Bank Acquired Merchants
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Available to UK banks and Acquirers only
If you already have a merchant facility set-up
with your bank and are taking credit cards through
your high-street shop (using a Chip n' Pin machine
for example), but want to start taking payments
online, our World Account simply
ties into your existing relationship.
Many businesses start off on the high-street
or as mail order companies, and to accept credit
and debit cards they must have a merchant facility
with a bank (this is what we call being bank acquired).
When the time comes that you want to accept
cards online you must either have an
online merchant account set-up, or connect your
current merchant facility with us. We then simply
provide the payment gateway...
How it works
Every time someone makes an online purchase you
are charged a standard transaction fee (from your
bank) and an online transaction fee (from us).
The two are bolted together to make the total
amount charged.
For example you may have agreed an off-line fee
with your bank of 1.5% per transaction. We then
charge 1% per online transaction, bringing the
total amount to 2.5% (per transaction).
Settlement Period
This is the same as your current arrangement.
For our normal merchant accounts we would have
a settlement period of either 5 days with a 5%
rolling reserve, or 28 days with no reserve. However
because your bank is taking all the risk, the
settlement period is the same as your current
arrangement.
What else should I know
You may need to contact your bank to ask them
to switch on the ability to allow online payments.
This should not cost anything extra and should
be easy enough. However knowing banks, you may
want to check with them first!
When you were set-up with your bank to accept
credit and debit cards you would have been supplied
with a merchant ID number. When you apply with
us you will need to supply you merchant number
during the application.
This can be done with any bank. However your
business of incorporation and bank account must
be in the same country. This is due to strict
money laundering rules.
Pricing and costs
Below are the prices and costs for bank acquired
merchants. Remember that these are on top of what
your bank charges you.
If you are not bank acquired
and require one of our full merchant accounts
then please click here
for more information.
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Set-up Fee
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