Debit and credit card fees, are these good rates?
Discussion
Like you I used to take cards years ago and relented this year and signed up again. Yes, it's now cheaper.
We signed up with Universal Transaction Processing following a recommendation on here.
They seem to be an intermediary for Barclaycard, so far very good and a look a bit cheaper than you've been quoted.
I'll email you what we're paying. We went for a virtual terminal which had the additional benefit of no minimum contract or monthly rental but I guess that wouldn't work with a shop.
We signed up with Universal Transaction Processing following a recommendation on here.
They seem to be an intermediary for Barclaycard, so far very good and a look a bit cheaper than you've been quoted.
I'll email you what we're paying. We went for a virtual terminal which had the additional benefit of no minimum contract or monthly rental but I guess that wouldn't work with a shop.
C Lee Farquar said:
Like you I used to take cards years ago and relented this year and signed up again. Yes, it's now cheaper.
We signed up with Universal Transaction Processing following a recommendation on here.
They seem to be an intermediary for Barclaycard, so far very good and a look a bit cheaper than you've been quoted.
I'll email you what we're paying. We went for a virtual terminal which had the additional benefit of no minimum contract or monthly rental but I guess that wouldn't work with a shop.
Thanks for the info, I'll use it to get my quote down a bit, or else try UTP. You're right, I will need an actual terminal and I think £25 a month is a bit naughty.We signed up with Universal Transaction Processing following a recommendation on here.
They seem to be an intermediary for Barclaycard, so far very good and a look a bit cheaper than you've been quoted.
I'll email you what we're paying. We went for a virtual terminal which had the additional benefit of no minimum contract or monthly rental but I guess that wouldn't work with a shop.
Can I have those details as well please, have you had to give them a monthly through put. Mine is sporadic but can be £K's in one hit.
I also need telephone and link payments, which may be why ZInc is best for me.
SIngleCoil, why do you think you need a terminal? With my package and most other vurtual terminals, you get a little chip and pin device that links to either your PC, phone or tablet.
V.
I also need telephone and link payments, which may be why ZInc is best for me.
SIngleCoil, why do you think you need a terminal? With my package and most other vurtual terminals, you get a little chip and pin device that links to either your PC, phone or tablet.
V.
VEX said:
SIngleCoil, why do you think you need a terminal? With my package and most other vurtual terminals, you get a little chip and pin device that links to either your PC, phone or tablet.
That sounds to me like an actual terminal rather than a virtual one. I had assumed that virtual meant software that allows you to take credit card details over the phone etc.We use Paymentsense, who I don't like for their paperwork (separate invoices for PCI, terminal rental and merchant charges.)
We have a shop terminal at £15 per month plus 11p per debit card and 1.1% on regular credit cards and 1.8% on business/premium cards and we also have an online terminal account which we use with Shopify. I wanted to use a separate MSP for online, but ended up with two accounts paying into different bank accounts.
When I last looked our mean average cost was about 0.7% (total revenue divided by total cost) on approx 12000 transactions p.a.
It works reasonably smoothly, but when the contract ends, I intend to shop around, I followed the Izettle thread on here with interest recently, but would end up paying a lot higher rate just to have a simpler system. No more three year contracts for me.
We used to use HSBC Global Payments until they crashed and left us high and dry; and apparently they failed their own PCI audit.
We have a shop terminal at £15 per month plus 11p per debit card and 1.1% on regular credit cards and 1.8% on business/premium cards and we also have an online terminal account which we use with Shopify. I wanted to use a separate MSP for online, but ended up with two accounts paying into different bank accounts.
When I last looked our mean average cost was about 0.7% (total revenue divided by total cost) on approx 12000 transactions p.a.
It works reasonably smoothly, but when the contract ends, I intend to shop around, I followed the Izettle thread on here with interest recently, but would end up paying a lot higher rate just to have a simpler system. No more three year contracts for me.
We used to use HSBC Global Payments until they crashed and left us high and dry; and apparently they failed their own PCI audit.
If I can add to this, I work for a merchant services business. The rates are really going to depend on your turnover and transaction values. Terminal rentals vary quite a lot between suppliers, as do the contract terms for them. PCI fees are wholly avoidable with the right supplier. If anyone wants to pm me I can put you in touch with my team who will do a no obligation price comparison.
It's to do with storing customers details and the security of your computer network
Compulsary Compliance means you do a periodic online scan of your system and then answer Yes to a load of questions, either online or to some fella in Colorado; then you pass.
As I noted earlier Global Payments managed to fail their own system requirements, but still fine non complying customers.
Another excuse to screw extra fees
Compulsary Compliance means you do a periodic online scan of your system and then answer Yes to a load of questions, either online or to some fella in Colorado; then you pass.
As I noted earlier Global Payments managed to fail their own system requirements, but still fine non complying customers.
Another excuse to screw extra fees
singlecoil said:
Anyone know what PCI means in this context?
It is about keeping customers card info safe, You need to do a audit of your networks, PC's and systems, no keeping card numbers on file, if you write them down on paper you must shred them.
You have to do a yearly audit to make sure you are compliant
Ok, thats where the minimum fee comes in, but because most months I do nothing at all on it, the minimum charge isnt cost effective. For me sporadic payments work with just a %age fee works really well.
Different for a shop of course where there should be regular and hopefully daily transactions.
SingleCoil, let me know when you are opening and I'll let a few friends know who are in bands and may want / need your services.
(added) they are also local to the shop if you wanted an opening band / set / fanfare!
V.
Different for a shop of course where there should be regular and hopefully daily transactions.
SingleCoil, let me know when you are opening and I'll let a few friends know who are in bands and may want / need your services.
(added) they are also local to the shop if you wanted an opening band / set / fanfare!
V.
C Lee Farquar said:
Emails sent.
We have to charge £3-4k a month to avoid the monthly charge. PCI compliance was painless and done by Barclaycard.
It's been helpful now that HSBC have closed all our local Branches.
We have to charge £3-4k a month to avoid the monthly charge. PCI compliance was painless and done by Barclaycard.
It's been helpful now that HSBC have closed all our local Branches.
Edited by VEX on Thursday 8th June 09:35
VEX said:
SingleCoil, let me know when you are opening and I'll let a few friends know who are in bands and may want / need your services.
(added) they are also local to the shop if you wanted an opening band / set / fanfare!
V.
Thanks for that. The shop is actually in Bletchley, not necessarily my first choice but it's got its own decent sized car park which is a big advantage, plus it's a decent size. I'll also be doing some photography there, that side of things will get going first, hope to be up to speed guitar wise by 1st August.(added) they are also local to the shop if you wanted an opening band / set / fanfare!
V.
Gassing Station | Business | Top of Page | What's New | My Stuff