Card Processing Birmingham

Card processing services with a difference

We Tranxact Ltd Background

My name is Rav Bains and I am the founder and Director of We Tranxact Ltd. We Tranxact Ltd is a payments consultancy and brokerage based in Birmingham offering products and services to businesses who accept card payments either online, over the phone or face to face. I have been in the consumer card payments industry for over 7 years, having worked for technology companies whose sole responsibility it is to process electronic payments and working alongside most of the UK’s merchant acquiring banks.

Having worked as an employee throughout my working career and having experienced two redundancies over the last two years, whilst having a family to support was a challenge to say the least. Experiencing my dad work extremely hard all his life with his own business, working 15/16 hrs per day 7 days a week installed that vital discipline inside me.  I have always had a craving inside me to be self employed and have my own business but the fear of failure always stopped me from taking that vital step. I could say that past redundancies were probably a sign telling me to do what my heart truly desires, which was to make an impression on the local community, by running my own successful and respected business.

Once I made the ultimate decision to go about it myself then it was no turning back whatsoever. Doing my research on every aspect of starting a business, further researching the industry for which I would be involved in, creating an extensive business plan and then aligning everything within an extremely tight budget.

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I am extremely proud of what I have achieved with very little cost. You have to be somewhat mentally strong and driven to see it through to the point where you actually start trading and bring in your first customer but this is just the beginning of the journey. Its hard not to keep doubting yourself along the way, people telling me that I’m wasting my time, “there’s too much competition out there now, you’ve missed your chance”, but you keep yourself motivated at all times and never ever give up as I knew I would regret it for the rest of my life if I did.

Our Offering

I now offer a card payments consultancy and brokerage service, with the aim being to help local business owners by educating them on the industry itself and providing an honest and reliable service. I am a true underdog in an industry which has taken off massively over the last few years, which is great for business owners as they get more choice and better rates but the down fall being that their is widespread mis selling of the services and these merchant service providers (MSPs) and independent sales organisations (ISO’s) who take on self employed sales people, with very little training (1 day training) usually on the products and industry itself are let loose on the streets to sell merchant services and chip and pin machines. Selling merchant services and chip and pin machine deals is extremely lucrative and hence why the industry has seen an explosion of new businesses trying to get in on it. These deals are usually done by entering the merchant/business owner into a lease agreement, which can vary in contract term from 12 months and anything up to 60 months. Sales reps are pressured to sell the lengthier contracts and some companies will only offer 4 or 5 year terms as they simply make more money from the customer. Once the deal is done with the customer, their is normally no turning back at this stage for the customer as their is no cooling off period. The paperwork is then sent off to the company’s head office and then it goes through the approval process. If accepted, a copy of full agreement is sent to the merchant and if the merchant notices discrepancies of any kind such as being mislead on contract length and not fully confirming rates and charges and at worse then requests to cancel then you’re most likely going to be told that you’ll have to pay £100+ in exit fees if you’re lucky or most commonly, you’ll have to ride out until the end of your contract. The ISO company is paid anything up to £1000 (for a machine that can be brought outright for anything between £200 – £600) from the leasing company and the leasing company is then responsible for collecting monthly premiums from the merchant. Sales reps can be paid £100’s for each completed deal – happy days!

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We’re different

We Tranxact Ltd is doing it different as we provide a no contract option, so leave whenever you want, no lease agreements as we buy these machines outright and then rent them on. You think ‘what’s the catch’ no catch, we just ask for a £50 deposit, which is returned after you no longer need to use our services. Because of this option, we have created bespoke packages suited for taxi’s and private hire, tradesmen and small businesses, which has been received extremely well.

We offer a free PCI DSS advisory service, which merchants really appreciate as its very valuable for them as majority of merchants are clueless when it comes down to becoming PCI compliant, which is mandatory if you accept card payments.

Unlike most other merchant account providers, We Tranxact Ltd offers a ‘whole of market’ solution to its customers as we have links to all the UK’s mainstream merchant banks and this will save them much time and hassle.

This is a great industry to work in as its evolving so quickly and experts expecting a cashless society within the next 5-7 years seems exciting and we’re not too far from it as today 75% of all transactions are done by card*


* The UK card association