Merchant Services: Your Questions Answered
Have you got questions about merchant services? No problem! Here’s some of your most common questions answered, helping you to make an informed decision that will truly benefit your business.
How Much Do Merchant Services Cost?
The amount that you pay will be determined by your merchant services provider. In many cases, your business will pay a set service fee each month, plus an agreed amount per transaction. The amount is usually between 10 pence and 35 pence per transaction. Some providers may amend the monthly rate based on your turnover, so this is something that is worth taking into account. Businesses will be able to identify the best deals by comparing merchant services rates online at compareyourbusinesscosts.com.
How Long is a Merchant Services Contract?
Again, this is something that will vary between different merchant services providers. Some providers may offer contracts of 12 months, giving your business an opportunity to trial a specific type of hardware or software for a given period, while others may try to tie businesses in for longer periods of up to 3 years. The advantage to a longer contract is that monthly service fees are typically much lower. However, by comparing the market, it’s quick and simple to find an agreement that works for you.
Can I Get a Merchant Service Agreement?
Yes! Don’t be deterred by what you may have heard. The truth is that, just like business loans, some providers do have rather strict acceptance criteria. These are usually high street banks. This means that you may encounter a few obstacles if you’ve got a poor credit history or have been turned away for a business loan in the past. However, banks are not the only providers. At compareyourbusinesscosts, we’ll help you identify a wide range of merchant services providers helping UK businesses to grow.
Can I Sell to ANYONE with Merchant Services?
In most cases, anyone with a valid credit card should be able to make a purchase from you, either online, via the telephone, or in person. This includes international customers, particularly if you have a service that effectively and efficiently manages foreign currency. However, do keep in mind that each provider maintains their own regulations. Some, for example, require the buyer to have a certain amount of funds in their account at the time of purchase to cover any necessary chargebacks.