...what would happen to someone who had a merchant account with them? Would it just be closed? I'm a bit confused because it's making a profit for them. If they got taken over, would the new bank maintain the merchant account or would the account-holder have to get a new merchant account elsewhere? (scared of being rapidly switched off...)
I dont think you need to worry about that, the wheels of capitalism will carry on turning. The merchant services are most certainly a profitable stand alone enterprise, as are most of the other services of the bank.
You can be absolutely sure that if you lsoe your services, another bank will be able to provide the services to you at the flick of a switch.
Gaz
On Sep 17, 8:53 am, "Gaz" wrote: .
Not sure I would agree with this assessment, the services you now have with Hbos have been offered to you at agreed terms for which you have signed an agreement to accept if Hbos goes belly up, receivers will be appointed to sell off any bits and pieces that are worth someone elses efforts to buy them, switch flicking doesn?t come into it if your terms and conditions favor you at that time.
Any new buyer will impose new terms and conditions or your transactions will be turfed out
No one owes you any favors like this clown seems to suggest (GAZ is a notorious idiot on here) the best way out is to get another merchant agreement with abank that is not under the pump and then you will know that at least your transaction will be met, the cost of that safety however might well be higher in this climate than you are presently enjoying with Hbos .
Thanks. If it goes into receivership, is it safe to assume that I would lose any transactions that have not yet been released (the transactions are deferred), or money that is at that time, moving through the system from HBOS to the business account? Yes...HBOS are cheap, and they took a risk on a grotty market trader that nobody else would touch. I'm no longer a market trader but still worry how easy it will be to get a merchant account elsewhere!
hahahahahahaqhahahahh POT KETTLE BLACK
Tone being the southern hemispheres authority on fuckwittery!
Arse.
If it bellys up, dont assume anything but along fight to get whats yours, tricks abound and fuckwits are everywhere in the UK especially, think of it like this, you may have to prove up the transcations are owed to you to someone who isnt really wanting to accept you have aclaim to make and you could end up fighting avery long fight over many years and great cost to you in time and effort.
regards to GAZ and BLAH...(take your medication boys, and go to bed)
...
If the transactions are deferred, they don't enter the banking system until you release them. Up to that point, you simply have authority to take the money from the card and the card company has reserved it for you to do so.
I presume you use deferred payments for online sales, so that you don't take the money until the goods are ready for dispatch. In that case, if you are taking payment through a third party card handler and you get a new merchant account before the authority to charge the card expires, you should be ble to get them to put the paymnets to the new account. Alternatively, you could contact the customers, explain the problem and ask them either to give you their card details, so that you can deal with the sale as a telephone sale on your new account, or aks them to re-orde online if they don't want to give you the details.
IME, as you have an existing business which has been using a merchant account, it will be a lot easier than getting the first one.
Colin Bignell
No idea about your problem but I just caught an interview on the news yesterday:
A BBC presenter was interviewing some sort of government committee chairman. Speaking from Glasgow if that places him.
He said that in questioning the head of one bank, he found out that the head could not explain to him any of the strangely named business practices that they seem to have all been engaged in.
I couldn't even follow the subject until it came around again an hour later. What were these dirty little money laundering tricks that have caused all the problems?
It can't have been a pyramid scam can it? After all these years?
Its like this....you go and get a 100 grand mortgage...no probs with that, but the guy giving the mortgage to you then gets it insured and that docuement in turns get traded, or swaped and each trade puts apremium on the risk, so the 1st swap is the best risk the 2nd swap is apoorer risk and so on...rt now we have 5 different product groups that attach to that originating mortgage...AND it is those 5 products that are causing concern.
The main prob being that all 5 are unregulated and no one has ahandle on the total of derivites being used on each mortgage...the only way they come unstuck is when a default on the mortgage occurs and aclaim is made on one of the five products, trouble is these county party trades have been swaped about cos no one regulates them and all 5 swaps can be got from different groups and so the claims are difficult to place and un ravel.
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