How it works
Barclaycard Business is a major acquirer in the UK that caters to any size business, small or large. Several merchant service providers actually offer card machine contracts with Barclaycard handling the card processing behind the scenes, but Barclaycard also offers contracts directly without the overly-eager sales tactics seen elsewhere.
Card machines on offer include mobile, portable and stationary models with a contract of 18 months. There is also an app-based card reader, but this is functionally different and with different fees. In addition, you can add a virtual and online payment gateway with separate costs.
The contract includes a merchant account, terminal rental and optional merchant agreement for American Express acceptance. The application’s approval is subject to your financial circumstances and borrowing history. Some small, new or/and higher-risk businesses may be rejected.
To receive payouts from in-store card payments, you need a business bank account in your name from any bank, so you don’t necessarily have to bank with Barclays to qualify for a merchant agreement. However, settlement time will be faster with a Barclays account (2-3 working days) compared to other banks (up to 7 working days).