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  • FIRST POST
    • mking007
    • By mking007 9th Jan 19, 10:43 AM
    • 262Posts
    • 28Thanks
    mking007
    Money transfer credit card - best rate options? Pay yourself using reader?
    • #1
    • 9th Jan 19, 10:43 AM
    Money transfer credit card - best rate options? Pay yourself using reader? 9th Jan 19 at 10:43 AM
    looking for a money transfer card (transfer money to bank account directly) currently nbma is 2.99% for 28 months

    but was looking at the option to get it for 1.75% by getting a personal card reader izettle.
    if I got a 0% credit card for purchases then pay myself into my bank account. then pay it off monthly as normally, would that work?

    I know the card reader is currently 22 but factoring that in, it would still work out cheaper plus I've a card reader as well.

    anyone done something similar?
Page 1
    • onlyfoolsandparking
    • By onlyfoolsandparking 9th Jan 19, 1:45 PM
    • 729 Posts
    • 969 Thanks
    onlyfoolsandparking
    • #2
    • 9th Jan 19, 1:45 PM
    • #2
    • 9th Jan 19, 1:45 PM
    Yes it can be done but only if you have a Merchant account, that is an account connected usually to a business account for processing card payments. I don't know if it is possible to pay into your own personal account without a business/merchant account although I could be wrong its been quite a few years since I operated a business taking card payments and I know rules change fast these days.
    The real meaning of life is the pursuit of happiness and avoidance of pain
    • Rockye
    • By Rockye 12th Jan 19, 5:06 PM
    • 6 Posts
    • 0 Thanks
    Rockye
    • #3
    • 12th Jan 19, 5:06 PM
    • #3
    • 12th Jan 19, 5:06 PM
    It can be done by a Merchant account.
    • Terry Towelling
    • By Terry Towelling 12th Jan 19, 7:47 PM
    • 1,063 Posts
    • 865 Thanks
    Terry Towelling
    • #4
    • 12th Jan 19, 7:47 PM
    • #4
    • 12th Jan 19, 7:47 PM
    Are you a retailer? To get a transaction from your card, through a POS device and onto a Visa/MasterCard you will need to have a contract with a processor (izettle, presumably). In turn, that provider will process your transactions through Visa/MasterCard for you and will be wanting to charge you a certain amount and will probably expect a minimum monthly sum from you.

    I haven't studied izettle at all so I have no idea what a contract with them would entail but it is surely unlikely that they will sell you everything, set up a contract with you and then allow you to simply process 1 transaction for a fee of 1.75% and finish.

    They will probably want to know your turnover in order to create a proper charging structure for what they believe to be your retail business (that isn't).

    Why not give it a try and report back here with how you got on?
    • Gary_Dexter
    • By Gary_Dexter 12th Jan 19, 8:42 PM
    • 3,778 Posts
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    Gary_Dexter
    • #5
    • 12th Jan 19, 8:42 PM
    • #5
    • 12th Jan 19, 8:42 PM
    Depends on what the transaction gets classed as.

    It might not get classed as a purchase
    • onlyfoolsandparking
    • By onlyfoolsandparking 12th Jan 19, 9:24 PM
    • 729 Posts
    • 969 Thanks
    onlyfoolsandparking
    • #6
    • 12th Jan 19, 9:24 PM
    • #6
    • 12th Jan 19, 9:24 PM
    Are you a retailer? To get a transaction from your card, through a POS device and onto a Visa/MasterCard you will need to have a contract with a processor (izettle, presumably). In turn, that provider will process your transactions through Visa/MasterCard for you and will be wanting to charge you a certain amount and will probably expect a minimum monthly sum from you.

    I haven't studied izettle at all so I have no idea what a contract with them would entail but it is surely unlikely that they will sell you everything, set up a contract with you and then allow you to simply process 1 transaction for a fee of 1.75% and finish.

    They will probably want to know your turnover in order to create a proper charging structure for what they believe to be your retail business (that isn't).

    Why not give it a try and report back here with how you got on?
    Originally posted by Terry Towelling

    Yes that is/was my understanding too, when I used to take cards for my business (about 5 years ago now) I had to show my bank my typical turnover plus give them an approximation of how many times in a month I would potentially take card as payment. Once I had given these figures they set me up with a merchant account (Global pay) and off I went, my typical charges were 0.75% for Visa/MasterCard payments and 0.27 per debit card transaction.

    Depends on what the transaction gets classed as.

    It might not get classed as a purchase
    Originally posted by Gary_Dexter

    I don't think it matters what it gets classed as I don't believe it can be done without being some sort of business/retailer with a merchant account.
    The real meaning of life is the pursuit of happiness and avoidance of pain
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