Merchant Accounts

Comparing Merchants accounts offered by UK Banks and other organisations. Which is the best option?

In order to accept credit and debit card payments the frist step is to establish a merchant account. These are not bank accounts as such, but accounts that allow card payments and charge-backs to be made to a merchant-nominated bank account.

According to Businesslink only 9 banks - known as acquiring banks - offer merchant accounts. Most of these are divisions of high street banks. The best thing to to do is to ask your existing bank whether they offer merchant accounts? You do not have to use them if they do process card payments and as we said the fromt page it is definitely worth shopping around.

Before setting up a merchant account for you, your acquiring bank will request a wide range of information. This is used to assess your business and to determine the level of charges you'll have to pay for each transaction.

How to set up a Merchant Account