In today’s competitive business environment, many companies arrive every day with every available resource and technology. Furthermore, many businesses are closing down on a daily basis due to a lack of competitive assets with other competitors.
Some businesses in the UK have remained consistent as a result of their on-going adoption of technologies and other important resources. So, what are these vital resources and necessities for a business? Merchant accounts, like other critical assets, are essential to any business operating in such a competitive environment.
A Brief About Merchant Account
Every business in the United Kingdom now has an online presence. Almost no business is not yet registered on the internet or does not offer online purchasing. Otherwise, the majority of them have converted to online stores and accept online payments. Furthermore, if they are in-store, many of them accept credit card payments.
Merchant accounts make it easier for businesses to transfer money by allowing them to use credit cards, debit cards, and other methods. The majority of merchants will benefit from having a UK merchant account. These accounts offer convenient payment access, as well as risk-free services, dependability, and accessibility. All merchants require these characteristics for their businesses, which is why UK merchant accounts are more popular. Merchant accounts in UK are provided by many banks and other financial institutions in UK. The merchants have to file the application and present all the necessary documents which are asked by banks to submit or present. Furthermore, many payment service providers or online companies are also there who are into providing the merchant accounts to merchants with other payment related services. The merchants are categorized into high risk and low risk.
Low risk merchants are white collar workers who are welcomed by all banks and financial institutions in order to obtain merchant services. These merchants are not likely to commit financial fraud or go bankrupt in the future. They make a lot of money and have low or no chargeback ratios. High risk merchants, on the other hand, are more popular in the banking and business world than low risk merchants. With high chargeback ratios and a high risk of financial fraud, high risk merchants are prone to more financial failures in the future. What we do know is that banks and financial institutions do not provide merchant or payment services to these high-risk merchants. As a result, they are only eligible for high risk merchant accounts and services such as high risk payment gateways. Typically, they obtain merchant services from a private third-party payment service provider. A payment service provider is a third party who assists merchants in obtaining merchant accounts and payment gateways.
Advantages of a UK Merchant Account-
- UK merchant accounts are able to provide merchants with risk-free services. Merchants can conduct business anywhere in the world without fear of loss.
- Merchants will accept and receive the payments quickly. They do not have to wait for long periods of time to receive payments from customers.
- The UK merchant account is dependable, especially for large payments. With a UK merchant account, money mobility is secure and dependable.
- Another benefit of a UK merchant account is that it is easily accessible, allowing merchants to improve the current state of their business.
Payment gateways in UK
A payment gateway, like a merchant account or any other asset, is extremely important for a business. It is required for merchants who wish to sell and accept online payments from customers. Payments made with debit and credit cards are made easier with the help of a reliable payment gateway. In layman’s terms, a payment gateway is a secure way for customers to enter their debit or credit card information on a merchant’s website.
What is an ideal payment gateway?
- Ease of integration- It is a necessary tool for payments related to a merchant’s business. As a result, it will be integrated with other programs and software related to the website.
- PCI DSS compliance level- The risk of online fraud is what makes a business high risk. Merchants must assure their customers that their website is secure by using a PCI DSS payment gateway.
- Acceptance of multiple currencies and payment methods, with global reach.
- Either a 3DS or a 2D payment gateway; both are highly secure, but the 3DS has additional layers of protection such as bank verifications and OTP authentication. While a non 3Ds is just a click payment processor with quick checkout.
Eskaypay is a UK merchant account and payment gateway provider
We have extensive experience providing merchant and payment services in the United Kingdom. Eskaypay has a large number of profitable clients in the United Kingdom. We are well-known for providing excellent merchant services, particularly to high-risk merchants. We have built a strong reputation in the UK as a premier service provider for merchant and payment services. We know more better about UK and its merchants. If you are looking to expand your business in the United Kingdom, please contact us right away.
Features of ePay Global online 2d Payment Gateway UK
- Fastest approval
- Easy to get statement.
- Multiple Currency
- Secure, reliable fast Gateway
- Real time transactions
- Account review on every 90 days
- For long time business
- Complete assistance for merchants
- Dedicated M.ID for merchants
- Processor Flexibility
Benefits of Merchant Account in UK
- Increase your approved transaction rate
- Give boost to your payment success rate
- Fraud and risk control
- Highly secured transaction
- Multilingual page & responsive web design
- Multiple payment option
- Simple and convenient checkout for your customers
- Shopping cart support
- Extremely affordable pricing
- Speedup the VIP customer by storing data securely
- Integrate with other channels such as websites, IVR, mobile device
- Supports customer dispute
Requirement for Merchant Account Application in UK
- A fully functional website
- Toll free With IVR greeting of Company
- SSL Certificate on your website
- Proper description of products
- Product pricing details
- Services details
- Shipping details
- Terms and Conditions
- Refund Policy
- Return Policy
- Privacy Policy
- A registered company with Govt. Body
- Business Bank Account Under Company Name
These will help you to get approved by almost every processor.
Q/A
Q. What are the major expenditures for dedicated payment gateway?
Ans: As payment gateway is bloodline to your business and to get a dedicated account you must have to plan to invest for its approval at the lowest rate and acceptance for the processor terms and banking partners.
Q. When you can start accepting payments?
Ans: As soon as your account gets approved you can start processing on the terminal.
Q. In how much time you can receive funds from your approved sales?
Ans: It will be hold for a particular period, also varies from processor to processor terms, the terms will be discussed in the signed agreement.
Q. Is your gateway is secure?
Ans: The gateway processor should be PCI-DSS certified.
Q. All cards will be supported or not?
Ans: Any Visa and Master card will be accepted from any part of the world, like: Gift Card, Prepaid Card, Debit Card or Credit Card.