NatWest was first formed as a merger between the National Provincial Bank and Westminster Bank back in 1968. It is a very well known high street bank in the UK and is part of one of the largest financial service groups in the world.
When it comes to merchant accounts, NatWest does not have its own product but instead partners with one of the global leaders in merchant accounts, Worldpay. This partnership allows users to handle transactions face-to-face, online and through the phone. When using Worldpay via NatWest you can also experience faster payment into your account, taking only 2 days when the standard is usually 3.
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Unfortuantely, no pricing information can be found on the NatWest website, however as they are partnered with Worldpay we can find pricing information on the Worldpay website.
If your business processes less than 1,000 transactions per month there are two pricing plans to choose from, these are:
1) Pay as you go. This offers a 2.75% + 20p transaction rate for debit and credit cards.
2) Monthly payment. The monthly plan costs £19.95 per month and the fee is 0.75% for debit card transactions and 2.75% for credit card transactions.
For businesses who are processing over 1,000 transactions each month, it may be more cost effective to compare other providers as there are lower rates available elsewhere. If you need to accept international payments online in other currencies the Natwest Streamline International partnership is worth looking into, the fees vary depending on the country and currencies that you would like to accept.
NatWest business banking customers will be able to integrate their business bank account with the Worldpay merchant account pretty easily. As well as this, they can help with PDQ machines allowing you the ability to accept face-to-face payments.
If you do have a business bank account with NatWest that does not mean you have to use Worldpay for your merchant account. There are many merchant account providers and payment processing companies to choose from and they will all be able to deposit funds to your business account with no problems. With this in mind, even if you have a NatWest account already you should compare quotes from various providers in order to find the best deals.
The NatWest Worldpay partnership also offers services that allow a merchant to accept online payments. The NatWest online payment gateways allow you to accept card payments online but remember if you require this you must ensure your business works in alignment with the latest PCI-DSS standards.
Below are some NatWest reviews from Trustpilot:
I could just be really lucky. But every time I’ve walked into a Natwest branch, I’ve had brilliant service. Their chat service is brilliant and convenient as well. Everyone is always very nice and it seems quite simple to get things done! Thanks!” Danah, via Trustpilot.
“Been with natwest for several years
Been with natwest for several years, always helpful and reliable” Mr G J, via Trustpilot.
“Truly terrible customer call wait times”
Terrible customer call lines. Phoned up to be told there’s a 40 minute wait!!! How on earth can they expect anyone to sit on the phone for 40 minutes before even getting a chance to speak to anyone. It’s like they feel my time is worthless. Any other line of business would go under with such appalling service. I’m only ringing because they have messed something up.” – John Frain, via Trustpilot.
“Dreadful phone banking service”
The phone banking service is nothing short of pathetic. No matter when you call you will, without fail, hear the message ‘We are experiencing higher call volumes than usual’. That is clearly a lie.
Don’t bother calling if you don’t have twenty minutes to wait for someone to speak to you.” Simon, via Trustpilot.
- Setup Costs: 4/5
- Running Costs: 4/5
- Integration Ease: 5/5
- Reviews Online: 4/5
- UK Customer Support: 4/5
Final Score: 4.5 out of 5
We know that they offer merchant accounts with Worldpay but NatWest also offer a range of other business banking services including:
- Business Accounts
- Online Banking
- Mobile Banking
- Business Credit Cards
- Loans (Small Business)
- Commercial Mortgages
- Electronic Payments
- Bonds Guarantees
- Foreign Exchange
- Letters of Credit
- Trustee and Depositary Services
If you have direct debit payments to process, NatWest can help you do this in an efficient way by using the BACS electronic funds transfer system. This system allows you to collect sterling payments directly from UK customer’s bank accounts rather than processing card payments.
Although it may be an easier and more convenient option, you are in no obligation to get an account directly with Worldpay if you’re with NatWest already. The NatWest merchant accounts offers some great services but they are not the cheapest available.
If you would like to save money it is likely you will be able to find cheaper alternatives by taking a look around and comparing quotes.