Business Bank Account - Declined

richt71

GiveItBack wrote: »

I'm assuming you couldn't accept credit card payments through one of these though?

You need a merchant account with any business account to accept credit cards. These usually cost quite a bit to set-up and depend on your credit rating. As suggested paypal is a great way to start as it's free and not dependant on your credit rating. Be aware though to let paypal know if you start putting a lot of money through paypal otherwise they may freeze your account until they're happy.

GiveItBack

Thanks guys,

This might be the way forward. Most transactions wil be web based anyway, so paypal is ideal, I think.

richt71

GiveItBack wrote: »

Thanks guys,

This might be the way forward. Most transactions wil be web based anyway, so paypal is ideal, I think.

Paypal works great on websites and they offer all sorts of preset payment buttons or you can customize your own.
Might be worth calling them after setting it up just to check their happy if you start getting a lot of customers paying via paypal. I've found it better to be proactive with them oherwise they may freeze your account and ask for all sorts of stuff to make sure the monies are for 'above board' things. Oh and always remove money daily from paypal to your bank account if you can.

WTFUK

Halifax have lost my application....ugh! I'm fed up of banks.

richt71

WTFUK wrote: »

Halifax have lost my application....ugh! I'm fed up of banks.

I went in and opened it there and then. Hope you get sorted.

WTFUK

Halifax are a bit clueless about the account. I've now completed a new form but they had no one in branch to process it so it's gone to head office! Also just been turned down by HSBC who stated that I passed their credit score but failed when the approached the credit reference agency.

I've been speaking to a couple of accountants and they all say that you have to have a business current account - How does the Halifax account differ and have the Halifax confirmed that you can get money in from other companies via BACS/CHAPS?

Thanks Rich

richt71

WTFUK wrote: »

Halifax are a bit clueless about the account. I've now completed a new form but they had no one in branch to process it so it's gone to head office! Also just been turned down by HSBC who stated that I passed their credit score but failed when the approached the credit reference agency.

I've been speaking to a couple of accountants and they all say that you have to have a business current account - How does the Halifax account differ and have the Halifax confirmed that you can get money in from other companies via BACS/CHAPS?

Thanks Rich

Yes they were clueless when I opened my account. The lady rang head office to clarify wha to do.
It is a business account...a limited one though. No worries with money going in electronically as my Amazon commissions get paid in via bacs. It's paying things out that may course an issue.

WTFUK

Thanks Rich

Well I don't know how long it'll take for my form to turn up at head office and for them to open the account but I hope it will be soon.

ukbill69

Id say with defaults your much a gonna to get anything. Lloydstsb accepted a mate of mine, if he put in writing that he would not ask for credit services.

NorthernRed

I use a dormant personal account of my wife's at Barclays, for my business. Couldn't get a business account for similar reasons as people on here. We weren't sure if the business was going to work, so just used that account to hold the cash then pay cheques to suppliers. Problem is the business has worked and we now depoist between 50-60K a month, been doing this now for over 2 years and never had any problems with the bank, they just smile and take the weekly depoist off us.