Its like applying for a mortgage. Ok heres whats bothering me. I just contacted Bank of Ireland. I am setting up an online travel business initially starting from home.
Because my business is online I dont require a public office and thought it would be advantagous to setup with less overheads in the current climate. Its not that I am lying in bed with a laptop - I have a seperate converted garage about 60sqm with heating, flooring etc. Probably more comfortable than a serviced office and definetly more space.
So Im shopping around and stumble upon Bank of Ireland merchant services. When I eventually got through I was launched into a screening process and hurled with a load of questions one of them being - "Will you be trading from a commercial premises?" ...............What difference does that make? When I said I would be initially trading from home I was told "you have no chance with our credit underwriters" in the most abrupt of manners ............. I subsequently put down the phone.
Is this what our banks have become. Turning down start up business. Yet the Directors are not even reprimanded for taking 84million. Its a farce and yet again they believe they control the country and how it is run. - Well they are wrong and I am going to go to the Uk and do my business from there. Much more accomodating on the phone and can get me setup in a matter of hours instead of a matter of weeks here. People can vote with their feet.
I hope this bank is nationalised after that response.
What is wrong with this country?
yes, it's very hard to get started in e-commerce with the banks unless you have a previous trading history, it's not all lost though, there are 3rd party payment processors you can use. Good luck!
Any recommendations with regard to third party?
paypal would be the easiest, realex or worldpay, realax would be preferable though.
They are a payment gateway. You need these companies to process the payment. You need a Merchant account to land the monies in. So in effect you need both for processing.
Realex and the likes are not a problem to set up with it. Its the banks and the customer not present for the credit card transaction where the problem arises.
I had the same porblems with Bank of Ireland when trying to setup a merchant account. I am registered as a Sole Trader and they wouldnt even entertain the idea of me getting a merchant account as i would be "working from a home address"
Worldpay will be your merchant and payment processor but they sure do charge you for the privalege. Also it takes 4 weeks before they pay you. This can be tough with cashflow.
I would try AIB or maybe Ulster Bank. Ive heard they dont go into that as much.
you can register a limited company at your home address and give that as a "business" address
you could give a differnt address like parents as your "residential" address
-thats not gonna work 'cause you have to show proof of address e.g esb bill, landline phone bill, bank statement for residential address
Thanks for that. I have just contacted Aib and Ulster and both so far seem accomodating. Ill keep this upadated with my encounters.
However there seems to be a serious niche in the market here for a merchant bank who is prepared to put some trust in their customers who wish to get this economy back on its feet. With the bad attitude experienced from the Bank of Ireland I will have no sympathy with them when they eventually go under.
I just get annoyed when a country so small as Ireland has such huge barriers to trade. In the US for example there are ample ways to get setup in a number of hours. Whats the problem with our guys here?
They seriously need to look at their internal fraud monitoring systems before implimenting such tough standards for their customers to trade.
worked for me!
just tell them the bills are in your parents name as its their house
why wouldnt it work?
If this is all that is between me and setting up a merchant account with Bank of Ireland - they seriously need to review their customer service skills instead of having this dated Celtic tiger pretentious attitude spoken with a marbles in her mouth accent on the phone. Doesnt do anything for me - just turns the milk in my tea sour!
they really dont have a clue
how exactly would operating from an expensice rented premises make u less likely to rob your customers anyway?
it would increase your need to rob people!
its easy to get an esb bill in your name anyway if they wish to be awkward about it
just get ur dad or friend to call them and change the name and they will send out a letter confirming the change and the new account number
it doesnt cost anything,its just hassle
I cant be Bothered with Bank of Ireland merchant services after that. First impressions last and all of that.
If I dont potray my business as being open for business then I wont have customers. _ Same applies to the Banks - especially Bank of Ireland Merchant services. Good Luck to them!
Plenty of places in the EU that will do business with me. We are no longer confined to Ireland to do business as most of the country is aware of now. We as a nation need to compete on a European level and until the country wakes up to this they are going to lose lots of their custom.
The company BOI use is called Elavon (http://www.elavonfs.com/) who used to be part of the Group. Since BOI sold them in 2004, they've got sh1t. Don't know why BOI still use them.
However OP, you certainly have a bad attidute - "I hope they're nationalised" :rolleyes. You probably gave it to the person over the phone as well as if it's their fault. It's no wonder they dont want to deal with you.
Not at all. I dont have a bad attitude but I do expect to be treated the way I would treat anyone wanting to offer me business. I simply wanted to setup a merchant account - nothing more nothing less. Not to be bombarded with a look down your nose attitude because I am a New business.
Wake up and smell the coffee we are a country in desperate need of job creation and new business and if this is the way the institutions treat you when you pose a simple enquiry well then they dont deserve to survive. ROLLEYES!
You obviously have an interest in Bank of Ireland and your conflict of interest is not welcome here in this thread.