Choosing the right card merchant can be a difficult task especially for small business owners as many come with hidden or unsuspecting set up and transaction fees.
Contactless card payments are becoming increasingly popular in the UK and your business would simply miss out on many potential customers if you did not offer this method of transaction.
You may want to consider offering this payment method to your customers because it is a far more convenient method of paying in comparison to handling cash payments.
What you should consider first before selecting a card merchant
There are many things you should consider and be extremely cautious about when selecting a card machine provider as hidden fees may severely affect your overall business costs.
To guarantee that your business continues to make a profit, you must discover a method to spend less for each service or commodity you obtain and so you must select a merchant that offers you a good price.
Here are some things you should look out for:
· Coverage
When choosing a card merchant, you should first consider how many payment methods they accept. This means, you can future-proof your company and be ready for further financial market developments.
One of the things you should look for in a card processor is its ability to accept not only card payments, but also e-payments and bank transfers.
· Integration
We suggest that you pick a processor that's simple to integrate with various softwares, particularly for your POS (Point of Sale) system.
Easy reporting, convenience of use, and keeping track of your business with software and technology are all important so to get the most out of your point-of-sale system and card processor, they must be hardware, software, and feature compatible.
· Fees
When choosing a credit card processor for your business, keep an eye out for hidden fees and expenses. Because each credit card processor has its own set of rates and fees, you should weigh all your alternatives carefully.
To figure out which one is ideal for your business, you must first figure out how your customers will pay. You may then pick whether to pay a monthly charge or a cost per transaction.
· Support
Get a clear grasp of who will help you with payment-related difficulties, when that support will be accessible, and how much that support will cost when researching a credit card merchant services provider.
A good credit card merchant services supplier will give help by phone, email, and live chat 24 hours a day, seven days a week.
It will also give information, such as fact sheets and training, on a variety of payment-related issues, such as hardware and software, funding, and bulk processing.
What we can do to help your business
To make the process far easier for you, our savings on card processing, for instance, might bring the average cost per payment down from 63p to just 20p – and the money transfer is instant. Our framework solutions from our expert partners including high street names, Lloyds Bank, Equifax, Allpay, and AIB.
Any commercial business or industry can benefit, and we present only those suppliers who are pre-vetted, modern, best-in-class, supportive and efficient.
Our solutions are:
· harnessing the latest Fintech solutions
· quicker and more cost-effective
· compliant with GDPR and all payment regulations
· informative as we give monthly updates on both costs and savings
· best-in-class, with instant results and stringent due diligence performed
· proven to make cost savings of more than 30%
Conclusion
We would strongly recommend taking as much time as you need to weigh both the pros and cons of each suitable merchant provider to find the one that fits your business needs the most.
You should take your time and examine each of the factors discussed in this blog to ensure that you receive the most value for your money by selecting the best card merchant for your business.
For more information on how we can help, click here.
Contact us now at info@placesupportpartnership.com, or simply give us a call on 03330 156 289.