worldpay - 4 weeks until I get paid

[davie_ne1]

I am now setting up a merchant account through my bank and am planning to use protx as my Payment provider. My Credit card processing fees will be about half what I am paying with worldpay and i get paid in a few days.

Note to all newbies - dont make the mistake that I made. Get a merchant account from the bank !!!!

4 weeks to get paid kills your cash flow

[GiftedLlama]

Also be careful who you get a bank account with.

I made the mistake of setting up a bank account with Alliance & Leicester who don't have their own Internet Merchant Account. They use a third party provider called Euro Conex.

Even though I have had an account with A&L for 2 years - never gone overdrawn etc. they won't provide me with an Internet Merchant Account because I work from home not from a business address. Apparently I'm too risky for 'em!

So to get away from Worldpay's stranglehold, I'm now going to have to change bank accounts. What a pain!!

Newbies take note!!

[pinbrook]

Note to all newbies - dont make the mistake that I made. Get a merchant account from the bank !!!!

The whole banking issue has be thoroughly researched.

New businesses often can not get a merchant acct because they are new, or because their chosen bank does not offer it.

This is where WP come into play as you can use them to take CC without having a merchant acct, but like all businesses because they offer a hard to find service with little or no competition they can charge what they like, as the customer has no where else to go.

The only other way to take CC without a merchant acct is Paypal.

Assuming you do get a merchant acct then you also must ensure you properly compare the online processors, as the cheapest option for business A is no necessariliy the cheapest for B. And of course you also need to know whether cheapest is in fact the best.

[RuralWeb]

Dont forget to check if they are able to work with Actinic as well - its a bit of a minefield out there.

[chris ashdown]

[QUOTE=GiftedLlama]
So to get away from Worldpay's stranglehold, I'm now going to have to change bank accounts. What a pain!!

QUOTE]

You could still try other companies like Cardnet to get a merchant account, you are not limited to your own bank's system. as far as I know Cardnet will accept you regardless of your bank as i am sure many others will

[sandersongolf]

worldpay

I would advise using HSBC Epayments for your internet shop, we use it and get paid in 3 days ! from customer payment, its easy to set up, card fees are 2.3% and 0.20p for debit cards..

I agree worldpay is a killer for cashflow - not advised ..

you need a HSBC Business Account, then they set you up with epayments, i cant recommend it enough... it also has anti fraud alerts, online interface for checking out payments etc

www.sandersongolf.com

[davie_ne1]

update:

I have just set up an account with protx and what can I say wow - very fast service

it took a week to get a merchant account from the bank (lloydstsb - cardnet)

registered for a protx on sat 5 hours later had testing account set up

monday 9am intergrated protx into actinic (great help files from protx) and within half an hours i was ready to set to live.

monday 12 o'clock account set to live and so far no problems

I cannot praise how fast protx service was, lets hope the payment side is just as quick

[scsishop]

Yeah We had the 8 week delay too , good job had a bit of cashflow built up , The banks have had it there way for long enough , The thing we need is a revolution in banking , Starting today !!!