Looking for the Best Merchant Account UK?

Tuesday, March 6th, 2018

Are you interested in the UK’s top merchant account providers? Do you need to open a merchant account for your online business? Do you want to accept credit/debit card payments? Do you want to take payments online, over the phone or via email? This article will help you find the best merchant account UK. Also, you’ll learn more about merchant accounts and their features.

Merchant Accounts and Their Types

A merchant account can be described as a type of bank account, using which businesses can accept payments in a number of ways. This typically refers to debit/credit cards. To open a merchant account, you should enter into an agreement with a merchant acquiring bank. Then, the latter will settle your payment card transactions.

There’re cases when a payment processor, independent sales organization (ISO), or member service provider (MSP) can act as one of the parties in the merchant agreement. The agreement contractually makes the merchant obey the operating regulations set by the card associations.

You can come across some hidden fees associated with merchant services, so it’s important to ask about the following:

• Authorization fee
• Minimum monthly service charge
• PCI compliance
• Setup fee
• Early termination fee

You must have heard about chargebacks? These can be characterized as a measure aimed to protect the consumer. Whenever consumers have doubts that a transaction on their account is fraudulent, they get down to challenging it with the bank.

While talking about merchant accounts, it’s important to mention about high-risk merchant accounts. There’re a number of businesses that are classified as high risk. If you’re involved in one of them, you’ll need to apply for a high-risk merchant account. Be aware that you’ll have to find a merchant account provider that specializes in the high-risk sector and is willing to work with this type of businesses. Also, expect that the fees will be higher.

When it comes to risks, the assessment is based on various factors. These may include financial track record, poor credit history, trading history, higher chargeback rates and association with fraud.

Types of merchant accounts include: Card holder present (CP), Mail order/telephone order (MOTO), and an Internet merchant account (IMA).

If you need to get a reliable and low-cost online merchant account UK, the payment expert Best Payment Providers can help you find the best deal for your business. Best Payment Providers offers free consultation and contracts reviews, as well as rates, and fees.

Best Payment Providers checks how providers organize their integration process and offer a smooth transition and onboarding process for you. This is a great opportunity to get the most honest snapshot of the company at the time of writing.

Top Merchant Account Processors in the UK

To get a better idea of the top merchant account processors in the UK, just go through the below-mentioned list.

• WorldPay

WorldPay is among the world’s largest payment processors. The company offers a full range of merchant services as well as 24/7 support. You can buy wireless, Bluetooth and countertop PDQ card terminals outright or lease them as part of your merchant account package.

• First Data

First Data is among global players in the field. The company uses a top-secure method of encryption called “tokenization.” The latter stores the customer’s payment data on servers and replaces it in the merchant’s system, using randomly generated numbers. As a result, it becomes too difficult for cyber criminals to steal personal data and reduces the liability of merchants.

• Payzone

Payzone is based in the UK and specialises in merchant accounts for small businesses. The company is known as an Independent Sales Organisation (ISO). Payzone works with reputable merchant banks like Barclaycard for transaction processing.

Payzone offers the same competitive rates to SMEs available to larger corporate merchants. with this company, you can enjoy excellent client support and low fees. Payzone is great for small businesses and startups.

• Paymentsense

Paymentsense is based in the UK. The company offers payment solutions to small businesses. Paymentsense boasts excellent customer satisfaction scores for customer service. The company is also an ISO. Paymentsense provides card machines, payment gateways, and virtual terminals.

• Lloyds Cardnet

Lloyds Cardnet is another global credit card merchant account provider. The company offers Ingenico chip-and-pin machines, virtual terminals for MOTO businesses, and a secure, easy-to-use payment gateway for ecommerce. Cardnet customers get a free online reporting tool with a number of features to allow customers to run a business more effectively on a day-to-day basis.

There’re many merchant account providers out there. To get the best merchant account UK, you should turn to a payment expert to get the best for your business wants and needs.