upto date info on credit card machines and business accounts!

[KattyB]

Hello fellow peeps!

After reading many threads on the credit card machines..should I, shouldn't I, are they expensive...bank charges for business accounts etc I decided to do some investigating of my own.

I currently bank (personal) with the Lloyds TSB so naturally just thought of opening my business account with them. They do 18 mths free business banking and use a company called Card Net for their chip and pin credit card machines. However I read on here about a the Abbey doing Free business banking and they use Streamline for their card machines.

So I gave them all a call and the results were amazing.

The Abbey do offer FREE buisness banking always as they do not offer a cashier service. This means all chqs in the post or in the post box in the branch, doing it online or through cash points. You pay cash in by the machine also at the branch but I think the idea behind this is most people pay by card. The only downside to this is when you draw money out for the till - i.e change you can only take it from the cash machine in notes..small price to pay though!

They work with streamline and because you bank with the abbey you get the credit machine cheaper.
It is £100 to setup,
£15 + Vat for the terminal rental,
35p per debit card transaction
2.5% per credit card transaction
and there is no minimum amount to spend on the machine each month.
Also if you are a member of the FSB you receive further discounts and three months rental free.

The TSB however charge for business account usage after 18 months. They use card net and their prices were rediculous:
It is £275 to setup
£20.90 + Vat for the terminal rental
37p per debit card transaction
2.8% per credit card transaction
You have to put a minimum of £25 worth of transactions through each month and if you don't you will be charged £25 anyway. So even for example if you only used it a handful of times you still have to pay the £25 which is minimum ontop of the terminal rental!!

I told them the streamline prices and straight away she matched all of their prices but they still enforce that you have to make a minimum of £25 worth of transactions each month. She also said that the rate per transaction is set by how many transactions I do a year so this could come down if i put a lot of business through!!!

Still.. I think they are rude bumping the prices up soooo much and then cutting them in half as soom as i mention streamline!!! They are obviously not providing any better service for their extra costs - just trying to make more money.

I will be going with the Abbey for free banking and using streamline. Pls note you can only get these machine prices when you have an abbey account - however thats free so its a win win situation.

Hope this helps anyone !!!

 

[sj1973]

welcome kattyb and cheers hun for info :hug:

 

[cups1974]

Ok so i'm hoping that working in the states as well im going to do some research today thanks

 

[Terese]

Thanks for that info, I opened my business account with Lloyds as I had my personal account with them. HSBC never got back to me after a week. However, I have not recieved phone call regarding taking card payments from lloyds this is some 10 days on. However I had a brain wave as I know have a business account open I am going to switch it to HSBC,:lol:

 

[Cathie!]

I have a business account with Abbey National....ok not a high street account but you can pay your cash and cheques in through the ATM and your turnover has to be pretty high before they start charging you.

I have my Streamline Merchant Account via Abbey and I didn't have to pay any set up charges, £15 per month terminal rental, no dial up charges and then just the % fees to pay, it costs me about £40 per month on card payments of around of £1600, which includes the rental fee....I haven't been able to get a better offer although I have looked at other banks.

I looked at switching to Llyods TSB but even with their freee 6 months transefer, it wasn't worth it IMO.

Abbey is the way to go for a small business :hug:

 

[KattyB]

Well said Cathie!!!

I think its the future too!

 

[eroom]

I went with cardsave
No setup fee
Visa delta 29.5p regardless of spend
maestro 31p regardless of spend
credit cards all 1.95%
£20.+vat line rental

 

[kelly!!]

I went with cardsave
No setup fee
Visa delta 29.5p regardless of spend
maestro 31p regardless of spend
credit cards all 1.95%
£20.+vat line rental

that is a great deal was it a result of doing anythink like open a bank account or going with a certain someone for your insurance?

if not please would you give me the details ie web address or contact number

many thanks

 

[KattyB]

I went with cardsave
No setup fee
Visa delta 29.5p regardless of spend
maestro 31p regardless of spend
credit cards all 1.95%
£20.+vat line rental

OMG what a nightmare company to deal with, both stream line and card net both gave me quotes over the phone straight away - answered all my questions etc....these guys...well

They wouldn't give me any prices over the phone at head office..wanted me to make an appointment for a rep to visit it me ..hold it there buster I thought..I refused and suggested they gave me a call first.

Within minutes a lovely lady called me back and gave me everything I needed to know.

Free setup
£21 + Vat terminal rental
1.9% per credit card transaction
30p per debit card
£10 minimum spend per month

not bad - and they will come out to you and fill in all the forms. Line rental is higher but there is no setup costs which is good and the rates are cheaper although the termainal cost is higher..will have to sit and do some number crunching!

 

[dids]

I'm with the Abbey too and use the cardsave/streamline terminal. All are really good. Banking with the Abbey has saved me over £30 per month in bank charges since I changed from HSBC. Before I had HSBc banking and terminal and was charged by them to use the machine and for them to tranfer it to my bank account, so really paying twice. Much better off now.

 

[stoney]

I went with cardsave
No setup fee
Visa delta 29.5p regardless of spend
maestro 31p regardless of spend
credit cards all 1.95%
£20.+vat line rental

Just to let you know, I called Cardsave yesterday, and yes, they don't charge a setup fee, BUT... they do charge a cancellation fee of £120.00 + vat, and that applies no matter how long you are with them. Minimum 12 months contract, but you could be with them for 5 years and the cancellation fee still applies.

Very clever, and I told her so.. wount be using them. Have gone with Abbey.

Lisa x

 

[Kim Lawless]

Does anyone know is you can have a 123 Send machine through the Abbey that doesn't need to be plugged into a phone socket, so it 100% mobile? Thanks.

 

[Terese]

This is a minefield .....I have had 2 quotes from banks...Lloyds and Alliance+ Leicester...seem vsteep to me.....I find this thread interesting as it links on to what I was asking along with the bank accounts...

So I will keep looking and letting you all know if I find a reasonable banking merchant systme ....and will keep on reading here

Teresa

 

[ste]

hi, i joind the FSB and got the 123 send mobile one of best things i ever did, got good deal with FSB half price

 

[Shellie xx]

I use Abbey after having been with Barclays for my first year of business. After the year, they were charging me £11 to just have the account open ~ I wasn't even using the account because I had already set up the Abbey account! I closed it as soon as I found that out and I'm so happy with Abbey. I also use Cardsave and have found them to be really good too. The rep came and because I didn't have a lot of time, he went and filled the forms out, came back the next day for me to sign them! The machine came within 2 or 3 weeks and I've been happy ever since! I pay the £20+vat for the machine, 35p for debit cards and 1.9% for credit card transactions. They just ask for the 35p's and 1.9%'s to add up to £10 a month or you pay the difference. I've found though that by having the machine, my clients spend a lot more on retail products! xx

 

[HelenRobinson]

I use Abbey after having been with Barclays for my first year of business. After the year, they were charging me £11 to just have the account open ~ I wasn't even using the account because I had already set up the Abbey account! I closed it as soon as I found that out and I'm so happy with Abbey. I also use Cardsave and have found them to be really good too. The rep came and because I didn't have a lot of time, he went and filled the forms out, came back the next day for me to sign them! The machine came within 2 or 3 weeks and I've been happy ever since! I pay the £20+vat for the machine, 35p for debit cards and 1.9% for credit card transactions. They just ask for the 35p's and 1.9%'s to add up to £10 a month or you pay the difference. I've found though that by having the machine, my clients spend a lot more on retail products! xx

hi, I think you could make a very good debate there with your observations. Does the ability to take card payments grow your business and increase product sales?

 

[tonilee]

Does anyone know is you can have a 123 Send machine through the Abbey that doesn't need to be plugged into a phone socket, so it 100% mobile? Thanks.

I was just about to ask the same thing!!!!

 

[dids]

Not sure whether it increases sales or not, (probably), but around 40% of my clients now pay by credit/debit card.

 

[nail_star2003]

Ok ladies,

So I'm looking to get a card machine and as I don't have a separate phone line to my building (it's separate from my house) I thought that the 123 send one would be ideal.

Could anyone send me the costs and exactly how it all works please???? I would ideally like to get this installed before xmas.

 

[HelenRobinson]

www.silverpay.co.uk have mobile card acceptance machines. They also have a "virtual terminal" accessed on line through your P.C. Offer of 3 month minimum contract so you can try it out.
Helen