A staggering 98% of the UK population have a debit card (UK Finance, 2020), and 66 million credit cards were issued as of February 2020 (Statista, 2021), so if you're not set up to take card payments, you could be missing out on sales.
There are lots of benefits to accepting card payments, including:
At takepayments, we're here to help make things easy. We can help you get up and running taking cards. Get in touch to see how we could help your business.
Great for serving customers from one place.
Take payments around your shop floor.
Accept payments on the go.
In super simple terms, credit card processing is how a card payment is made. There are different parties that need to communicate before your business receives payment. The good news is, it's all done for you. Let's have a look how it works with a card machine.
It starts when a customer wants to make a purchase with you (a merchant). They'll tap their card on your machine to pay contactless-ly, or pop the card into the machine if they want to pay by chip and PIN.
Then, usually, the machine will contact the payment processing company (Barclaycard, for example), who will forward the transaction onto the customer's bank to check they have the funds.
If it's all ok, the payment is authorised, and the transaction is completed and the money will be sent to your business bank account. With Barclaycard as an acquirer, the money could be in your account the next working day*, but some other providers could take longer.
There are several fees you will have to pay for processing card payments.
The main ones to consider are:
Transaction fees – these are charged by the acquirer (the bank or financial institution that processes credit or debit card payments) for every transaction made by card and vary between credit card and debit card payments. At takepayments, we'll tailor this around your business, and as a general rule of thumb, the more you turnover, the lower the rates.
Rental fees – you can rent your card machine from a company, like us at takepayments, and for this you'll usually be charged a monthly fee.
Minimum monthly service charge – merchants often have to pay a minimum charge if their transactions are below a certain amount. This is charged by the acquirer.
Set up fees – we won’t charge you any fees to set up your account and get you started with taking card payments, but other providers may.
When it comes to card payments, we know our stuff.
We can offer you:
They will hold your hand through getting set up, until you are completely confident and transacting with ease.
We won't charge you a thing to join us, and if you leave at the end of your contract, the same thing applies.
Unlike most other card providers, we won’t tie you into long contracts - ours are just 12 months, one of the shortest out there.
Your transactions could be handled by Barclaycard, with the reassurance of next day settlement.*
Terms and conditions apply.
*This service is available subject to Barclaycard’s approval and Barclaycard may offer alternate settlement terms instead. This service is not available to customers currently on deferred settlement terms with Barclaycard. Next day settlement refers to the next banking day. Your card machine’s banking window function must be performed before 8:30pm in order to receive settlement the next banking day. Transactions processed via Ecommerce pay pages, pay by link and virtual terminals may be subject to different settlement timescales.