Simply explained, merchant services provide businesses with the means to accept card payments by both debit and credit cards.
A merchant account functions as an intermediary between the merchant’s bank account and the card user’s account.
- Pence-per-transaction for debit card
- Percentage of transaction for credit cards
The difference between bank accounts
All Merchant service providers, although they trade under your banks name, will be operated by a third party company – with the exception of Barclaycard.
SwiftSwitch can help you to switch merchant service providers and find a cheaper deal, without the need for you to switch your bank account.
How to compare rates
The average merchant contract lasts from one to three years. SwiftSwitch advises that you opt for a fixed-term contract as it will protect you from any price increases.
Frequently Asked Questions
Can I switch before the end of my current contract?
Will I need to provide you with any information?
Yes. Although everything we need to help you switch can be found in your current monthly statement:
- Current percentage of transaction value charged on credit cards
- Amount per month charged for rental terminals
- Your monthly intake card split (what you take on debit and credit cards)
- Amount in pence per transaction you currently charge on credit cards
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