Meet UK’s Top Merchant Service Providers

Monday, October 12th, 2020

The thought of accepting credit card payments in your online business triggers the need to open a merchant account. Merchant account service offerings vary from vendor to vendor, and comparing offers allows the business owner to make an informed decision. The best merchant account for your business may also depend on your region. Merchants in the UK, for instance, have a long list of service providers to rely on. But not all services will meet your business at its need point regarding quality, affordability, and comprehensiveness. 

That being said, we compare the best merchant services in the UK;

Worldpay merchant services

Worldpay is the leading UK payment processor transacting nearly half (42 percent) of all card payments in the United Kingdom (an entire 400/sec).

The payment company charges 1 percent for credit cards and 2 percent for debit cards + 4p authorization fee.

Below are the advantages and disadvantages of Worldpay services

Advantages

• Has flexible pricing models for micro-businesses 
• Comprehensive merchant services, including eCommerce payments, card machines, etc.
• Round-the-clock customer care

Downsides

• 18-month-long agreements
• Businesses must maintain a £15 per-month minimum

PayPal Merchant Services

PayPal is quite popular and particularly loved for its instant settlements. The firm vendor 1.9 percent +20p per payment.

Below are the perks and demerits of PayPal services

Advantages

• A reputable and popular payment provider 
• Services include a PayPal card machine
• Is perfectly compatible with marketplaces like Bigcommerce & Shopify 
• Excels at global payments

Downsides

• Transaction fees may exceed some competitors.

Barclaycard merchant services

Barclaycard merchant services offer great convenience by enabling fast and simple payments one-on-one, via phone or online.

The payment provider charges 0.85 percent + 3p

Discover the strength and weaknesses of Barclaycard merchant services.

Advantages

• It has a portable card machine that synchronizes with your account
• Add multiple payment methods 

Downsides 

• Transaction charges exceed those of competitors 
• Merchants pay £2.40 + VAT per-month to cater for data security

Elavon merchant services

Elavon helps microbusinesses rake in more sales via card payments and offers unique analytics to encourage data-driven decisions. It is the best for small merchants with a 2.65 percent + 15p fee.

Advantages

• Merchants enjoy next-day settlement 
• Its card readers take Google Pay & Apple Pay payments
• Competent reporting tools

Downsides 

• Transfer charges are higher than competitor rates.

Final Words

Many other UK payment providers offer merchant services. Business owners must put side by side the shortlisted candidates before entering a contract.