Merchant Services

SwiftSwitch‘s overview

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

Comparing merchant accounts can be a tricky endeavour, especially considering that each business requires a tailored service. It is therefore important to understand exactly what you are looking for in a provider.

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.

Transaction Time

This refers to the time it takes for your card processing company to transfer your takings into your businesses bank account. The vast majority of merchant service providers offer to complete transactions within +1 days, however some will only offer +3 days. When comparing it would be wise to check that the provider can complete your transactions within the time frame you consideracceptable.

Frequently Asked Questions

Can I switch before the end of my current contract?
Yes, this is usually fine. It will however depend on the length of your contract and who your contract is with.
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

Useful Information

The Top Merchant Account Providers in the UK

Below is a list we have complied of the top current UK merchant account providers. First Data Merchant Solutions Global Payments Lloyds Bank WorldPay First Data Merchant Solutions First Data’s services cover payments for a range of different businesses. Their services...

Merchant Services

Merchant services are a prevalent part of our highly accommodating, technology dependent world – and in order to ensure they provide their customers with the best services available businesses need to make sure they are always up-to- date with the current,...

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