Thursday, January 25th, 2018
It’s critical to be able to accept credit and debit card payments: it guarantees success to your business. To accept credit/debit payments, whether face-to-face, over the telephone or online, a merchant account will be required. Having a UK merchant account means enjoying a number of benefits regarding processing payments online.
Opening a Merchant Account
A merchant account can be described as a type of business bank account allowing merchant credit card processing. A merchant account can be set up through your bank, through a payments provider or through an Independent Sales Organization (ISO). All of them require a payment service provider (PSP).
The payment service provider is called to authorize and transfer your customer’s details to your merchant account provider. Once the transaction goes through, a confirmation is being sent by the PSP to the card machine.
As soon as a transaction is made, it’s sent to a payment gateway for the purpose of making certain whether or not the card information is correct. Then, the transaction is directly sent to the merchant account itself.
When the transaction is received, the payment is sent to your business account. The process can take from 24 hours to a week, minus the transaction fee. Fees associated with each transaction are taken as a percentage of its value or a set fee determined before signing the contract.
By setting up a merchant account, you can:
- Enjoy security for payments
- Reduce the chance of getting paid with counterfeit bills or coins
- Boost customer satisfaction and increase the chance of the customer returning
Setting up a UK Merchant Account
UK merchant accounts are favourite with all businesses. The reason is that they offer several benefits that businesses use to their advantage. Merchants want these qualities in the accounts they hold.
To get the cheapest merchant services UK, turn to a reputable payment expert like Best Payment Providers. Best Payment Providers delivers free consultation and reviews contracts, rates, and fees so to help you enjoy the top payment processing solutions for you business.
Since integration requirements are as much important as fees and customer service, Best Payment Providers checks each provider’s integration process to provide you with a smooth transition and onboarding process.
Having a UK merchant account means having access to many valuable services. UK merchant accounts:
- Offer risk-free services to merchants
- Can be used by merchants to transfer money fast or make cash easily available anytime
- Guarantee reliable transactions
- Offer easy access to money
The ability to accept card payments is of immense importance to any business if the latter wants to offer good services. If your business can only take cash or cheque payments, you’re going to lose lots of sales opportunities. A UK merchant account is a preferred choice for many businesses and can help you get the best for your business.