We’ve got everything you need to know about merchant accounts. Our guides will help you narrow down the best merchant account for your business. We know how tough it can be so we’ve made it easier for you to make the right decision.
A merchant account allows your business to accept credit and debit card payments. A merchant account is not a bank account, instead it’s more of a holding-pen – a secure place for funds to wait while the bank checks to make sure the customer has enough money to make the payment. Without a merchant account your business won’t be able to accept credit and debit card payments – making merchant accounts essential to the growth of your business. There are three different types of merchant accounts, aggregated, dedicated, and high-risk.
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The cost will depend on the volume of card transactions processed. The more card payments you take annually, the lower the rates the provider offers. Your main costs are linked to monthly charges and charges per transaction. Providers are usually reluctant to provide a list of fees upfront, so be sure to ask.
There are numerous benefits to taking card payments, here are some of the most important:
The provider you choose matters because of two reasons: fees and contracts. Merchant account fees vary. A lot. They can vary with the same provider from month to month, let alone from provider to provider. So it’s super important you weigh up all the options before signing a contract.
The average UK merchant account contract length is a whopping 18 months. And while early termination fees are rare, you most definitely will be required to pay any remaining rental costs. Card machine rental costs on average £20, so if you want out after 6 months (on an 18 month contract) it’ll cost you £240.
Learn. Compare. And choose your merchant account wisely.