Chip & Pin Terminals

[spiritof'76]

A question for the self employed i guess........ as a sole trader who has only ever taken cheques and cash i think the time may be coming when i'll have to go Chip & Pin as cheques will fade out in time.

So how does it work with the terminals........ i presume you have to buy or rent them from somewhere What sort of costs are involved and are there any pitfalls like some machines being more trouble free than others......... i've really no idea at all

[Cyberprog]

Talk to your bank. They'll likely be able to set you up with a merchant account, either with a physical terminal if you perform transactions in person, or with a web interface if you process things by mail order mainly. You would normally expect to pay about £30-£50 a month for a rental on the terminal/merchant account.