# Setting up a merchant account



## miro_sr (12 Feb 2007)

Hi, I've been running an online business for a few months and using Paypal but there rates are fairly high and they are just a pain to deal with. Has anyone been through the process of setting up a merchant account for a new business? 
The two big Irish banks are proving to be of no use, refusing without any explanation. If you've been through the works and can give any advice please do!
I know worldpay is an option, but their rates are ridiculous.


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## ButtermilkJa (12 Feb 2007)

Have you looked into . They have an option where you don't need a merchant account, very similar to PayPal. Not sure what their rates are but they are an Irish company (as far as I know?) so perhaps might be better to deal with?


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## miro_sr (12 Feb 2007)

I have looked into Realex, I have only seen information using a bank merchant account for clearing. 
Outlines the basic steps, step 1 being getting a merchant service agreement with an aquisitioning bank.


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## ButtermilkJa (12 Feb 2007)

Ah, sorry, maybe you do need one so. I got the impression from my link above that there was a way around it but maybe not?

I have heard the Irish banks are notorious for refusing merchant accounts. Don't know why?


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## miro_sr (12 Feb 2007)

Nor do I. They are very protective of themselves against fraud by the looks of things. I was looking into using eurocommerce with rabobank. Has anyone gone this route?


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## larmints (12 Feb 2007)

I have been trying to open a merchant account for    Aib want me to trade for sometime before they open a merchant account for me.I have  decided to use realex.
Realex rate is still better compared to worldpay or paypal. Dont be discouraged.If you find a cheaper way please keep me posted.
Good Luck


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## miro_sr (12 Feb 2007)

I have the same difficulty with AIB and have had no luck with BOI (euroconex being outsourced). Have you had success with Realex? What bank was used for clearing? I'm trying to find one which will support new businesses!


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## JazzyJeff (13 Feb 2007)

i had problems getting a merchant account with BOI and euroconnex so i use worldpay now..They are probably more expensive than realex and the only problem is it takes 4 weeks for funds to transfer into your bank account...can be a nightmare when stockists need to be paid..

Im going to look for a merchant account now again soon and use realex to process the payments


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## miro_sr (13 Feb 2007)

Worlpay is definately an easy option to get going and may end up being one I have to stick with, but high rates and the delayed payment is abig drawback.
Realex seem to be the best available to Irish companies, but again lies the problem of a merchant bank account. Euroconex(BOI) is outsourced and will most likely decline, AIB ask for a years audited accounts which is not possible for a new company, a lot of the rest of the banks in Ireland don't do internet merchant accounts.


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## johndoe64 (13 Feb 2007)

Have to say I had no problem getting a merchant account through BOI
(Euroconnex) 

My Branch manager organised all of it and had it within a few days.


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## blacknight (14 Feb 2007)

If you want to use Realex you will need a merchant account from a bank. It does not have to be your main bank.

If you use Realex for processing you get the money within 48 working hours of the person paying you online, so you get a payment into your current account 5 days a week 

We've been using them for close to two years and love their setup.

It just works!


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## Elphaba (15 Feb 2007)

Your business needs to be established for some time before you can get a merchant account. We use euroconnex. I refuse to use Pay pal since their rates are ridiculous, on top of what I'm paying already to the the bank for use of terminal. I tried to get our web site designer to build a secure page into our web site for people to send me c.card no's, but you cant do this, has to go through a bank. At the mo. people phone me with their c.card no,
you also have to ask them for their CVV no. now. For overseas trans,
I request a draft or I give them a no: where they can contact me late in the evening. Alternatively they can fax through their no. Honestly, Bank charges eat into your profits....I've started to text customers more, wouldn't dare request a c.card no. by text but the thought crossed my mind...


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## miro_sr (16 Feb 2007)

Elphaba, your methods leave you open to fraud and charge backs. Due to the nature of the goods we sell, price etc, we will need to secure ourselves against fraud. We are taking steps to get a merchant service agreement and use Realex, we've steered away from euroconex and the two major banks with the view to achieve more luck and better rates. It's looking good and expect word back soon


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## Elphaba (17 Feb 2007)

miro_sr said:


> Elphaba, your methods leave you open to fraud and charge backs. Due to the nature of the goods we sell, price etc, we will need to secure ourselves against fraud. We are taking steps to get a merchant service agreement and use Realex, we've steered away from euroconex and the two major banks with the view to achieve more luck and better rates. It's looking good and expect word back soon



We have never experienced any fraudulent transactions. Our business product is very personalised, which means we build a relationship with the customer, at home and abroad. I understand our methods may not work for every business but it works for us. Best of luck, I hope you hear back from Realex soon.


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## Liverpool (6 Mar 2007)

Suggest you try Metacharge.com in the UK - I got a very competetive quote from them. Was put through the hoops by BOI, AIB and Worldpay - no success and no explanations. Donth think they really like new ventures!!.
BTW i dont have a porn site or gambling - a very straightforward e-commerce site.
Ended up as a last resort trying Ulster Bank and Hey presto no problems.
Now integrated with Realex and works well.
Only prob w UK company is they dont take Laser


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## hakouna (12 Mar 2007)

Pretty new to e-commerce so I hope you don't mind of asking basic question .
Do I need to open a "Bank merchant account " with bank for clearance or I just need to obtain a merchant number from my bank ?
What else I need - A payment gateway ? such as Realax , PayPal , world pay ?

"Realex rate is still better compared to worldpay or paypal"

I see PayPal rate is very compatitive for small businesses : No setup fees , No Monthly fees , No Gateway fees , Small transaction Fees .
Compared to Realex 250 Euro Setup fee , 79 E Monthly fee ,...etc 
Please advice how you see Realex is better ?

thanks


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## blacknight (12 Mar 2007)

hakouna said:


> I see PayPal rate is very compatitive for small businesses : No setup fees , No Monthly fees , No Gateway fees , Small transaction Fees .
> Compared to Realex 250 Euro Setup fee , 79 E Monthly fee ,...etc
> Please advice how you see Realex is better ?



The cost per transaction can get quite silly as your volumes grow.

You won't get the cash for at least 5 working days compared to Realex

Realex works with a full merchant account - Paypal doesn't and doesn't support Laser


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## hakouna (12 Mar 2007)

Does this mean PayPal transfer money straight to your business bank account without aquiring merchant number ? That would be a good option for people just starting up their business and having problems getting merchant number from their banks !!
correct me if I am wrong please


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## blacknight (12 Mar 2007)

Paypal is fine when you are starting out, but it doesn't scale as well in the Irish market as it could do in other markets


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## brian.mobile (12 Mar 2007)

Ulster Bank are a friendly bunch when it comes to Merchant Accounts. Maybe even haggle for a rate...

And sync'ing it up with a freebie CC details grabbing software like Mal's e-commerce can save you loads.

http://www.mals-e.com/

BM


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## mcrean (20 Mar 2007)

Hi, I have set up these systems for micksgarage.ie with Realex and Euroconex including the new 3d secure payment option, it can be a right pain but Realex are definitely the best option available


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## miro_sr (26 Jul 2007)

Hi, I've come back to this thread after having gotten the merchant account fully set up. Just some advice for all those newbies like I was. Avoid Paypal, their charges are ridiculously high compared with other solutions, in essence the easier it is to get a merchant account the more you'll pay in charges in the longrun. Another downside of Paypal is it takes 5days for the money to come through to you, at a certain amount they will freeze your account meaning your customers can't buy, while they do a money laundering and fraud check on your account. I don't recommend accepting Laser as it is a high fraud risk and even with 3D-secure you are still liable.
We set ourselves up with Ulster Bank and Realex in the end. The rates are pretty good and the Realex system allows you to control how open you want to leave yourself to fraud, I recommend spending a good portion of time learning what each thing does and change the settings to suit before you go live with it. Credit card fraud is a fact and as an online retailer you're a target, especially with a new webshop.


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## jacobmarsh (15 May 2013)

Choose a service provider like Orbitalpay and it will help you with your merchant account creation easily. All that you need to do is follow the instruction and a secured merchant account will be yours.


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