Wednesday, May 16th, 2018
Are you planning to start an online business in the UK? Maybe you already have one, don’t you? How can you set up an Internet merchant account easily and affordably? How to find a reputable merchant services provider? Just read this article and you’ll get answers to your questions.
eCommerce Market in the UK
The United Kingdom represents one of the largest eCommerce markets in the world. The total number of online shoppers in the UK is increasing year over year. Mobile eCommerce is a key growth sector in the country, and UK consumers are making purchases via mobile devices more and more often.
Digital shopping and buying are widespread in the UK. So, it’s no wonder that starting an eCommerce business in the UK seems quite appealing to many merchants. What’s the most important thing about starting your online business? Well, it has to do with an Internet merchant account.
Merchants accounts are important for eCommerce businesses since they enable to accept debit or credit card payments. How can you get a merchant account? You can get it by applying to a major bank or to an online payment processor. You don’t have to go with the bank you use for business banking so to get a merchant account.
UK Internet Merchant Account
What’s a merchant account? This is a type of financial account with the help of which funds can be transferred from card issuing banks to a merchant’s business bank account. If you, as a business owner, want to accept credit or debit card payments from customers, you have a valid, secure merchant account.
How to choose a merchant account provider to get an account? Well, for this, you’ll need to make sure that it’s compatible with your shopping cart software. You should also pay attention to online payment gateway systems. There’re different online payment gateways for credit card transactions and they should be linked to the given shopping cart software.
After you’ve applied for a merchant account, the underwriters will get down to reviewing your application for merchant account services. The purpose is to find out whether your business follows a solid business model. The thing is that businesses with a good foundation reduce the chances of potential chargebacks.
Moreover, underwriters also check to make sure merchants are running their business due to the necessary rules and regulations. What factors are merchants’ risks based on? These are:
- Credit scores
- Credit card processing history
- Bank statements
As for fees, you’ll find different fee structures with different merchant account suppliers. You just need to see which one best suits your business needs.
How to Get an Internet Merchant Account UK?
First of all, you should look for a reputable merchant services provider. You’ll be required to provide a significant amount of business information before the provider will start setting up your merchant account. By the way, this can take up to a month with some providers. So, it’s important to take this into account.
The minimum of paperwork to provide will include the below documents (along with an application):
- A valid, government-issued ID like a driver’s license or passport
- A bank letter or a pre-printed voided check
- A secure and working website
- Three months of the most recent bank statements
- Three months of the most recent processing statements, if applicable
- A chargeback ratio that’s below 2%
Did you know that with Best Payment Providers, a payments expert, can help you get the best deal for your business? Best Payment Providers can help you find a provider that’ll require the minimum of paperwork and approve eligible merchants in 24 to 48 hours.
Best Payment Providers is committed to providing you with the best merchant services and enjoy exceptional Payment Gateway Solutions, Instant Check Processing, Business Funding, and much more without challenges.
Best Payment Providers offers free consultation and reviews contracts, rates, as well as fees. The integration requirements are as much important as fees and customer service. That’s why Best Payment Providers never fails to check each provider’s integration process to ensure you’re enjoying a smooth transition and onboarding process.
Topics discussed in this article:
- internet merchant account uk