Join the merchant account team to better your business
Owning a small business is something to be proud of, and the most crucial part of any business is managing finance. As a small business owner, you need a merchant account that is low cost enough to help you grow, but also capable enough for when you do. Clover hardware play a part in your success by offering innovative and secure small business solutions.
Unfortunately, some business owners tend to enter into a merchant processing agreement without understanding what they are getting into. This is a significant mistake. A business owner must research before selecting their processor. Merchant accounts fees vary according to your business. Here are the merchant account costs you may face:
- Card machine price
- Payment gateway
- Interchange fee
- Authorisation fee
- Transaction fee
- Monthly minimum fee
- Early termination fee
- Chargeback fee
So, What is Merchant Account?
A merchant account is a type of bank account which allows businesses to accept payment from debit and credit cards. Some people make the mistake of confusing a merchant account with a regular business bank account. They are two totally different things. A business pays for its merchant account with initial setup fees and monthly recurring fees on a per-transaction basis. Also keep in mind that merchant accounts can only receive money electronically.
Why Do You Need A Merchant Account?
There is one major reason why getting a merchant account is beneficial to your company, it puts you in the credit food chain which means the longer you trade the better rates and terms you will get.
Types of Merchant Account
1. Aggregate merchant accounts
An aggregated merchant account is a service offered by a payment facilitator and is often the best choice for small businesses. These accounts pool the funds of multiple merchants together, so you become sub merchants to a company acting as the main merchant. The downside of an aggregated merchant account is that you have less control over when your money is paid to you.
2. Dedicated merchant accounts
A dedicated merchant account is set up directly with the acquiring bank. It offers greater control over when your money is paid to you and allows you to negotiate rates specific to your business.
3. High-risk merchant accounts
Opting for a high-risk merchant account is a legitimate decision that may have more to do with the industry you are in than your own risk factor.
Cheapest UK Merchant Account Provider
First Data has over 20 years of experience in the UK card acceptance and processing business. Their merchant services can cover mobile, contactless and portable card terminals, as well as online e-commerce solutions including the clover point of sale system.
Benefits of Clover Point of Sale
- Once up and running, the system simplifies everyday functions. Preloaded software let small business owners create employee schedules, generate payroll, and much more.
- Customers get a wide variety of payment options and are protected with end-to-end encryption and security updates.
- From barcode scanners and weight scales to kitchen printers and more, Clover Station is compatible with a variety of peripherals.
