The 3 Cheapest Merchant Accounts in the UK

Merchant account prices are dependent on several factors, most significantly the type of business, the volume of monthly transactions and the level of credit risks the merchant poses to the account provider.


Wednesday, August 16th, 2017

Typically, established enterprises with steady sales and favorable credit tend to pay less for merchant account services than small businesses.

That said, it’s always a good idea to review your payment processing contract regularly to make sure you’re getting the best deal possible. If you’re looking to cut costs, the companies below offer the cheapest merchant accounts in the UK.

First Data

With over 20 years of experience in the UK payment processing business, First Data is the number one choice for many merchants looking for cheap processing services. The company’s extensive platform includes portable and contactless card terminals, as well as online solutions like the Clover EPOS system. They also offer intuitive reporting tools that make data management easy, and their Global Choice service enables international customers to make payments in their home currency.

First Data allows merchants to negotiate contracts based on the services they need, but you can expect a monthly gateway fee of £15 for less than 500 online transactions, and lower rates for transaction volumes over 500. The processor also offers a highly secure Data Vault for storing client data, whose cost can vary depending on volume.

Paymentsense

Known particularly for specialising with SMEs, Paymentsense offers the full range of POS terminals your small business will need to succeed. It also works quickly to process new applications and will have a card machine sent out to you in just three days. If you need an online gateway, Paymentsense will have you set up within 24 hours.

Paymentsense services range from merchant accounts and virtual terminals to online fraud management tools. In addition to being fair, card rates are also fixed, which means you won’t need to worry about future price hikes during your contract. In fact, Paymentsense is the only merchant account provider in the UK to offer capped contracted rates.

Like First Data, Paymentsense is open to contract negotiations with new clients. Depending on the volume of your transactions, you can choose anything from the Starter Package (£8.30 per month for £50k annual transactions) to the Pro Package (£16.60 per month for £1.2m annual sales).

WorldPay

UK’s leading provider of merchant accounts has kept a faithful clientele thanks to its reliable services and reasonable rates.

A WorldPay merchant account can get you a wide variety of PDQ machines, including GPRS, wireless and static desktop terminals, as well as phone- and email-based payment solutions. You will also get a secure payment page hosted by WorldPay for safe online transactions, with the option to integrate the gateway directly into your site.

As for the rates, WorldPay offers an array of flexible pricing plans that can be tailored to suit your needs. Signing up is free, and monthly fees range from £0.00 to £49.99 per month (plus transaction charges) depending on the package you choose. For maximum peace of mind, all plans come with reliable fraud risk management services and 24-hour customer support.

Summary

Many merchants shop for a merchant account with the prime aim being to accept credit cards at the lowest cost possible. Cheap rates are often associated with inferior services and hidden fees, but the positive reputation that each of the firms above has among merchants and reviewers mean you can’t go wrong with any of them.
To ensure you get the services that best suit your operation, however, be sure to contact multiple providers and find out what their cheap merchant accounts can your specific business type.

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