The UK is taking all its effort to create a paperless transaction country which will only support card payment or online card payment which can happen directly from your phone.
The truth is that still 2/3 rd. of British medium and small enterprises are still using the method of payment of cash and do not take card payments.
Accepting card payment is very beneficial for a business as well as cost-effective for small business as they can also take payment for products under 30 pounds and also over the limit of 30 pounds which is great for small business owners.
Here is the list of tips you can use to accept card payment.
- Know who you will be dealing with:-
First, you will have to know that every transaction that takes place on a card machine the amount won’t be directly given to the merchant’s account (you) there are series of people who will take some fee.
Firstly when a transaction happens, you will have to pay some amount to the bank in which your account is then the acquirer that authorizes the transaction and finally the card brand it can be anything from Visa, Master Card, Am Ex etc.
- Use common sense of why it cost:-
Nothing will be free in this world as everything costs some charge. If you take a card machine from a terminal provider, then he will take some amount as a fee from every transaction as he has set up the payment gateway through the machine.
The transaction fees will also depend on the amount of transaction that is being done in the business almost daily. If you have a small business, then it will charge you low cost, but if your business is large and does several transactions through the machine, then the cost is high.
- How to take your own payment terminal:-
You do not have to think a lot when it comes to setting up a payment terminal. If you have an SME, then it is easy for you as you approach any introducer.
An introducer is that company which has already worked with several banks as well as POS provider. These companies will get you the lowest rate as it is trusted by many companies and if you compare then the rate which they charge you when you go solo, and with an introducer, there will be a lot of difference.
- Start taking payment:-
After you have done with the registration procedure, you will get a card machine which will take at least 3 – 4 days to start up and register yourself in the server.
After everything you can start the payment after you get a go from the bank as well as the POS provider which you are using in many cases people use a single card provider company it is Visa which is common or many people use multiple card provider company machine which accepts all cards.
I hope you get the information you were searching for in this article.