can someone please give advice

Dawn006

am just opening a small retail shop i cant seem to be able to open a business account ive tried all the banks i think the reason is ive been a stay at home mum for a while looking after my disabled son so dont really have much of a credit rateing ,i need to be able to accept credit cards in the shop anyone any advice how i can with just a basic bank account

soolin

A bank account is not sufficient to take credit cards. You actually need to set up a merchant account to take them as well as a bank account. It is going to cost a fair bit both in monthly fees and a per transaction charge so make sure you shop around. Do you have any form of business adviser who could help with this, or maybe your accountant ?

Soo

Trow

I don't think you need a business account - I think merchant accounts will pay into any account.

Chances are that when your bank sees you accepting money in the account which is obviously business related, they will quickly try and get you to open a busienss account as they get more money from bank charges...

Dawn006

thats what i was thinking they will soon want to open a account with me many thanks for advice :T

observer_2

Try Alliance & Leicester for a merchant account - They're much better than the big banks.

Dawn006

ive tried to open a business account with a+l they knocked me back anyone recommed a merchant account

grayzboy

You dont need a business account as such, as you can trade as a private individual using a personal type bank account.

E.g. Jane Smith Trading/As Clothing Shop

Just open a Trading As account. I cant possible see a bank not letting you do that, especially if you go to the banki you have your existing personal account with.

The problem will be getting a merchnat account with no track record.

I suggest you write a business plan and having that to hand after you set up your Trade As account seek a credit card merchant account (you may get poor terms such as they hold your money for 30 days and a high rate - but if you are a little persuasive and have a business plan you could pull it off).

I hope this is of help, please let me know.

Gray

grayzboy

I got a good deal opening a merchant account with RBS (Royal Bank of Scotland) but I had an existing turnover - but they gave me a very good rate - much better than anyone else.

Gray

Dawn006

thanks for advice i cant see my bank helping as ive jut won bank charges of them please keep the advice coming my shop opens in june and i need to be able to take credit cards