NoChex Review: The Best Alternative Merchant Account?
After carving out a space in the merchant account market, could Nochex be what your business
NoChex Review: The Best Alternative Merchant Account?
After carving out a space in the merchant account market, could Nochex be what your business is looking for?
What is Nochex?
Nochex offers a simpler alternative to both the more traditional merchant accounts and Paypal, which it sees as its main competitor.
Its all-in-one package means you can send invoices, collect subscriptions and accept payments online and over the phone all with one merchant account. And, true to its name, the company also considers all applications and will not decline any due to a bad credit history.
What’s more, where a merchant account usually involves a payment gateway as an add-on, Nochex incorporates all of these into one simple solution with its 2-in-1 payment gateway & merchant account.
NoChex’s Key Features
Nochex provides payment gateway solutions for different types of businesses but one thing to be aware of right off the bat is that, while Nochex does offer various features and solutions for your business, they don’t provide physical payment solutions. For this reason, they won’t suit your business if you have a brick-and-mortar shop.
With that said, Nochex’s main goal is to offer an alternative to the bigger players in the merchant account sphere and, in doing so, it offers several unique features principally aimed at both smaller businesses and businesses that are still in the early stages of finding their feet.
One of these features is its dedicated online payment services for charities, which gives charities a bespoke payment platform to easily take online donations. Similarly, it also caters its services to membership-based businesses, to whom it provides ways to easily track payments and fees, and food delivery businesses, where they offer a way for delivery people to manage their relationship with restaurants.
In addition to all this, Nochex provides a dedicated account manager, the ability to accept online payments from all major credit and debit cards, and is fully PCI compliant with advanced fraud protections.
What industry are you in?
Please select the industry that you trade within. This information allows us to tailor your quote.
NoChex as an Alternitave to Paypal
Nochex sees PayPal as its natural competitor and strives to offer businesses that would typically use PayPal an alternative. With Nochex, there’s no requirement for you to have a user account, as you would with PayPal. It also charges less in transaction fees than PayPal (more on that later) and doesn’t require any monthly charges. Like Paypal, you can create your Nochex merchant account easily, so you can start taking payments quickly and bypass any lengthy applications.
It also offers off-the-shelf solutions that you can adopt for your business. Whatever it is that you want to do, Nochex offers to work with you to find a tailored solution.
How Much Does Nochex Cost?
As is the case with many other merchant account providers, Nochex’s commercial transaction rates depend on how the payment is taken and the type of payment itself.
It charges 2.9% + 20p for online payments, 1.9% + 20p for charity donations, 3.2% +20p for telephone payments and 2.9% + 20p for invoice payments.
There are also volume discounts available but it’s worth noting that there is a monthly fee of £10 that you’ll need to pay to accept payments over the phone. This is the only monthly fee they charge and compares well to PayPal’s £20 monthly fee.
Withdrawing funds from a Nochex account is free for amounts over £50 (under £50 will incur a 25p charge) and there are also no chargeback fees, which gives you another small saving on other merchant account providers that do charge such fees.
Want to know more about merchant account fees?
If you want to know more about merchant account fees, you’re in luck. We’ve written a guide that breaks down all of the fees associated with taking payments both online and in person. The guide explains card processing fees, payment gateway fees, card machine rental, and more.
Which Kind of Businesses is Nochex Good For?
If you’re a small business looking to get going with online payments, or one with a desire to find the simplest and quickest way to take them, Nochex could be for you. E-commerce businesses, small membership-based businesses and freelancers are all the kinds of businesses that Nochex could work for.
One important thing to remember is Nochex doesn’t allow you to take payments in-person so it’s only suitable if your business operates solely online. If you need the ability to take payments with a card machine, you’ll be better off looking at other merchant account providers.
Verdict
Nochex focuses on offering an alternative payment solution, one aimed at small businesses with not much history, turnover, or staff members. In that sense, it succeeds. It offers these kinds of businesses a robust way to accept online payments, one that competes in terms of price, protects against fraud, and offers tailored solutions.
While the familiarity of PayPal, along with its ability to provide businesses with card machines makes it a natural choice for many small businesses, Nochex does provide a viable, and slightly cheaper option for businesses that operate solely online.
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