Back in February 2012, Global Payments, formerly known as HSBC Merchant Services, announced a partnership with UK online payment gateway solutions provider, Realex Payments. Together they signed a 6 year deal to deliver Global Iris. This is a new system for MOTO and online payment transactions, to the global e-commerce marketplace.
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|Reviewed by Expert Market:||22/06/2017|
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Global Iris provides the maximum flexibility for merchant sites. It allows them to take the option of hosted or non-hosted payment solutions either individually or delivered as a suite of applications.
Global Payments and Realex realised that merchants have specific requirements from a payment gateway provider, which may vary greatly. They also wanted to provide a merchant account and payment gateway in one easy and software-free solution. Some will need help with PCI compliance, some will look for assistance with a fully integrated e-commerce system and others will just require services for CNP (customer not present) transactions. Global Iris was created to provide all three.
|Online & MOTO payment processing||Small Business solution||Suitable for businesses with a transaction turnover of £50,000 or below|
|Online & MOTO payment processing||Corporate Solution||Suitable for businesses with a transaction turnover of more than £50,000|
HSBC Merchant Services and Payment Gateway CostsPayment gateway charges can vary greatly for different business sizes and industries. Therefore, the Global Iris transaction gateway has two pricing structures. One for businesses with a transaction turnover of £50,000 or below, and one for those companies whose transaction turnover is in excess of £50,000.
Small Business SolutionFor the lower threshold, the following rates currently apply:
- A one-off set up fee of £250
- 2% reduction from every credit card transaction
- 25p reduction from every debit card payment
- 2% reduction from every non UK debit or credit card transaction
- Free terminal rental for a 12 month period
- No minimum monthly service charge
- 12 month contract with Global Payments
Corporate SolutionFor businesses in excess of £50,000 transaction turnover:
- £150 set up fee (one-off payment)
- £18 per month (+VAT) for a standard terminal rental
- A minimum monthly service charge of £20
- Negotiable rates for transaction charges determined by merchant specifics
HSBC's Global Iris payment gateway is a long established and reliable solution. Their prices, like most banks in comparison to independent merchant account providers, can be quite high. But Global Iris provides maximum flexibility for merchants. They offer various types of hosted and non-hosted, fully integrated solutions that will make life easier for merchants. The coupling of merchant services and payment gateways can also be a great option for those who require both services and don't have a provider for either. Or for those who would like all their services under one roof. If you're not sure which kind of solution you want, chances are HSBC has something on offer for you.
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