Starting a business?
Starting a business in 2012?
Starting a new business is an exciting, busy time and there are lots of things you need to make sure you have covered. Take card payments for instance; providing excellent customer service and making sure you can take a wide range of credit and debit card payments is key – so it makes sense to accept cards as a method of payment for your business.
Businesses that provide mobile, hospitality or retail services will benefit from using Chip and PIN to receive secure payments. Now that cheque guarantee card is no longer accepted and cash is becoming a far less common form of payment, accepting cards is now the most secure way to take payments for your business.
Why take card payments? What are the benefits?
It has been proven that consumers prefer to pay by card. Within the mobile, hospitality and retail sectors only, the percentage of card use on products and services are over 90%. This figure is rising each day, as the benefits of taking credit and debit card payments far outweigh any other form of payment. With customers no longer being confined to just cash payments or being limited to what they can spend, card payments offer a better service resulting in customers spending more on cards than they would if paying by cash.
A card payment terminal will encourage more customers to buy your products and some businesses that moved to Chip & PIN have seen an increase in sales up to a massive 30%. Customers often buy more products because they have the opportunity to pay by card. Giving customers the option to pay by debit or credit card should demonstrate to every business that card payment solutions are the right choice if you want to secure and increase your takings.
Do I need a telephone line to use a card terminal?
You don’t need a telephone line for the mobile (GPRS) card payment terminals. They can be used anywhere as long as there is a mobile phone reception. But there are other options as well:
- Fixed line terminals that will work over your telephone line or broadband.
- Bluetooth terminals they practically work the same as a fixed line terminal (over telephone line or broadband) but are portable up to 100 meters.
- Contactless terminals (the latest technology) contactless terminals make it easier and much faster to receive payment. A ‘wave and pay’ payment technology that reduces queues at the till dramatically. Customers using use contactless credit and debit cards are able to make a payment under £15 up to 5 times a day, it really is that quick and easy.
All terminals are simple to use (plug & play) and as long as the terminal’s battery is charged (in the case of a mobile terminal) you can take payments anywhere at any time. With Chip and PIN your takings will be transferred into your personal or business bank account within 3 working days.
What do I need?
To start taking card payments you need to have a merchant account. This can be done with the payment solutions provider. For instance, Chip & PIN Solutions provides a complete payment solution, from terminals to EPOS systems, E-Commerce online shops and merchant accounts. Once the application has been approved (and this can be done as quickly as 1 day), you could have your business up, running and receiving card payments within 3 working days. There are no hidden fees to set up a merchant account, the only charges are the leasing cost of the terminal and the debit or credit card transaction fees.
What are the costs?
The cost of using a Chip and PIN card payment terminal depends largely on what terminal you choose to take cards with. You usually have to pay a small monthly fee, this can range from as little as 65p to 99p a day for a terminal and a merchant rate for the debit and credit cards you accept. These rates can vary depending on your business turnover.
Is your business already taking card payments? Why not change provider?
If you are already taking card payments, it is always worth researching alternative payment providers to find out if you are getting the best deal available. Have a look at Chip & PIN Solutions for the cost, customer support, 24-hour swap out service, merchant rates and latest technology. Making the switch is very easy with no disruption at all to your business or the way you take card payments.
Which company do I choose to process my card payments?
To make your choice easier, research and compare key factors such as:
- Cost of the card terminal
- Merchant rates (how much you pay per transaction)
- Can you use a card payment terminal with your personal current account or do you need a business account
- Level of customer service and support
- The time it will take to get set up the terminal and merchant account
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