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Merchant Accounts To trade on the Internet you need a specific type of merchant account called an 'Internet Merchant Account'. This means that even if you have an existing merchant account which you use for offline processing, you will need an internet merchant account to accept card payments on an e-commerce website. If you already have a business bank account with a UK bank, then you may want to contact them to apply for an internet merchant account. It pays to shop around though as different banks will charge you different rates for accepting card payments. Once you have an internet merchant account you will be given an Internet Merchant ID by your bank. Keep a record of this as you will need it when setting up your payment gateway. The Internet Merchant Account holds the money you have been paid for a period set by the bank. Depending on your relationship with the bank it may be 24-72 hours, however some high risk merchants may have their money held in the account for a few weeks before they can get access to it. Always discuss this 'Settlement period' with your chosen bank before signing up to an account. The bank holding your Internet Merchant Account will charge you when a payment is made and will also charge you if you make a refund. There may also be other fees. At first, these may seem quite high, however once you have been trading for a while you can normally get these rates reduced. Banks are normally re-active rather than pro-active in doing this, so you will probably need to call them and ask for lower rates after you have traded for a few months. RomanPay will work with any Internet Merchant account from any Major UK bank. You may find that the bank has it's own payment gateway which it will promote to you, however you will find it is more expensive than RomanPay, and there is no advantage in using the service provided by the bank over an independent service such as RomanPay. |
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