We offer all vigorous entrepreneurs an excellent opportunity to open a merchant account with the UK’s leading licensed fintech institution. Everyone who deals in e-commerce, accepts and processes electronic payments needs a reliable financial partner. Ideally, this partner would ensure favorable conditions for handling all SEPA and SWIFT payments within the shortest possible time at reasonable rates. Read this article, and we hope you will appreciate our proposal as a perfect solution.
To accept, maximize and analyze payments online, open a merchant account with the merchant account service provider in the UK recommended by us. It is a trend-setter in payments innovations. Since its foundation in 2003, it has developed a solid customer base and established its brand in 2010. Its popularity has been growing fast thanks to the top-quality services of its Cambridge-based professional team.
Much brighter prospects for further development and scaling are opening this year, with the boosting demand for e-commerce solutions across nearly all industries and markets all over the world.
After authorization as an electronic money institution obtained from the FCA in 2011, this unique brand became the first UK financial institution that earned the status of the Visa and MasterCard principal member. This prompted its launch of merchant accounts for clients in the European Economic Area (EEA).
Having established such important business connections, this financial institution has managed to propel its ambitious Payment Gateway and Merchant Account strategy. It offered its clients packages of important perks, including fast on-boarding, purpose-built payments technology, e-invoicing solutions, real-time reporting suite, fewer declines and disputed sales, more right-first-time sales, etc.
In 2012, the financial institution launched an attractive Prepaid Cards project, which became part of the company’s core service and a new business line. Finally, in 2013, the financial institution gained agency sponsorship to access the UK payment clearing networks through HSBC. These achievements have led to the launch of an additional product, the Business Account, which now helps customers make payments and manage their funds at more competitive rates compared to traditional banks. Another very important feature of this financial institution’s products is its own SWIFT code. It provides IBAN accounts, just like any bank.
Business Accounts
A Business Account is an alternative to a traditional corporate account. But unlike traditional business bank accounts, it is consolidated with a merchant account. Thus you can conveniently receive card payments and conduct bank payments online.
It is designed to improve the clients’ effective financial and business management at the lowest fees.
Along with the Business Account, customers receive their IBAN account, which allows them to make and receive payments to/from other banks.
This account processes all card payments very quickly. It also offers full control over the incoming and outgoing amounts.
For seamless access to the corporate funds, the Business Account holder receives also a prepaid card. You can top the prepaid card up in advance and pay with it wherever the Visa is accepted in the world. You might as well give it to your business employee or partner to cover their travel and corporate expenses and avoid overspending.
Business Account Advantages
– Convenience of making and receiving payments at much lower rates than at traditional banks
– Simplicity of online operations, with confirmation within just 10 minutes
– An account in 14 currencies including GBP, USD, and EUR – all at no extra setup cost
– Consolidated payment services that allow your business to accept payments from payment cards without any additional approval or monthly fee
– Comprehensive and user-friendly mobile Account Management System which enables you to easily manage your funds online
– Free, daily and fast transfer of funds from a card to your Business Account
– Detailed reports and downloadable statements of all the account’s transfers, costs, and remittances
Fees and Rates
The bank offers several packages of various bundled services. The rates depend on your business activity, and you can qualify for an individually tailored tariff. The Start-up package is the basic one – from £19,99 per month.
This package includes the Business Account plus the Internet Bank and a Prepaid CashFlows Card.
Disclaimer: the fees and rates quoted below are given hereby for your general estimations only. Potential clients who need valid updates will need to refer to our experts at info@offshore-pro.info.
| Fees | Rates |
| Transfer from one account to another account within the financial institution | Free and unlimited. |
| Fast Local transfer (in the UK) | £0.45 |
| CHAPS Local transfer (in the UK) | Outbound £10.00; incoming £4.00 |
| Incoming/outgoing SEPA payment | €4 / £3.35 |
| International | Outbound £15.00; incoming £4.00 |
As mentioned above, particular rates for some fees depend on the number of your transactions.
| Fast payment | Monthly rate | Saving |
| 250 | 64.99 £ | 18.00 £ |
| SEPA payment | Monthly fee | Saving |
| 10 | 29.99 £ | 20.01 £ |
| International payments | Monthly fee | Saving |
| 10 | 130 £ | 20.00 £ |
Incoming and outbound payments in the United Kingdom
Thanks to the modus operandi of this financial institution, you will be able to safely transfer funds to any external bank account at lower rates than at other banks.
The online system will provide your business with the solutions for one-time payments, mass payments (when you need to pay multiple recipients) or recurring payments of the same amount on a specific schedule. This financial institution also allows you to request your customers’ instant payments via bank transfer or credit/debit card.
Available methods of bank transfers via the United Kingdom
Fast payments: A transfer of less than £100,000 to/from your Business Account with another UK bank. Fast payments can be made within 2 hours, but only in GBP.
CHAPS (Clearing House Automated Payment System): Transfers from/to your Business Account with another bank in the UK. CHAPS payments that are processed before 2 p.m. (from Mon through Fri) will be in your account on the same day. Payments processed after 2 p.m. will arrive on the next working day.
SEPA: Transfers in EURO, to/from your Business Account with another bank that accepts SEPA payments.
International priority payments: Transfers from/to your Business Account with another bank located outside the UK and Eurozone, or which does not offer SEPA when using the SWIFT network.
You can also top up your Prepaid Cards.
ClearBooks
ClearBooks is the popular accounting software for small businesses, solo traders, and accountants who want to accelerate their operations. The financial institution integrates the client’s accounting software into the Business Account. This approach allows to process unpaid accounts faster and more efficiently. When paying bills, a small business may need a lot of time to transfer information from some individual source to the online banking system, thus wasting the precious time of employees. Therefore, by easily installing ClearBooks, a customer can pay their bills directly from the Business Account.
Besides, ClearBooks invoices that have been successfully paid by corporate customers will be automatically integrated into ClearBooks Accounting software, so the payment amounts will be automatically deducted.
Merchant accounts in the UK
For your business to be successful, you will need to accept online payments, and for this you need a Merchant Account.
As a principal member of Visa Europe and MasterCard, the financial institution offers you the opportunity to open a merchant account and accept payments from Visa, MasterCard, or American Express, and all these funds can be easily and conveniently administered through your Account Management System.
The Merchant Account is available in 14 currencies and is fully integrated into both the Payment System and the Business Account, which is a simple and consolidated payment service for your business.
Merchant Account Advantages
- Competitive Merchant Services Commissions (MSC) ranging from 1.49% for credit cards and £0.20 for debit cards·
- Easy and fast online opening of the account·
- No fees for opening and monthly maintenance of Merchant Accounts including Business Accounts
- Free, daily and fast transfer of funds from the Merchant Account to your Business Account
- Comprehensive user-friendly Account Management System allows you to receive reports and statements on transactions, costs, and rebates.
Online payment system
For your business to process and accept credit and debit cards, you will also need a connection to the online payment system. At this financial institution, you may be able to connect to the Online Payment System, which will allow you to accept all necessary payments. The System also has several options for integration with different levels of control over payment processes and technical expertise.
The Online Payment System also provides the following options without extra payment:
- Deferred payments – this will allow your business to revise the order and payment details before you allow the transaction for processing and raising funds. In this way, you will reduce the risk of fraud.
- Regular Authorized Payments – allows your business to collect recurring installment or subscription payments without having to ask the customers again.
- Orders by mail or phone – this will allow businesses to receive payment details by mail or phone for further use in the Online Payment System.
Payments of e-Invoices is the most effective way of paying for services, i.e. it allows customers of your business to pay their bills by credit or debit card through the Online Payment System.
Method of integration
To integrate the Online Payment System, several options are available to different businesses:
Hosted Payment Page (HPP) – this method of integration provides fast integration into the online payment system and the full functionality of the payment page.
Remote API – a remote API allows you to collect payment card information from your website, and fully control all aspects of the online payment process.
Smartphone API – The smartphone API gives you full control over your APP payment infrastructure and real ‘In-App’ access for the client.
Shopping Basket – Working with third parties, the financial institution indirectly supports a large number of plug-ins for many “shopping carts” of electronic commerce.
Transaction Management
The Online Payment System provides the following opportunities for business to manage transactions in real-time:
- Search for transactions within two days
- Differentiate transactions at the moment of their processing, marking them as ‘ON HOLD’, which will prevent the transaction execution
- Rebate a transaction
- Download transaction reports in various formats
- View inspection results and payment codes.
Whether you pay your staff, salaries, buy office supplies, or are looking for a cheap alternative to corporate credit cards, the Prepaid Card from the British financial institution is the right solution for your business.
The Prepaid Card is a new and innovative method that is aimed at improving the management of your funds as well as reducing the time required to manage your staff costs. You can transfer funds to this card in several ways, such as via account or credit card transfer. The card can be passed to your employees, who can then use it wherever Visa and MasterCard are accepted.
Card specifications
The Prepaid Card is a flexible product to meet your business needs. It will allow you to do the following:
- Buy services or equipment for your business
- Pay travel expenses of your employees
- Pay salaries to permanent or temporary staff
- Compensate your employees’ business expenses
- Pay bonuses to employees
- Cover the cost of entertaining your clients.
GBP Visa Prepaid Card is also included in NFC, which allows you to perform low-cost transactions and pay transport fares in most places and reduce the petty cash needs in your business.
As an alternative to corporate credit business cards, the Prepaid Card from this financial institution provides the following advantages for business:
- Significantly cheaper alternative to a standard corporate card with no monthly fee and with a fast opportunity to get the card
- There is no limit on the number of cards your company can open immediately and in the future
- No credit limit, you just need to top up your card directly from your Corporate Business Account, PayPoint, debit, or credit card.
- Online monitoring of all transactions to successfully control the company’s costs;
- The card is available in 3 currencies GBP, EUR & USD.
Prepaid Card Commissions
| Fees | Rates |
| Card issue | Free of charge along with a business account |
| Additional card – issue | £10.00/€15.00/$20.00 per card |
| Card exchange | £10.00/€15.00/$20.00 per card |
| Monthly maintenance | Free |
| Transfer from the primary to the secondary card | Free |
| Transaction fees | |
| Shopping in the UK | Free |
| Shopping abroad | Free |
| ATM withdrawals in the UK | £1.50/€2.25/$2.99 (maximum £250/€375/$500 per withdrawal, maximum 3 withdrawals per day) |
| Withdrawals from ATMs abroad | £1.50/€2.25/$2.,99 (maximum £250/€375/$500 per withdrawal, maximum 3 withdrawals per day) |
| FX exchange rate | 2.75% |
| PIN reminder | Free (IVR or Online) |
| SMS notification | Free (balance, blocking, history) |
| PIN via SM | Free |
| Card top-up fee | |
| by BACS/banking transfer | Free (min. £/€/$5, max. £/€/$10,000, daily limit £/€/$10,000) |
| Via a debit card. | £0.15/€0.23/$0.30 (min £5/€5/$5, max £/€/$500, daily limit £/€/$500) |
| Via PayPoint (GBP Visa only) | 1.5% of the amount + £0.40 (min £5, max £249, daily limit £249) |
| Top up | Daily limit, maximum of 2 top-ups per day for 1 card. |
| Additional Costs | |
| Inactive | Free |
| Cancellation/repayment | £10.00/€15.00/$20.00 |
| Investigation | £15.00/€22.50/$30.00 |
Programme Management
This financial institution offers all its clients a universal solution, not only as a card issuing company, but also as a full principal member of VISA & MasterCard, and as a guarantee of the programme success for each client and the attractive card design.
Besides, the company is responsible for obtaining the regulator’s approvals such as FCA, 2EMD, JMLSG, AML, and PSD. It maintains strategic relationships with the following partners:
- international card systems
- processors
- customers’ personal information verification providers
- card manufacturers
- SMS providers
- IVR and online/website providers.
Support for your programme
Prepaid Card service involves the assignment of a dedicated manager to each client, who will ensure that the client’s card programme works seamlessly daily.
As part of the outgoing payment support service, reporting and MI is provided to each client’s programme, including:
- card ordering
- card activation and status
- report on transaction activity
- monitoring and analysis of security and fraud cases
- report on card loss/theft 24/7/365
Documents for opening a Business/Merchant Account
To open a Business Account with this financial institution, you will need to provide standard documents on the company and its owners.
1. Documents about the beneficiaries of the company:
– Notarized copy of the passport or another valid Identification Document (pages with photo and signature)
– Proof of residence address (utility bills)
Note: a notarized copy of the utility bill or bank account statement to confirm the address of residence would be sufficient. The document must be not older than 3 months by the time the registration package is submitted, it must be written or translated in English and notarized.
– Recommendation Letter/testimonials from the bank and some professional officer (notary, certified accountant, etc.) regarding all Directors/Managing Directors/Holders of the company – (preferably, but not necessarily).
Note: Recommendation letters should not be older than 3 months and should be issued by financial institutions with which the client has had a relationship for at least 2 years, also the type and status of the relationship should be described.
2. Documents about legal entities:
– Notarized copy of the share certificate (if the company has registered shares) declaration of trust, if the company has a corporate shareholder(s)
– Notarized copy of Power of Attorney if the company has Corporate Director(s)
– Notarized copy of the minutes of the general meeting and Articles and Memorandum of Association or By-Laws
– Signature samples of the company owners
– Notarized copy of the Certificate of Incorporation of the company/ Certificate of Good Standing (if the company has been in existence for more than 1 year)
– Letter of undertaking (in case of bearer shares)
– Certificate of Shareholders/subscribers
– Subscribers appointment of the company’s director/s.
Please note: all documents must be in English and notarized.
The professional fee payable to Offshore Pro Group for its services of opening the accounts and assistants in other matters is from 2999 EUR.
The account opening deadline after all documentation are submitted is 2-3 working days.
If you have any further questions related to the opening of a Business Account, Merchant Account, and activation of online systems along with Prepaid Card for online commerce, please contact us by e-mail at info@offshore-pro.info.
