Are you really getting a good deal on your card payment machine?


The Payment Systems Regulator says the card payment machine market isn’t working for smaller retailers. So are you really getting a good deal?

Payment options

The Archer

Every business owner wants to make things simple.

Their payment process is no exception.

A simple payment process means they can accept more payments in the day, and make more money.

And the easier that process is to manage, the less admin they have to do at the end of the day.

Which is more time they can spend at home.

This is especially true for independent businesses, every transaction counts.

A card payment machine is an important part of many business’ day to day operations.

Especially now.

With more customers than ever turning to card and contactless payments, being able to take card payments quickly and simply is essential to actually making money.

When was the last time you analysed how much your card payment machine is costing you?

Or whether you’re getting a good deal?

According to a new report, it’s likely that you could be paying too much.

The report found that independent businesses struggle to get good deals when starting out, and don’t know how to find a better option.

Merchant services are a confusing industry, and it’s difficult for business owners to figure out how much their card payment machine is actually costing them.

This is what Chris Hemsley, managing director of the PSR said in an article published by Talking Retail:

“Our interim report shows that while the supply of card acquiring services works well for the largest merchants, most other merchants - particularly smaller ones - may not be getting a good deal. Many merchants do not shop around or look to negotiate with their existing provider.”

We’ve been helping businesses with their card payment services for almost fifteen years, and we’ve heard the problems they’ve faced.

We understand that it’s tough, especially when it comes to understanding the varied fees involved.

Some suppliers add unnecessary hidden fees, with businesses only discovering them when they receive their first bill.

These charges, such as minimum monthly service charges or PCI DSS fees, aren’t made clear at the point of sale, and can cost a fortune.

We don’t agree with that and are as transparent as possible about the fees our customers pay.

How can you be sure you’re getting a good deal on your card payment services? Here’s some things to consider:

There are numerous fees involved in the card payment acceptance process.


Standard charges that every business accepting cards must pay are:

  • Merchant service charges (the transaction fees you’ll pay each time a customer makes a payment)

  • Terminal rental (the monthly charge you pay for the card payment machine)

  • Interchange and scheme fees (normally included in the standard transaction fee, this charge is applied by the card issuer to cover their costs)

  • Premium card charges (for some cards, you’ll pay a slightly higher fee)

 


There are numerous fees involved in the card payment acceptance process


There are other fees you may not be aware of that may be added to your monthly bill.

However, there are other fees you may not be aware of that may be added to your monthly bill.


If you’re paying any of the fees below, be aware and start shopping around. They are completely unnecessary:

  • PCI DSS compliance charges (a monthly charge that some providers add for their services in keeping you in line with PCI DSS standards)

  • PCI DSS noncompliance fees (if you don’t comply with PCI DSS, your provider may add charges to your monthly bill. This can total hundreds of pounds per month)

  • Minimum monthly service charge (if you don’t accept a pre-determined amount of transactions per month, some providers top up their charges to the full amount)

  • Statement and reporting charges (your provider may charge you to receive paper statements, or if you want to access online reporting tools)


It’s worth pointing out that if you join Handepay, you can rest assured that we’re totally transparent with our charges.

No matter which of our packages you choose, you won’t pay any unnecessary fees.

Another major factor when analysing your card payment machine services, is the support you’re entitled to receive.


Card payments are the lifeblood of your business, so it’s important that you’ve got a reliable provider who can help if things go wrong.

Are you able to call up and receive help whenever you need it?

Or does your provider limit you to the hours they’re available? Even if you need urgent help.

Many businesses are open late at night or over the weekend, so a provider with constant customer service options is key.

Consider how easy and responsive your support system is, too.

Can you phone up and speak directly to an expert? Or are you passed through different departments to try and get the help you need?

Some providers only offer email support, which can have long wait times – not ideal if customers are waiting to pay.



Support you’re entitled to receive

Could you get a better deal?
Take the Handepay Price Challenge and find out!



One of the findings of the report is that businesses find it difficult to compare card payment machine providers.

We’re here to help.

Take the Handepay Price challenge and we’ll tell you if you’re paying too much.

All you have to do is send us a statement, and our expert team will analyse it and point out any unnecessary fees or high charges.

If we can’t beat your current price, we’ll give you £1,000!

We launched the challenge in 2015.

More than 37,000 businesses have taken us up on our promise since.


We’ve only been beaten six times.
What do you have to lose?

 



Date Published: 20/11/2020




 

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