Micro-merchants are the backbone of the UK economy, accounting for 96% of all businesses in 2019, and yet it’s a world that’s often misunderstood.
So, before we go into how takepayments can help micro-merchants get paid, let’s strip it right back and look at what being a micro-merchant really means, as well as the challenges they face when it comes to payments.
According to the business statistics briefing paper released by the House of Commons in July 2020, a micro-merchant, also known as a micro-business, is any business with fewer than 10 employees.
For the majority of micro-merchants, their business activity typically involves smaller, lower-value transactions, with some sources defining a micro-merchant as a business which handles less than 100 transactions per month. Here are all the stats:
In spite of the numbers demonstrating what a crucial part of the British economy micro-merchants accounts for, they’re still left struggling for options when it comes to taking payments - something doesn’t add up.
Up until fairly recently, micro-merchants have drawn the short straw when it comes to the payment processors available to them.
The likes of high equipment rental costs, service fees, and transaction fees have traditionally left micro-merchants with little option other than to accept cash-only payments.
Clearly then, something needed to change, and here at takepayments we’re all about helping small businesses reach their full potential - and that’s why we developed beepaid.
If you’re a micro-merchant and the above pain points sound all too familiar, we’re very pleased to tell you there’s a light at the end of the tunnel.
Our brand spanking new payments app is the perfect solution for micro-merchants wanting to offer their consumers the ability to pay by card while avoiding hefty fees and costs.
There’s no need for any special equipment with beepaid, just your mobile phone - here’s how it works:
Simple, right? There’s no cap on the transaction amount and you can take payments from anywhere in the UK. Plus, the funds can land in your account the next banking day.*
We hate the idea of micro-merchants being priced out of the market when it comes to their payment solution, and that’s why our beepaid app is so reasonably priced too.
Besides the obvious issue of cost, the perks of a mobile payments solution like beepaid are far-reaching and could have a positive impact on many areas of your micro-business:
Here at takepayments we’re super proud of beepaid because we know it’ll make the lives of small business owners and micro-merchants easier, and helping businesses thrive is our bread and butter.
If you like the sound of beepaid things are about to get even better for you; we don’t charge joining or exit fees, you’ll get access to our specialist joining team who’ll hold your hand throughout, and we offer short 12-month contracts, so get in touch today! The number’s 08082 392658.
**Providing you perform your banking window before 9pm you will receive full settlement the next banking day. This service is only available to takepayments Limited customers who have Barclaycard as an acquirer. Ecommerce pay pages, pay by link and virtual terminals are currently settled the day after the next banking day.