Third Party Merchant Account Uk 2018

Third Party Merchant Account UK

Accepting credit cards as a method of payment for goods or services is expected by the average customer. This is especially true with online businesses. If you expect to do business online, you have no choice but to incorporate a merchant account into your website.

There are two ways to do this. Either acquire your own merchant account or use a third party provider. There are pros and cons with each.

A third party merchant account will end up costing more money, but is a quick solution to e-commerce, especially for those who may have problems qualifying for their own merchant account. Third party providers include 2CheckOut, Paypal, Alertpay and many others.

The most obvious drawback is that these providers are often unknown to the average buying public, although this is changing for the better. However, it may influence the purchasers trust and confidence in the seller. You should also be aware that individual transaction and order related fees are higher than with your own merchant account.

On the pro side is the fact that it is easy to get started and most major credit cards are accepted. There are no monthly minimum fees. You only pay a fee if you make a sale.

Here are some pointers and differences:

Startup Fee:

Most third party accounts do not charge for this but merchant accounts almost always do.

Monthly Fee:

Charged only by merchant account providers.

Discount Rate:

This is the percentage amount the merchant has to pay per transaction. Fees charged by the merchant account company are usually substantially lower than those charged by the third party processor.

Per Transaction Fee:

In most instances the merchant account provider will charge a fixed amount for every transaction processed in addition to the discount rate. Third party processors sometimes have provisions that waive this fee.

Gateway Access Monthly Fee:

Almost all merchant accounts charge for this. Free with third party providers.

It is up to you, the merchant, to assess your needs and come to a decision to either get your own merchant account which should save money in the long run, or go with a third party provider for convenience sake.

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