Understanding Merchant Accounts as a Sole Trader

Understanding Merchant Accounts as a Sole Trader

When customers enter your shop the majority of them will probably want to pay for goods using a variety of payment cards. In order for a sole trader to offer this easy and convenient method of receiving payments, they need to have access to a merchant account. These will process transactions from debit and credit cards, and they can also process store cards that are specific to your particular business. There are a range of different merchant accounts for your business to try, but in recent years there have been some new, innovative solutions that might suit your needs more effectively.

One such merchant is PayPoint, which caters to sole traders. PayPoint focuses their services on online payments, so it is a good choice if your business receives payments over the internet. Their merchant account is offered together with an online payment gateway, which has a fraud protection system built into it as well as the ability to process transactions from major card providers. PayPoint prides itself on reliability and customer feedback is very positive, making them a good choice if you’re a sole trader who wants to do business over the internet.

Another option is a service called WorldPay, which also specialises in an online payment gateway package. With WorldPay you’ll get an array of features, such as support for the processing of foreign currencies, and support for customer subscriptions if you need to set up recurring payments. With WorldPay there’s also an extensive range of online shopping carts, which can be implemented onto your website quickly and easily.

Elsewhere there is a new solution called iZettle, which is hoping to change the way people pay for goods in stores. iZettle has compact card readers that work with a smartphone app, so traders will be able to accept payments anywhere and at any time. What makes iZettle so appealing is the fact that there is no monthly fee or contracts to sign up to, and to use it you’ll only have to pay a transaction fee of 1.5%-2.75%. Due to the portability of iZettle it is perfect for traders who want to do business at trade fairs, markets or anywhere else, all you need to do is connect the reader to your phone and away you go. This service could radically alter the way small businesses take card payments, and it could be the cost effective solution you’ve been searching for.