UK banks have rather strict rules for getting a merchant account for your business. The same goes for the local and global mainstream merchant account providers like Skrill and PayPal.
This means that if you’re a business owner in the UK, or you are about to start a business in the UK, and you need to be able to process credit card payments, your options may be limited.
Read on to find out if that’s the case, and what you can do about it today (hint: it’s getting a high risk merchant account for UK).
First of all, when it comes to high-street banks, almost any small business (new or growing) can be classified as high-risk. High-street banks like it when there is big finance behind a business, and are harsh in their judgement when it comes to serving smaller enterprises.
But in addition to that, they also operate based on a list of so-called high risk industries; businesses operating in these industries are almost guaranteed to be rejected by both banks and mainstream merchant account providers alike. Instead, they need a high risk merchant account for UK.
This list includes businesses such as:
The above list is by no means exhaustive, but covers the industries which have it the worst when it comes to getting a merchant account and a payment gateway. For these businesses, a UK high risk merchant account is likely to be the best answer.
A UK high risk merchant account will make it possible for your business to continuously process credit card payments, both for Card Present (e.g. physical store) and Card Not Present (online and over-the-phone payments) transactions.
Geared especially towards high risk business, this type of account will keep your revenue and cash flow stable even if you experience chargebacks or other issues common to high risk industries.
Though we are based in Sacramento, California, we already serve many clients in the UK and in other countries outside of the US.
We can do this, because we can offer very low credit card processing fees that remain competitive across international borders.
So regardless of which side of the pond you are on, you can get a great deal on a UK high risk merchant account and payment gateway from 5 Star Processing. Not only that, but we also handle our approval process very quickly, so that you can get started processing payments in your business as soon as possible.
Our staff is prepared to answer your questions and help you get started with a merchant account even across the time differences.