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credit card terminal wanted but bad credit history!!
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eusuphxai
Posts: 6 Forumite
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
regards
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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.0
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they dont take your credit history into account??0
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anyone please??0
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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?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
I didnt think they took credit history into account. You may wish to speak to another provider0
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best try elsewhere - Im sure plenty of banks would love your custom right now!Life is what you make it.0
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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.0 -
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!Make £2025 in 2025
Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
Total £915.94/£2025 45.2%
Make £2024 in 2024
Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
Try other card processors, the biggies being Streamline (part of RBS), Lloyds and HSBC.0
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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.0
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