Card Payments and best bank for a new business account ?

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Martin Cowley

Card Payments and best bank for a new business account ?

Postby Martin Cowley » Tue Jan 30, 2007 2:01 pm

Just flicking through my NMTF mag, and on the first page there is an add for chip and pin solutions, it seems quite good
£75 set up fee
£36 per month for use etc
is it a good deal or is there a better one out there, i dont want to use mobile phone payments yet as some peopl are defo put off by it, any other suggestions ? want to get it going before WEC if i can
cheers martin
Last edited by Martin Cowley on Tue Jan 30, 2007 2:59 pm, edited 1 time in total.



busy mole
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Postby busy mole » Tue Jan 30, 2007 2:11 pm

Hello Martin does that include setting up merchant account?
NMTF seems quite good but may be as well to check what the minimum transactions per month are we were offered one good deal but they wanted a daft amount through each month, which clearly does not happen in the winter. Also have a think about the transaction charges
We did ours with another in the end purly because of the people we banked with making this set up more convienent.


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Martin Cowley

Postby Martin Cowley » Tue Jan 30, 2007 2:57 pm

i think its £65 to set the merchant account up. while im on the subject, who is the BEST one to set up a business account with ? was with lloydds but closed it after nothing but hassle and 3 different business managers in 6 months, i have to open one for my card payments to go in :D



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Neibelungen
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Postby Neibelungen » Tue Jan 30, 2007 6:08 pm

I've been with NatWest for the last few years. They've improved a bit more from their old attitude and at least my branch takes small niche business seriously these days.

NatWest's own merchant account and credit card system (think it's through Streamline.. part of the Royal Bank of Scotland) seems to offer pretty good rates and costs compared to some of the larger CC processors like Worldpay etc. Might well be worth getting a quote from them.

Bank wise, I've a friend of mine is with Abby National who are catching up on the business end of banking and seem to be aiming towards the smaller businesses as well.



Scraggles

Postby Scraggles » Tue Jan 30, 2007 6:23 pm

i liked duke henry's method - slots into some mobile phone type terminal, gets approved in the same way all the wireless terminals u get at reataurants



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Jackie Phillips
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Postby Jackie Phillips » Tue Jan 30, 2007 7:25 pm

Martin,

Having just got it all set up myself, I would heartily recommend it. I've gone with the mobile phone version to start with - less people are bothered by it than you think.

Of the two companies that advertise with the NMTF, I went with Adelante, they actually do both phone and chip and pin terminals and are cheaper to set up.

However, either way, I'm very doubtful you'll get it set up before the NLHF, I'm sorry to say. It took nearly 8 weeks both to get the merchant account and the card processing set up. I wanted to have it for the October fayre and only just got it in time for Ludlow.

A local branch-based account might be quicker, I couldn't say.


Trust your instincts, whatever else you do.

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Postby busy mole » Tue Jan 30, 2007 9:23 pm

We went with Chip and Pin solutions and Alliance and Leicester been happy and as our other accounts were there they matched NMTF. We would have gone with NMTF otherwise.


As Jackie says you might struggle for NLHF took us a good few weeks.

The only thing I would say about Alliance and Leicester is that they were at first a bit funny about people who work from home, strange but ther you go.


Busy Mole Music
Early Music Specialists, Harp makers.
Instruments, recordings and sheet music
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I'll hang my harp on a weeping willowtree,
And may the world go well with thee.


http://www.busymolemusic.co.uk

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Jackie Phillips
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Postby Jackie Phillips » Thu Feb 01, 2007 8:19 am

Alliance and Leicester turned me down flat for a merchant account because I worked from home.

Made a stupid mistake with Barclays - I was honest with them. I told them that I take deposits (well, you do on larger orders) and they eventually offered me a deal where money going in on the credit card would take 6 weeks to reach my business account. I asked her why she thought I took deposits and that I'd only have to add the 6 weeks to a customers lead time to buy the fabrics with the money I eventually got.

Adelante arranged an account with the Bank of Ireland that has very reasonable rates.


Trust your instincts, whatever else you do.

busy mole
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Postby busy mole » Thu Feb 01, 2007 9:23 am

Yes Alliance and Leicester we funny with us but eventually let us have an account, will explain another time, but where is the logic that a person that works from home is more of a risk than a person that has an office after all to coin a phrase..." they know where you live"


Busy Mole Music
Early Music Specialists, Harp makers.
Instruments, recordings and sheet music
.

I'll hang my harp on a weeping willowtree,
And may the world go well with thee.


http://www.busymolemusic.co.uk

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greenland_and_game
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Postby greenland_and_game » Thu Feb 01, 2007 9:44 am

We've had nothing but good service from the Alliance & Leicester.

I think we didn't have a problem setting up an account with them because we actually don't work from home, ie. we go around the country selling. Yes, our business address is our home address, but they didn't question it. I think it comes down to how you describe yourself to them when trying to open an account.

Another option is to look through the business sections of the broadsheets. They often have 'league tables' of different accounts. Saturday's papers are a good bet. They often give advise through their on-line sites as well; try looking at 'Telegraph Money'.

Alex & John



Martin Cowley

Postby Martin Cowley » Thu Feb 01, 2007 6:53 pm

well, got it going with A&L so will keep a record on here as things progress lol, also doing a business account with them, lots of forms though :lol:




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