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Payment gateway for large transactions
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Payment gateway for large transactions

jhjh Member
edited March 2021 in General

Does anyone know of a payment gateway (ideally an all in one like Square but a merchant account would be ok too) that would let a small business (£500k turnover) put through transactions up to about £10k each without slowing them down for verification?

All legit payments - some of our biggest customers just find it easier, and after trying different options for international payments, we do too. The customers are sensible companies in the US and KSA. No Nigerian princes.

The fee is important too. Most of the cards they use are the super expensive ones - international corporate charge cards etc. Thankfully no Amex.

We've tried Square, Stripe and Braintree and they've been reasonable but gently moved us on. Worldpay (not Online) was a bit more lenient but refused to give us blended rates so it worked out expensive.

Don't need any special features but ideally they would host the payment page. Our company is in the UK but I also have a shell company in the US if that's easier

Comments

  • DataIdeas-JoshDataIdeas-Josh Member, Patron Provider

    Have you talked to your bank? Some major banks have their own gateways.

  • mccmcc Member

    International corporate clients have usually business cards, paying with those is expensive and with Visa, MasterCard you are paying extra for international transactions.

    Stripe, Adyen, Braintree and all serious players have option to enable Interchange++ pricing, so you have a better transparency over your transactions, but in your case, you could pay even more than before. With a standard client, they are averaging your rates fees so it fits to the fixed fee in your contract.

    If you have more non business customers with debit cards, they make good money off you and Interchange++ would be a great option for you to save money. If you sell tickets to a full stadium, if you are a retail store, ... this is for you.

    On the other hand, if you have more business customers, with non-debit signature VISA or MasterCard and most of your transactions are international, well credit card gateways such as Stripe can loose money off you and they would gladly enable you with Interchange++ pricing, because you would actually pay more than usual and they will not loose money anymore.

    If you have high turnover and you are willing to accept Interchange++, Stripe or Adyen will talk to you and you will probably not find better pricing, only lots of scams.

    Have a look at this website for actual rates, I find it sad but eyeopening, you can understand the reality of card payment rates and what VISA and MasterCard charge processors (I am not affiliated with that website) https://www.valuepenguin.com/credit-card-processing/interchange-plus-pricing.

    If you have legit businesses, have a look at the bank called Wise (formerly TransferWise), I am testing them for a year now and they allowed us to create US (ACH) account in USD from Europe and have an option for of other accounts in client's local currency, it is cheap to maintain, we use it on occasion and it works, but you will have to do the standard AML procedure and supply all your personal and company documents as usual.

  • SGrafSGraf Member, Patron Provider

    I'd evaluate adyen and contact the guys at stripe. In Both cases I'd suggest contacting the payment gw ahead of time and letting them know about the kinds of transactions you wish to do.

    For fun you can also see if you ca pick up MC or Visa directly ..
    https://www.mastercard.com/gateway/about.html
    https://www.visa.co.uk/pay-with-visa/checkout.html

    Thanked by 1webcraft
  • Wouldn't it be much cheaper if it were a direct bank transfer instead of a payment through a payment gateway which eats a percentage of the transaction.

    Suddenly a $25 transfer fee feels insignificant compared to 3 or 6% of the transaction value

  • jhjh Member

    Thanks everyone. We use a cheapo bank in the UK (Starling) to save money and they only do the basics (and sometimes even less than that). We had accounts with other UK banks before and they were just affiliates for Worldpay, Elavon and Streamline. Elavon wasted a lot of our time and then decided they didn't want our business.

    Stripe wouldn't even have a conversation with us. I actually wouldn't want to do business with them just because of how opaque they are. No phone number, long waits for automated email responses etc. They also hold on to your money for a week.

    Adyen's business model is charging above market and bundling extras (subscription functionality etc.) That doesn't really fit us but it might be worth having a conversation.

    Wise is really good but we have a lot of the same problems with bank transfers - they get held up a lot and unlike CC transactions, when bank transfers get held up, the sender and recipient really don't get any information. UK AML law on tipping off has a lot to do with it and gives them something to hide behind to hold on to money for extended periods of time.

  • kkrajkkkrajk Member
    edited March 2021

    Of all my interactions with UK banks (15 years back), Lloyds TSB were very accommadating, They were great for businesses back then too.
    Give them a shot if possible

    EDIT - They seem to have a payment processor which charges 1.25%+

  • RickBakkrRickBakkr Member, Patron Provider, LIR

    Might want to look at the Dutch Mollie. While I haven't used them for 10K transactions, they didn't give anything for our 4-5K transactions, which I presume they classify in the same ballpark.

  • @jh said: We've tried Square, Stripe and Braintree and they've been reasonable but gently moved us on.

    What did they say

  • lentrolentro Member, Host Rep
    edited March 2021

    Yeah, why not just a wire transfer?

  • JordJord Moderator, Host Rep
    edited March 2021

    @jh there are a few payment gateways I could recommend, but they might put the % up. I can reach out to some of them and see what they can offer.

    Would it be okay if I DM'd you a couple of questions?

  • pikepike Veteran

    @RickBakkr said:
    Might want to look at the Dutch Mollie.

    I can only recommend dutch mollie. Best pills in the world.

  • I've processed $5000 payments through Stripe with no issues. I've known of some people processing upwards of $10-$25k as well.

  • ClouviderClouvider Member, Patron Provider

    @SirFoxy said:
    I've processed $5000 payments through Stripe with no issues. I've known of some people processing upwards of $10-$25k as well.

    Stripe have been great for us too

  • jhjh Member

    @RickBakkr said:
    Might want to look at the Dutch Mollie. While I haven't used them for 10K transactions, they didn't give anything for our 4-5K transactions, which I presume they classify in the same ballpark.

    Looks good. I contacted them. Thanks!

    @hackerman said:

    @jh said: We've tried Square, Stripe and Braintree and they've been reasonable but gently moved us on.

    What did they say

    I remember Braintree saying that their platform (the whole platform, not just us) isn't set up for payments of anything close to that amount. I can't remember exactly about the others.

    @lentro said: Yeah, why not just a wire transfer?

    Because the FX charges are typically worse, they can get held up indefinitely and you end up in a situation where they want the service because they've sent the money and we don't want to provide it because we haven't received the money, and sometimes we take smaller amounts that companies don't wan to pay $30 for a wire (in the US, for example).

    @SirFoxy said:
    I've processed $5000 payments through Stripe with no issues. I've known of some people processing upwards of $10-$25k as well.

    @Clouvider said:

    @SirFoxy said:
    I've processed $5000 payments through Stripe with no issues. I've known of some people processing upwards of $10-$25k as well.

    Stripe have been great for us too

    I'll consider Stripe again but I'm not so keen on them anyway. Really opaque and settlement takes a week.

  • lentrolentro Member, Host Rep

    Crypto?

  • ApeWebApeWeb Member, Host Rep

    I have never had an issue with stripe processing £5-10k individual transactions. When you build up credibility with them they will let you withdraw funds quicker.

  • jhjh Member

    Just logged in to Stripe for the first time in about a year and saw "You are eligible for free accelerated payouts (3 days)". They send me junk mail every so often but didn't mention this LOL.

    Has anyone had experience with them holding up a legit payment? What's the process like? Is it possible to actually speak to someone? How long does it take them to finish their investigation? Not talking about chargebacks or where the customer is somehow behind it - just where Stripe thinks a payment is unusual.

  • SirFoxySirFoxy Member
    edited March 2021

    @jh said:
    Just logged in to Stripe for the first time in about a year and saw "You are eligible for free accelerated payouts (3 days)". They send me junk mail every so often but didn't mention this LOL.

    Has anyone had experience with them holding up a legit payment? What's the process like? Is it possible to actually speak to someone? How long does it take them to finish their investigation? Not talking about chargebacks or where the customer is somehow behind it - just where Stripe thinks a payment is unusual.

    no they mostly let the responsibility lie on you, though per standards by mc or visa, you must keep your chargeback rate below 1%. if you enable their fraud prevention mechanisms i believe they charge a commission and can block certain payments, its pretty good too.

    Thanked by 1jh
  • some guys here have plenty of knowledge over payments
    https://www.offshorecorptalk.com

    Thanked by 1jh
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