Merchant Services Explained In Detail

merchant services image

A merchant services account is a dedicated bank account for payments provided to a business via card…

Merchant services providers cater to businesses that accept cards as payment methods. These providers offer and manage transaction gateways for their business customers.

Once a merchant services provider processes a card payment, funds are deposited into the merchant services account. The company providing merchant services usually adds a per-transaction charge for performing the service.

Rates for Card Processing

If your business has just started accepting cards for payment, card transactions may represent a substantial amount of daily earnings. To avoid paying a high commission, ensure that your merchant services provider offers a competitive rate.

What to Look for When Selecting a Merchant Services Provider:


Customers want their personal data to remain private and your company should not violate this desire. Use a provider that offers a safe gateway for transactions.

Processing Options

You may wish to begin with a chip and PIN machine and as the business grows, decide to establish an online presence. Selecting a provider that can accommodate both options reduces the time and steps involved in these business decisions.

Many merchants process card transactions through their banks but this can be expensive. We are part of WorldPay, the largest card processor in the UK, and we can leverage lower rates with banks.

Customer Support and Service

If you encounter an issue or require guidance or support, verify that a qualified individual will be available to provide assistance.

Applying for a Merchant Services Account

Before applying for a merchant services account, consider all the costs and verify that there are no additional “hidden” charges. Rates are based on company turnover.

After selecting a provider, you must submit financial details regarding the business. A business plan will also be required if the business was established within the previous 12 months. The merchant account setup process should take approximately 3 to 4 weeks because the provider must review and verify the paperwork.

By law, the merchant services provider and your business must be PCI compliant when processing card payments. We help our members achieve PCI compliance.

Expect a provider to offer a high level of security. We use 128-bit encryption to process card transactions.

A provider processes transactions daily and each day, you should feel comfortable that you are receiving the best service and will receive assistance if something goes wrong. Our support line is open 7 days a week to provide any assistance that you may need. We also designate a personal payment specialist to each customer. This knowledgeable professional is ready to provide assistance and advice.

Need more information on merchant services? Request a free call-back or obligation free consultation. Click Here to make an enquiry via our short application form.