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Cheapest way to accept Credit Cards in the UK ??


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Hi All,

 

Just wondering what everyone else uses and how much it does actually cost to accept credit cards in the uk ?

 

Any feedback would be great! :thumbsup:

 

Thanks

 

Rob

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Costs depend a lot on how much your turnover is and on what risk factor the banks put on your business area, and if you are a member of a trade association that has negotiated a group rate.

 

There are two parts to the fees. Firstly you need something like ProtX to act as payment gateway. Cost of this is 20 Pounds per month for up to 1,000 transactions a quarter. ProtX is good because there are no setup fees and no extra transaction fees unless you go over 1,000 transactions. Aove this you pay no monthly fee and 10p per transaction. Other well known ones are Worldpay, Netbanx.

 

Secondly you need a merchant account from one of the banks. Expect to pay a setup fee of 150 - 250 Pounds and then a percentage of credit card transactions (say 3.5%) or a fixed fee for debit cards (say 30p). Shop around and don't be afraid to play them off against each other. If contacting Natwest, ensure you insist on a merchant account for ProtX and not their own Natwest direct which costs more.

 

Regards

 

Dave Peters

DP Software

 

Hi All,

 

Just wondering what everyone else uses and how much it does actually cost to accept credit cards in the uk ?

 

Any feedback would be great!  :thumbsup:

 

Thanks

 

Rob

Dave Peters

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Costs depend a lot on how much your turnover is and on what risk factor the banks put on your business area, and if you are a member of a trade association that has negotiated a group rate.

 

There are two parts to the fees.  Firstly you need something like ProtX to act as payment gateway. Cost of this is 20 Pounds per month for up to 1,000 transactions a quarter.  ProtX is good because there are no setup fees and no extra transaction fees unless you go over 1,000 transactions. Aove this you pay no monthly fee and 10p per transaction.  Other well known ones are Worldpay, Netbanx.

 

Secondly you need a merchant account from one of the banks. Expect to pay a setup fee of 150 - 250 Pounds and then a percentage of credit card transactions (say 3.5%) or a fixed fee for debit cards (say 30p).  Shop around and don't be afraid to play them off against each other.  If contacting Natwest, ensure you insist on a merchant account for ProtX and not their own Natwest direct which costs more.

 

Regards

 

Dave Peters

DP Software

 

Thanks for your info Dave,

 

My business account is with the HSBC.. So this means i'll need the merchant account with them ?

 

The way i thought it worked was - you setup ProtX through there website and gave them your bank details to send the money into.. hmm It's a good job i posted here before a jumped head first (As usual)

 

Anything else i need to know before i do anything ?

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It doesn't matter where your business account is, you can still go to any merchant provider and they can pay into your existing account. So you are not tied to your current bank.

 

You can start the signup at ProtX at any time as you can return to continue filling in the sections when you have the required information. One of the things you will need is the merchant account number from your chosen bank.

 

You will need to give your bank account details to both the merchant bank and ProtX as they both need to debit their fees as well as you receiving the money for the purchases.

 

You should be aware that each card transaction is paid separately into your account. This means your current bank will charge their credit fees for each transaction.

 

I currently have problems with osCommerce in that it doesn't process orders after the payment is complete on the ProtX test server. Not sure if this is a ProtX integration problem or a general osCommerce problem but in any case it is not working. Customer is returned to payment selection screen after payment goes through and no order is logged.

 

regards

 

Dave

Thanks for your info Dave,

 

My business account is with the HSBC.. So this means i'll need the merchant account with them ?

Dave Peters

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