credit card terminal wanted but bad credit history!!

eusuphxai

I have a limited company and now want to have a credit card terminal! i tried with my bank which is barclayes and they refused me to have a terminal! is there anyway i can have it as i need it!

regards

iamadave

Why did they refuse you? Depending on the reason and if you really need one and the charges still mean it to worthwhile I would try one of the many other companies who supply merchant services.

eusuphxai

they dont take your credit history into account??

eusuphxai

anyone please??

chickmug

Have you asked the bank why they refused you?

And if there is anything you can do, for that bank, to make them think differently?

naijapower

I didnt think they took credit history into account. You may wish to speak to another provider

weeclick

best try elsewhere - Im sure plenty of banks would love your custom right now!

blue_monkey_2

Are you saying you need a merchant account? You can have a credit card terminal but the money does not go into a business bank account but it goes into a Merchant Account which then goes into your bank account a week-10 days later. Sometimes longer, I have 2 accounts, one for face to face and this is sent each week on a Tuesday and arrive to me on a Thursday, and the other I get paid daily but am deferred for 28 days, plus the payment is processed the day after it is taken.

You need to be aware that if you are processing cards you also need to be PCI Compliant which is a real pain in the backside as you have to pay around £80 for it each year but Visa say you have to be compliant to process the cards. Your Merchant Bank will ask for this compliancy information.

You will also need to pay for the Line Rental (I pay £9 a month but this has since changed and Vodafone told me it had gone up to £35 a month) and then the rental for the machine - which is around £30. I bought mine outright for £595 +VAT.

There is nothing to stop you buying a machine and it is not done on a credit check but the Line Rental will be - the same as for a mobile phone. You can even get them on eBay but you need to be very careful you are buying a legitimate one, it will not just work the minute you buy it and it will nee transferring and the like.

Do you intend on using for over the phone transactions or face to face transactions?

Try this company: http://www.adelante.co.uk/mobilepos.html They advertise in the NMTF and a lot of marrket traders use them, they say that they can guarantee you a merchant account but it can take 6 weeks to get all set up (with an Irish bank I beleive) and ready to take money, which you do via Mobile Phone so there is no expensive outlay.

Be aware that to start with you'll probably be on deferred terms so the money you take will take around a month to start coming through so be prepared for this.

Slinky

I've been taking credit card payments for 3 years and have never been asked for PCI Compliancy - had never heard of it until you mentioned it blue_monkey!

ShelfStacker_3

Try other card processors, the biggies being Streamline (part of RBS), Lloyds and HSBC.

blue_monkey_2

Slinky wrote: »

I've been taking credit card payments for 3 years and have never been asked for PCI Compliancy - had never heard of it until you mentioned it blue_monkey!

You should have Slinky, here is all of the info on wiki http://en.wikipedia.org/wiki/PCI_DSS There are other info sites but it's heavy reading so this is easier. Who is your Merchant Account with? I tried to ignore doing it as I had to pay but I was getting emails threatening me with a fine if I was not compliant.

Apparently if something happens to someones card data and you are found liable and are not PCI Complaint you can be fined £10k or more by Visa and Mastercard and lose your account. It is not worth the hassle for me and so I got it done.