Banking & payment advice please.....

[Beansy]

Hi everyone,
I'm looking to take over an existing salon business and require some information to help me plan (and for the business plan) -
Most of the payments are via credit card and so I'm wondering roughly how long it takes for you to actually receive the money i.e from Visa / Mastercard etc

If I want to deposit the takings in a local bank (and my business account isnt with this bank) is there a charge?

All/any advice welcome! Thanks

 

[persianista]

The settlement time depends on the deal you do with the card processing company. The cheaper the deal, the longer the settlement time.
To deposit in another bank, there is generally a charge for this service, if you can at all.

 

[shedunlop]

I did mine through my bank, Natwest, and the card machine is with Streamline and the money is generally in there the following day if not then no later than the day after. I have been really pleased with the service I have had with them.:wink2:

 

[Beansy]

Thats really helpful, thank you.
I am losing the will to live over cashflow projections and so it's good to know that I wont be waiting days. No-one seems to pay cash!