Edward
Lv 4
Edward asked in Business & FinanceCredit · 1 month ago

I'm setting up a business and require a business bank account. If i accept card payments are those classed as automated payments?

NATWEST, a UK bank charge £0.35p per automated transaction. Would accepting a card payment and the money being sent to my account be classed as an automated payment?

3 Answers

Relevance
  • Judy
    Lv 7
    1 month ago

    no..........................................

  • Tavy
    Lv 7
    1 month ago

    The banks charge for processing them

    • Tavy
      Lv 7
      1 month agoReport

      You don't accept a card for anything under £5, which is what most businesses do.

  • 1 month ago

    not sure whats classified as an "automated payment" by your bank but ANY money you take in via card will be charged the fee

    for my business I get charged a percentage instead of a flat fee, which might be more cost effective for you if youre going to be taking a lot of transactions for small amounts. If youre doing mostly transactions with large amounts, a flat fee is better

    • if you take in money from a card, youll be charged for it

Still have questions? Get answers by asking now.