Not to defend Barclays (especially if there are other banks which offer better terms), but I'm willing to bet that online businesses (especially new ones) see higher rates of fraud than brick and mortar. If nothing else, carders trying out stolen CC numbers will do so on online transactions. Not to mention the whole affiliate network world.
It's a scam. (To those in the same situation) Talk to the competition before they see one bank get away with it and go all cartel stylee, blaming market conditions. Banks and other similar businesses don't want to compete on substance, but on style.
Very useful information for UK startups in this & linked articles - lots of options I wasn't aware of, thanks.
"45 day deferred settlement for all software / internet companies. A blanket policy. No exceptions. No appeals*"
Pretty ironic, ain't it? Their hatred of tech startups has created a great space for a good tech startup.