Protx paying system

[Darfield]

Many thanks david your help is much appreciated!

Is it true that worldpay works like this:

Customers for my shop need to set up a worldpay acount, put money on that acount and then pay me with that acount?

or:

Customers for my setup a world pay account, then the can pay me with credit card!

Is worldpay (and a normal back account) the only thing i need?

[wesleythorne]

Hi, if you really want a merchant account then you could try Barclays, 0800 61 61 61
they are more willing to take on new internet business acounts, but then they insist on holding your money for 30 days before paying it to you. You also pay about £250 to set up the merchant account, no other charges per month apart from something like 3.5% fee on visa and 33p switch.
You should ask for the e-nable account as this is for internet only and they only take 2 weeks to give you a yes or no approval. You must have a site up and running first with a clear policy on refunds, terms etc...
Then after the first year they will let you have your own money the day the transaction goes through, very good of them! they are very kind...
wesley

[David N]

No

anyone with a card just uses it to pay

Worldpay take the payment on your behalf. Keep the money for a few weeks to make sure that it is not a fraudulent transaction. Then then remove 4% and pay you what is left

Your customer do not have to join up to anything

[Darfield]

david your are a great help

David,

So you only need a normal business account the get the money from Worldpay? They only money you give them is 4% and that is all, no other costs at all! That doesn't sound bad then? Are there setup-costs?
really great that you help me

[David N]

I have never had a straight Worldpay account only a merchant acquired Worldpay account. That is where they just receive the card details and pass on the info to the bank who takes the money (worldpay charged 2.2%)

You really need to have a good read of Worldpay's site. All the info is there

4% is a very bad deal if you have large turnover of high value items with small profit margin

For instance I put about £3/4 Million on cards each year. If they were all credit cards I would pay £30,000 to Worldpay. Via my method I pay only £11,925. Of course many of them are debit cards so I actually pay about £7,000 commission plus £20 per month to Protx

One really nasty thing is you pay commission on the whole price. So you are paying commission to the bank/Worldpay on the VAT you have charged to your customer as well

[Darfield]

okey David thanks for your reply, i'm going to speak to world pay and see what they can offer.

Are there any other people with experiences from Worldpay?
I want a really easy thing:
- a bank account
- Worldpay who deals with my creditcard orders and give me the money - 4%
and that is all, is this possible!

[David N]

I used to have Worldpay pay into my personal account

[Darfield]

so it is possible to do it the easy way? (- a bank account
- Worldpay who deals with my creditcard orders and give me the money - 4%)

that is great news, thanks for all your time david, great!!

[David N]

I pay £35 per year to the govenment for a Data Protection cert as I have access to peoples information

Worldpay also give you a free virtual terminal that you can use over the net to enter transactions you do over the phone or face to face. However it will mark these transactions as 'e-commerce' which is incorrect. They should be marked as 'Card holder not present' Worldpay seem to overlook this. That is why I have gone to all the trouble of having 2 merchant accounts. Dont worry tens of thousands of people do it Worldpays way.

[Darfield]

david can you give me your website, so i can have a look?? many thanks

[David N]

Have emailed it

[chris ashdown]

Whilst it is normal for the banks to be wary of you opening a merchant account, you track record with the bank is the governing factor. if you have an established record then even new companies can get a merchant account

If you have only just opened an account at a new bank you stand no chance untill you build up a record via someone like WorldPay.