Do Nochex really offer No Monthly fee merchant accounts?

Question

has anyone used http://www.nochex.com and do they really offer no monthly fee accounts if so this is amazing for business that are getting hit by the recession :-)

Answer 1

Well, they do provide a no-monthly fee merchant account.  But you need to put that into a context.  The monthly fee is just one of the many that comprise the total processing cost.  Looking at their rates, I think that they have very well offset the lack of a monthly fee with their very high (PayPal high) processing rates.  They say that their rates "start" at 2.9% plus 20p per transaction.  I have no idea what that means, as they provide no explanation on what the rates are contingent upon. They also have a £50 set up fee and that is pretty big, especially considering that most procesing companies no longer charge such a fee.