Banks That offer to deal with transactions (Acquiring)

Acquiring banks form an integral part of taking Electronic payments. The Acquiring bank provides that merchant service that allows companies to take card payments via the web or traditional PDQ machine.

If you wish to take card payments directly you will need to apply for a Merchant Service with an Acquiring Bank. Acquiring services tend to be offered by the UK banks as an additional service that runs alongside a suite of other services offered by the bank concerned. The banks look on the merchant acquiring service that they sell as one revenue stream of many.

For instance, a low rate for taking card payments may reflect that your bank is generating revenues from you in other respects – a loan interest would be an example. Rates for card processing are for this reason, highly variable and should be considered alongside all your other banking charges.

UK providers

• Alliance & Leicester
• American Express Merchant Services
• Bank of Scotland

Overseas providers Acquiring Banks

• euroConex – Euro zone transactions
• Paymentech – US and Canadian transactions

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