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Merchant Credit Card account

Eoin

Hi folks,

Does anyone know what the typical monthly rate is for a small company to accept credit & debit cards? I checked a few of the banks' sites, but they don't seem to publish prices.

thanks,

Eoin

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Nuttzz

roughly (BOI)

terminal rental, €75 a month

laser cards 25c per transaction
credit credits 2.3% of value per transaction
Am Ex 2.8% of value per transaction

the above depends on turnover and useage of the machines, the more use the cheaper the charges

Eoin

Nuttzz wrote:

roughly (BOI)

terminal rental, €75 a month

laser cards 25c per transaction
credit credits 2.3% of value per transaction
Am Ex 2.8% of value per transaction

the above depends on turnover and useage of the machines, the more use the cheaper the charges

Thanks for that - that's a bit less than I thought it may be, but still quite high.

Sorry for the stupid question; this is on behalf of someone I know who wants to be able process Credit cards on his site, without using the likes of Paypal:

If you use someone like Realex who do the processing, but you just want to able to have a Merchant account, do you still need to rent a terminal?

Nuttzz

i dont know tbh, if you have realex processing it for you and sending you the cash, why would you want/need a merchant account?

Eoin

Nuttzz wrote:

i dont know tbh, if you have realex processing it for you and sending you the cash, why would you want/need a merchant account?

I think they handle the processing, but you still need the merchant account - just not the terminal. I'll do a bit more digging though first!

TheWaterboy

companies like Realex & WorldPay just process and authorise the payment - you need the merchant account from your bank eitherway. With Paypal you dont need a merchant account as they act as ure bank.

Realex, as far as im aware, provide an online terminal so that you can process credit cards manually...no need for the physical terminal so

BuffyBot

Worldpay can act as the merchant account holder as well, so it does cut down the need to have your own merchant account

Eoin

BuffyBot wrote:

Worldpay can act as the merchant account holder as well, so it does cut down the need to have your own merchant account

Thanks, the worldpay site looks like another option too - I guess I was hoping for a solution where my friend doesn't have to pay the terminal rental fees as realex would be doing this for him, and customers wouldn't have to leave his site to make the payment.

lomb

thats robbery , i get terminal rental in the uk for 18 euro a month, 16 p so 24 euro cent for debit cards, 1.5% on credit cards.
irish banks are creaming it:rolleyes:

biz

It's €25 not including VAT per month at BOI and it's about the same at AIB

You have to remember though there is a registraion fee of €175.

If you are using something like realex you don't have to have a terminal. We use realex and don't have a terminal. It may affect how the transactions are scored from a fraud perspective though. You still need a merchant account - this is with the bank not realex.

wyndham

This rate is dependent on turnover and is negotiable.

misterq

If you are looking to take payments online, you need an Internet Merchant Account. This is different from a normal merchant account that you get a terminal with.

The banks will probably try to charge a higher rate than that which they charge for normal accounts, but it is negotiable with them.

To use it, you will need a payment processor such as Realex. They charge a per transaction fee to process your payments and send them to your bank account. You basically buy a plan based on the number of transactions per month. The more transactions your doing, the less the per transaction cost is.

Your alternatives are all in one providers such as PayPal, WorldPay and others. The disadvantage is that the rates may be higher and some will hang on to your cash for a certain period before it hits your account.