What cost is there for setting up a Merchant account and what bank charges do Barclays and Natwest apply for end-customer credit card clearance?
There is no cost for setting up a merchant account. Charges for transactions that go through the payment gateway depend on the type of business, and the size and frequency of transactions. Typically these range from 2.5 – 3.75% for credit cards, 20 p per transaction and and 50 pence flat rate for debit cards. These rates are negotiated with each bank during the process of acquiring an Internet merchant account.
