Credit card transactions

Lorne

Hi there,

Can anyone advise on cheaper business banking, the bank want to charge a small fortune for credit card transactions using one of their terminals. I was thinking of an iphone app but these don't get the most reliable write ups.

Any advice appreciated

Moonbeam

Have you looked at sagepay - the company I'm with use them and it seems pretty good - not sure of the exact prices.

Of course there is paypal too...

davieboy

My boss was paying about 1400 quid a year to the bank of scotland and was a member of the Federation of Small Businesses. They have a deal (for members) with Royal Bank of Scotland and we are now paying about £700 a year :T

richt71

There's a few options depending on how you take payments but worldpay might be an option as is paypal (and there terminal). Paypal charge a small fee to virtually take payments from customers etc. Paypal is great for not charging large upfront fees but you usually pay a little more in % per transaction.

Lorne

Thank you all for getting in touch, really appreciate your feedback and will certainly look into your suggestions

Thank you!

Rolo_Tomasi

You need to decide if you need a chip and pin terminal or whether you just need to accept payments online. If you need a terminal then you will pay a rent of approx £25per month plus a transaction fee in the region of 2%. I agree that the FSB may be a good bet but there are other deals for other trade associations. If you are already a member of one then ask them. We use cardsave - http://www.cardsave.net and have never had any problems.

If you do not need a terminal then Paypal or Worldpay are worth looking at. As mentioned previously there are not usually any monthly fees but the transaction charges are more - about 4%.

One other point to look out for is how long it takes for the money to reach your bank account. I have seen Worldpay accounts which store up all of your transactions and only send you the balance once a month. It can therefore take up to 4 weeks from the sale for you to receive your money.