Natwest are one of the largest high street banks in the UK with a history that goes back centuries in its various guises. Offering a variety of merchant account services, they are at the forefront of innovation regarding card and other related electronic payments.
With electronic and card payments beginning to take over from cash transactions as the most popular form of payment, many traditional financial institutions are now at the forefront of technology and services to process these payments. Not all merchant services are the same, however, and ensuring that the provider you choose is right for your business is essential. The main features that a Natwest merchant account provide include:
- Worldpay Technology
- Accepting of a Variety of Cards
- Desktop, Portable, Wireless and Virtual Payments Methods
- A High Level of Security
- Compliant To DSS PCI Standards
- Efficient Processing of Payments
Natwest are partnered to Worldpay, the foremost payment provider in the UK. Reliable, flexible and efficient, Worldpay devices and gateways process almost 30 million transactions a day and are one of the most trusted companies in the industry as a result.
Accepting of a Variety of Cards
The ability to accept a wide spectrum of credit and debit cards is essential to the usefulness of any merchant account and corresponding technology. Natwest merchant accounts cater for all major cards as well as a handful of alternative payment methods, including Apple Pay. The ability to process the newest forms of payments has become increasingly important in recent years with mobile technology in particular, being the fastest growing way to pay for products and services in the UK.
Desktop, Portable, Mobile and Virtual Payments Methods
What are now considered traditional methods of accepting card payments, desktop, portable, mobile and virtual, are still the backbone of the vast majority of merchant accounts services in the UK. This is not to say that the technology has not moved on, however.
Reliability of wireless and mobile payments has often been a problem in the past. Worldpay devices are among the most dependable according to customer reviews, particularly mobile payments. Mobile payments are needed to process payments taken remotely, for example delivery services and outdoor markets.
A High Level of Security
Security is one of the most important elements of a merchant account service and must cover both the devices used in the transactions and the payment gateway that processes the payment.
Online gateways are most at risk so it is vital that the provider you choose is reputable. Payments online can include other payment portals, such as Paypal, and while these sites are themselves secure, the merchant account must also provide a high level of security.
Natwest, through Streamline, provide two methods of online payment. The first is an integrated page that means the customer need never leave your website. The other is a hosted page that processes the payment through the Streamline website. Both are highly secure.
Compliant To DSS PCI Standards
All payments through a merchant account device need to be DSS PCI compliant. This is generally not an issue when using a trustworthy service. As Natwest are partnered to Worldpay, all devices and gateways meet this qualification as standard.
Efficient Processing of Payments
Like money transfers, as each payment needs to be processed, there is always a delay as to when a business can access their funds. This can, when delays are prolonged, cause problems with cash flow.
The processing time of the faster and more reliable merchant account providers is 3 days, although this may depend on unforeseen circumstances. Natwest enables businesses to access payments within 48 hours, making them one of the fastest and most reliable merchant account services in the UK.
As each business has diverse requirements from their service, flexibility is essential. This in turn should be apparent with the provider’s pricing structure and those that offer upfront, rigid terms should be looked upon with a degree of suspicion.
Every potential Natwest client is able to tailor their account with their help to enable the most cost-efficient and satisfactory service possible. This means businesses as diverse as small restaurants to large outdoor events are easily catered for.