Nochex
Nochex offers three types of account: personal, seller and merchant. The most common accounts are the seller and merchant accounts, which allow online payments to be processed through a sellers’ website. All payments made via Nochex support the 3D Secure XML standard designed to reduce the risk of fraudulent card holder not present transactions, and are PCI compliant. Nochex does not require the account holder to procure a bank merchant account or payment gateway.
The personal account allows individuals to send money to other Nochex account holders. Money may also be sent to people without an account, although the recipient must register with Nochex before withdrawing funds. The personal account carries a limit on the balance of £90.
A seller account can be used to process payments up to £100 that originate from a UK registered credit or debit card. There is no cost to set up a seller account and no monthly fees, although an initial fee may be charged for verifying the holder’s credit or debit card (up to £1.99). There is a fee for all transactions.
The merchant account includes additional services such as telephone support from an account manager. Compared to other account services offered by Nochex, with a merchant account a vendor can accept larger payments, and accept payments from registered international credit cards. Merchant account holders are required to maintain a minimum balance in their account to cover for the risk of any chargebacks. This amount can build up from initial trading and is based on account activity. After the account is closed, the retaining balance will be returned in full, providing that no chargebacks occur after the account is closed. There are no monthly fees associated with merchant accounts, although a one-time set up fee does apply. Transaction fees are tiered.