Set-up a merchant account
The first step to accepting credit and debit card payments is to
set up a merchant account - these are not bank accounts as such,
but accounts that allow card payments and chargebacks to be made
to a merchant-nominated bank account.
Nine banks - known as acquiring banks - offer merchant accounts.
Most are divisions of high street banks. Ask your existing bank
whether they offer merchant accounts, though you do not have to
use the same bank to process card payments, so shop around.
You can also consult a list of acquiring banks on the Electronic
Payments website.
Before setting up a merchant account for you, your acquiring bank
will request a wide range of information. This is used to assess
your business and to determine the level of charges you'll have
to pay for each transaction. You may be asked to provide information
relating to:
" your business history and performance
" business accounts
" your forecast turnover
" average transaction values
" transaction frequencies
" the type of goods you sell
" the proportion of transactions you expect to receive by phone
or online
" your suppliers' details
" how you deliver your goods or services
You may need to open a number of merchant accounts if you want to
accept card payments for different sales channels. For instance,
if you sell goods from a retail shop and through an e-commerce website
you'll need separate accounts for your online and face-to-face sales.
You should talk to your bank about your requirements.
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