Credit Card Machine? do you have to open business account?

[renacik23]

Hi,
I'm opening new beauty salon and decided to have credit card machine in there. I'm just wondering do i have to open business account with a bank in order to have this type of facilities or i can use my private bank account? Can any one advice me the best company which offer good deals on credit card machines facilities.
Many thanks for all answers.

 

[number1kitty]

Not necesserily. With Silverpay and similar they pay direct into any bank account. If you want a banks credit card machine then you probably would.

There are so many advantages to having a business bank account though so its worth discussing it with the banks and most do a years free banking.

Its easier to keep your business and personal accounts seperate especially if you get a tax investigation as they then have to delve deep into your personaly spending if you dont use a seperate account for both. My friend did this and had to pay more tax because she got money from ebay etc that she paid into her private bank along with business earnings and had to pay tax on twice of what she actually earned, as there was no money paper trail for a lot of it either.

Kate

 

[Curly Bamboo]

If you are going with a card processing company like streamline or HSBC you will need to setup a Merchant account. Before you can apply you will also need a business account.

I started my business 2 weeks ago as a sole trader. I found Abbey business account to be the cheapest, free fees forever. It takes 5-10 working days to setup.

There are 2 deals worth looking into for card payment.

1. Federation of Small Business (FSB), they have a great deal with streamline.
2. Forum of Private Business (FPB), they have a deal with HSBC.

For my business the rates from HSBC are better. You will need to do a revenue projection for the year to work out what rates bracket you fall in.

 

[nail_star2003]

Hi,

I use Silverpay and, as already mentioned, they pay into any account. I find them really helpful and there's always someone on the end of the phone.

Also, as there's no need to set up a merchant account you can be up and running within 3 days (that's from personal experience) and the minimum contract time is 3 months unlike 12 - 36 months that most other places want.

HTH :hug:

 

[renacik23]

Hi,

I use Silverpay and, as already mentioned, they pay into any account. I find them really helpful and there's always someone on the end of the phone.

Also, as there's no need to set up a merchant account you can be up and running within 3 days (that's from personal experience) and the minimum contract time is 3 months unlike 12 - 36 months that most other places want.

HTH :hug:

Many thanks for all answers. I'll try to go around and find better deal

 

[HelenRobinson]

Many thanks for all answers. I'll try to go around and find better deal

Hi renacik23
SilverPay have a deal for you to sign up as your own merchant also, and get competitive high street rates (1.45%) if that is what you are looking for. This is for bussiness with a higher card turn over like salons rather than individuals (i.e £1k a month plus).
If your unsure about your projected card turn over because its a new bussines, you could sign up with them on the "fully managed" deal first and then apply for merchant status, with their help, when your revenue increases.
I hope this is of use to you
Helen