Independent businesses are set to save up to 50% on the cost of processing card payments as Handepay partner with a new arrival to the UK market, promising a pricing revolution to the UK payments industry.
Handepay’s new offering will give the majority of businesses clarity about unnecessary additional fees they are charged and allow them to make informed decisions about the payment provider they choose.
With the often confusing and hidden costs of accepting card payments still deterring some companies, Handepay will now offer new customers the clearest and fairest proposition in the payments industry, without any of the following fees:
1) minimum monthly service charge (MMSC – typically £15-£30 per month)
2) PCI DSS compliance and non-compliance fees (up to £50 per month)
3) authorisation fees (up to an additional 3.95p per transaction)
4) premiums for ‘card not present’ transactions (up to an additional 14p per transaction on debit cards and 0.5 per cent on credit cards)
5) premiums for certain card types (could be 0.5 per cent per transaction)
6) joining fees (typically up to £250)
Handepay will go head to head, alongside a new partner, with the major players in the market two months ahead of the new EU caps due to be brought into place on 9th December 2015.
Andy Peake, Managing Director of Handepay, comments: “The cards are stacked against the independent retailer. The banks are geared up to offer the best rates to the high street chains and supermarkets, but independents simply don’t have the buying power to negotiate better rates on their transactions, or the time to invest in analysing the detail within their bill. The minutia of every transaction can bamboozle time pressed business owners, effectively blinding them with numbers and extra fees.
“So many of the charges put in place by the big providers are ones that the vast majority of business owners don’t even know they are paying or why. It is a situation that needs to change.
“Using confusing language and charging tariffs can befuddle business owners into accepting unnecessary fees and charges they do not understand. Our new proposition is the simplest offering in the marketplace. We believe that 85% of the market will save on average up to half their current costs by switching.”
The new offering launches in the UK from October 5 and is available only via Handepay. Handepay is offering a £500 price challenge to any business unable to save money by taking up their proposition and in most cases will cover switching costs.
Find out more by visiting www.handepay.co.uk/handepay-price-challenge