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What You Need to Know About Card Payments
Every business is unique, but all businesses want to make sure they are getting the best possible deal on their payment processing, maximizing efficiency for secure, controlled and low cost transactions.
Why a business needs to accept card payments.
Cash usage was rapidly declining before the pandemic, and the events of the
last year have accelerated this process. The UK is already one of the least
cash reliant countries in the world and many studies predict a cashless society
as soon as 2026. Consumer behaviour has changed and eCommerce, contactless,
credit and debit payments are the norm. Card payments are also quicker, safer
and more efficient for businesses. In a dynamic market, businesses need to be
up to date with payment processing technology to stay competitive.
How can businesses accept card payments?
- Face to face (point of sales) via a physical card machine (Ingenico, PAX, Verifone.) At the till, on the shop floor or on the move, you can accept card payments.
- Over the phone (virtual terminals.) Use a computer or tablet to take payments over the phone with a Virtual Terminal.
- Online (e-commerce.) Take online card and PayPal payments with a secure payment gateway via your website using varieties of APIs to integrate with shopping baskets such as WooCommerce, Shopify etc.
- Using accounting software integration. (Xero, Sage, QuickBooks etc. to reconcile payments via Pay by Link.)
What is payment processing?
The process by which the money goes from the customers card into your business
account. The payment is ‘processed’ through several stages where it is verified
and accepted. A ‘payment processing company’ is a company that sits in the
middle of your business and the customer, for example, WorldPay or
Paymentsense.
What are some typical fees?
- Transaction fees (generally personal credit card 0.9-3% personal debit cards 0.4-2%)
- Authorisation fees (between 3.85p-20p per transaction)
- Minimum monthly service charges (between £0-15)
- Monthly terminal (physical card machine) hire fees (usually between £12-30)
- PCI DSS Fees (approx £4.95) PCI compliance is mandatory for any business accepting payments.
Can I swap providers if I am already in contract?
Yes. Often this will not cost you anything, although some providers may charge a small termination fee.
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