The Value of UK Business and Brexit: Best Merchant AccountDecember 21, 2018
In March 2019, the UK is to leave the bloc. Negotiators are still disputing the terms of the divorce. The details on the future relationship won’t be worked out until long after the so-called transition period starts. Are you a business owner in the UK? Where can you find the best merchant account? What should know about the current situation so to be able to survive after Brexit? This article will help you get the necessary information.
The UK Leaving the UE: Where to Get the Best Merchant Account
Brexit is the June 23, 2016, referendum during which the UK voted to leave the European Union. Brexit is to be completed in 2 parts. One is the divorce deal. This is the legally binding treaty called to establish the separation terms.
The withdrawal agreement isn’t the only issue. Both sides are also negotiating a political declaration called to set out what they expect from a future trade deal. Specifically, the UK and EU have provisionally agreed on the 3 “divorce” issues concerning the amount of money the UK owes the EU, the Northern Ireland border, and UK citizens dwelling in other EU countries, and EU citizens dwelling in the UK.
To gain more time, both sides have agreed on a 21-month “transition” period that could help them enjoy smooth post-Brexit relations.
With all this being said, it’s vitally important to work only with a reliable and trustworthy merchant services provider that can help you grow smoothly. For this, you can turn to a reputable merchant services comparison company in the UK that guarantees the most honest snapshot of companies at the time of writing.
With a true professional, you can enjoy free consultation, contract reviews, as well as rates, and fees. It’s important that the payment expert checks each processor’s integration process to make sure you won’t face extra payments as a result of misleading terminology, hidden costs, and deceptive sales tactics.
Brexit vs UK Businesses
UK customers may get into legal uncertainties in case they buy faulty products from EU countries if there’s a no-deal Brexit. This is what the government has warned. On the other hand, according to the Department for Exiting the European Union, British customers wouldn’t be able to use the UK courts for redress from EU-based traders anymore.
As Mats Persson, head of Brexit strategy at EY, notes, fuller details concerning the future trade deal may be released only “well into 2019, and maybe in 2020.”
The top benefit for the UK lies in the fact that the country can again prohibit the free flow of people from the EU. People have primarily voted for that reason since they were concerned about the increasing number of refugees from Africa and the Middle East.
As for the top disadvantage, Brexit will make the growth of the country slow down. According to the UK’s Treasury Chief Philip Hammond, the country’s growth would fall to 2.4% in 2018, 1.9% in 2019, and 1.6% in 2020. As Hammond further notes, exit fees are expected to account for an extra 3 million pounds over the upcoming 2 years.Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time, as well as obtain the best merchant account in their industry.