

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It's the fraud issue - a Streamline customer must provide DDMs to allow a reversal should a payment be recalled, if you look as though you could not provide these sureties, they will reject. Because WorldPay take a bit longer, these concerns are less.

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You dont have to use Streamline, I take it your business account is with Natwest for you to be considering Streamline? You dont have to go down this route you can use any provider for your merchant account, alledgedly Barclays have the highest acceptance rate but we cant get anywhere with them despite banking with them its a nightmare trying to get these things sorted we're an internet only company and most of them say you must have been trading 6 months - well we cant trade without the account, honestly its enough to make you swear lol.

 

Good luck with it though and word of advice if they tell you a rate HAGGLE its nearly always possible to get a lower one by haggling with them

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1st was you need to be trading 6 months or longer (quite hard to do when you solely trade online with no card payments lol)

2nd oh you've been going 12 months but your level of transactions are not high enough, to which we said we know we cant get transactions because we cant take cards.

 

They just cant seem to get their head round the fact that you cant trade selling computers without being able to accept cards. You gotta laff aintcha lol.

 

The funny thing is the bank doesnt seem to have a clue as they said they would set up merchant services when our account went live and needless to say it didnt happen and we were told that by our small business account manager so go figure what she knows lol

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Nightmere,your just stuck in limbo,you would think the bank would have more sence and under stand the situation you are in.

Do they do credit checks when you apply for a merchant account.

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Not that I know of but diff banks have different criteria but theyre more worried about trading history and volume of sales I think from what ive seen.

 

Yes we could setup worldpay but like you say you end up with huge cash flow problems we want to use BMS and Protx along with Actinic Catalog which is the easiest solution as theres very little to do to get it all working but as we both work full time to put money on the table and part time trying to get this working we havent had the time to go lean on the bank hard yet but will do soon

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Likewise let me know how you get on but its worth considering approaching some of the other merchant services providers as well you might have more luck there.

 

Good luck

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I have banked with Barclays for over 8 years (business) and 15 years personal. I asked for a merchant account with them 4 years ago and got refused because of the products we sell (sports equipment), they said it was a too risky business.

I then went with WorldPay which initally help me out, but as the business grew and the sales increased, waiting 4 weeks to get paid became a problem. I took a 2nd bank account with the RBS in order to get the charges back from Barclays. I set up Streamline with RBS but at the last minute change the bank account back to Barclays. So far it's working OK, and streamline did not have a problem with me using my barclays account.

Protx do some good deals if you use them, get in touch with streamline direct rather than going through your bank.

 

If I remember correctly they didn't do a credit check when I signed up with Streamline.

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Nice one you can use any bank for your account and any other bank for your merchant account and then any other company for your payment gateway its not a problem.

 

Funny though as RBS have always been down as picky about who they accept but you cant quibble over the facts lol

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You could contact this retailer in the story below and help PROTECT ALL card users.

 

It is an alternative to Chip & PIN, BUT works with ALL cards AND cheques.

 

We've not had one incident of fraud in five years.

Sharon Brine, Serendipity

 

The initiative protects customers if their cards are lost or stolen

 

(I wonder what this lady would have said if she'd suffered from PIN based fraud and wasn't beleived?).

 

Story click here.

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Yeah but that brings up all manner of DPA problems and who gets to see the data and how long its kept for. Personally I think its a great idea in principle but I can see how its gonna fall at the first hurdle.

 

Allow me to make an example - I work in many schools supporting their IT needs and we use a piece of software to run their school libraries, now one of the options on this is a thumbprint scanner. You just press your thumb on it to return or take out books as there is no password to forget (happens all the time) and no chance of fraud however parents have gone loopy over it across the UK and now schools are being told they have to fill in all manner of DPA related stuff and have a data controller etc etc and its a right nightmare. The data concerned is not stored in a usable format nor is it kept after the child leaves the school but parents everywhere are going loopy. I wonder how loopy they would go if they received a fine from the school for books their child hadnt taken out?

 

Anyway this is all well OT from the original post but it is an interesting debate people need to accept that there is a trade off to be made between personal liberty and protection I hardly think a finger print is too much to ask but where does it end - finger prints at the roadside under threat of arrest if you fail to comply?? Oh yeah we're there already aren't we :(

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Perhaps because there is no guarantee or assurance that the finger scan will not be used for any other purpose. Even if there was, could you trust them?

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trust whom the shop? exactly my point, but in the case of schools the fingerprint is not stored in a fashion where it can be extracted and used in another way and when a child leaves the school it is automatically deleted, at no point is this data tagged to a childs files (totally seperate systems)

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No data protection issues -

 

1. Because the prints aren't stowed anywhere, other than the transactions slip that the retailer maintains for 6 month or so (in case of fraud).

 

2. Becasue it is voluntary.

 

Guidance to retailers is that if they retain a suspected stolen card then they are advised to handle the card by the edges and transaction slips likewise.

 

Therefore there is some forensic which may help ID the perpetrator (example here).

 

Most importantly the genuine cardholder is totally protected.

 

Does it work? Read here.

 

You can use your card with a PIN in a shop or petrol station where the PIN entry device maybe doctored to capture your card and PIN.

 

Or - No brainer in my book. Which retailer is offering the greater level of cardholder protection? The one accepting PINs or the one acceptint Prints?

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It is this potential for misuse that strikes at the public fears of the system - not that ordinarily it is not used for anything else. Currently, 4m of us have not given permission for our financial affairs to be disclosed to CRAa, because the banks never asked permission prior to 1992 (they do now). The Govt is changing the law to remove this problem, and our data will be disclosed under their 'responsible lending' policy. Who is to say that 4 years down the line, due to thew prevelance of youth crime, these scans are similarly and routinely provided... the ones that were 'automatically' deleted? If they donl't have the data in the dirst place, it is not an issue.

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You need two things - a payment services provider and a merchant account. Each of these can be from any company though the latter is usually supplied by your Bank who may give you better rates.

 

For the payment page/system: One of the best deals around at the moment is ProtX (protx.com). Also look at Worldpay (worldpay.co.uk) although they can be very expensive.

 

For the merchant account you may get further with your Bank if you have a poor credit history. Your credit history will be checked although perhaps not it you already have an account open and running fine.

 

If you need to take recurring payments the Merchant Account must be RBOS or Barclays as they're the only ones (to my knowledge) who allow them, and you'll need a World Pay front end. Otherwise ProtX will work fine with your Bank merchant account.

 

You can get "all in one" deals where you get the payment page and the merchant account together. World Pay is one such example (ProtX is not - it is front end only) however while this gets you quicker and perhaps cheaper set up as other posters have noted you may have to wait 4 or more weeks for your money (this is why World Pay will pass low credit scores). I ran an Internet related Business and the original remittance cycle was 8 weeks which dropped to 4 eventually. This cripples cash flow for small businesses and I wouldn't go there unless it really is your only option.

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