Merchant account providers
We Tranxact Ltd has established links with all the UK’s mainstream merchant acquiring banks and as many as 60 offshore acquirers to make certain that we will provide the right merchant account for your business.
With so many years experience and knowledge within the payments industry and having dealt with businesses of all sizes, ranging from companies turning £100’s of millions to the small corner shop, this has allowed us to secure great contacts from within these banks and processors and thus we have access to the very best card processing rates.
Rates as low as 0.15%
What is a Merchant Account?
The Merchant Account is a financial agreement between the business and the merchant bank that allows a business to start accepting debit/credit card payments. The merchant account is designed specifically for the handling of credit and debit card transactions and is separate to a business bank account.
It is the responsibility of the merchant bank account for processing card payments and manages the relevant fees/charges linked with credit and debit cards transactions.
Customers money you take from all card transactions is held in the merchant account before eventually being transferred on to your business bank account.
Why do I need a merchant account?
The merchant accounts play an important role in the card payment process as it verifies the customers card details to make sure they are correct and there is enough money in their account to make payment.
How can I open a merchant account?
- First things to do is open a business bank account before you open a merchant account as this is where your customers money will be settled.. Shop around from the list of high street banks to get the very best deal for your business. High Risk businesses may struggle to get a business bank account from a mainstream high street bank. Sole trader businesses do not have to have a business bank account but certain merchant banks will require sole traders to do so but majority will not and will settle with a personal account. Business bank accounts, especially the online bank accounts can be setup as quickly as 10-15 minutes.
- Contact us at We Tranxact to discuss your requirements and start the application process. Typical questions we will ask you:
- Your business and the products and services it offers
- Your current turnover (projected and actual)
- Your typical transaction values
- We can have a merchant account fully setup as quickly as 2 hours.
Whole of market solution
Unlike most other merchant account providers, We Tranxact Ltd offers a ‘whole of market’ solution to its customers, which means that we have access into every merchant acquiring bank in the UK and this will save yourself a great deal of time and hassle.
You wont need to enquire with every merchant account provider that you can find on Google and you wont have to meet with countless people, discussing your merchant rates, your card turnover etc again and again as we do all the dirty work on your behalf.
Here at We Tranxact Ltd, we have the option to offer our customers anything from no term contracts, 12 months and anything up to 4 year term contracts.
We want to offer our customers what is most suitable for their business needs as there is nothing worse than being tied into a lengthy four or five year contract and not happy with the provider.
Your own consultant
Your We Tranxact Ltd consultant will be able to inform you about ways you can reduce your monthly payments – for example, providing information about providers who offer card processing rates that are suited to your business’s average transaction value, advise on any hidden fees, PCI fees and charges, minimum monthly service charges, authorisation fees and so on.
We can also help with your business’s cash flow by offering to settle your customer’s money into your business bank account as quickly as same day as transaction. Another benefit of using our consultants is that we have a great understanding of different business types and which merchant account provider is most likely to take you on, as businesses will vary from one another and therefore so does the risk. This means you are less likely to be rejected for a merchant account.
High Risk Merchant Accounts
Most businesses should aim to have a merchant account, so they have the facility to accept debit/credit card payments for the products and services they offer, so they can grow in volume, profitability and reputation.
If you’ve been turned away, declined or shut down by your current provider for reasons that you are aware of or your previous provider just closed you down without any notice and explanation and you’ve been left asking yourself “why?” and deeply frustrated then we could possibly help as we deal with these cases on a daily basis. Contact us
What is a High Risk Merchant Account?
High Risk Merchant Accounts are accounts that are set up by specialist financial institutions to provide credit card processing services to those industries that fall under certain high risk business categories.
Below are some examples of the businesses that typically require a high risk merchant account in order to process credit card transactions. The perception of ‘high-risk’ can vary from one bank to another.
Gaming, Pharma, debt collection, dating, e-cigarettes, CBD oil, charities, crowdfunding, replica items, tech support, travel industry, events, nutraceuticals, international ecommerce, lotteries, auctions, adult, PPI claims and other claims management businesses, cryptocurrenices, web hosting and more.