Many businesses have had their credit card merchant services withdrawn simply because of the industry they are in, according to the not-for-profit organisation.

The FPB also claimed that company owners are paying steep rates because they do not have the time to shop around for a better deal.

Nick Palin, FPB director of finance, said: "Prices for merchant services are increasing. Controlling costs is so important, yet many businesses simply do not review how much they spend on taking card payments."

Palin said traders that do not take card payments lose out on business. The joint venture will offer small businesses access to the lowest processing rates for taking payments by credit and debit card.

Accept Cards will search for the best deal available, offer advice on statements and provide independent advice on all areas of card processing.

FPB said that members already accepting card payments made an average saving of 30% via Accept Cards, with no joining fees for switching to an alternative acquiring bank.