A guide for businesses wishing to accept credit card payments

How do I accept credit card payments for my business

We often get asked ‘how can I accept credit card payments for my business?’ the reason for this, we feel, is that the industry can be a confusing one with complex terminology and fee structures. For directors and owners, making the right decision when it comes to accepting card payments for businesses can not only save money short term but also streamline processes to save time in the future.

Ways to accept card payments for businesses

Each business is individual, therefore the card processing required can be slightly different. Here we look at the three main types of business card payments and how they can work for your company;

Face to face credit card payments for business

Face to face transactions allow companies to accept payments from almost anywhere, be it a brick and mortar shop, a pop up shop, taxis, restaurants, or offsite events and trade shows. Advances in technology mean that you no longer need a phone line as a business accepting credit card payments. PDQ machines work with your merchant account using Wi-Fi and/or GPRS, meaning accepting payments has never been easier.

In terms of what to expect cost wise, the majority of card terminals are rented to businesses, normally on a two or three year contract. You will pay a monthly fee for this, and then associated fees for processing each payment made. Fee’s for credit and debit cards are charged at a percentage rate, alongside additional account fees.

TIP – it’s important when searching for a merchant account that you compare all costs on a pound note basis, do not look at rates alone and ignore fees. Assessing the overall costs, while comparing accounts will ensure you get the best deal available to you.

Online businesses accepting payments via card

To accept payments online, companies require both a merchant account and payment gateway. The payment gateway works as a security net to keep your customers payment details safe, it does so by encrypting information keyed by the customer at ‘check out.’ These services are often offered by two different companies.

Another way to accept payments online is through a virtual terminal. This is done without the customer being present and involves the business keying in customer card details online. These types of payments are often referred to as MOTO payments (mail order/telephone order) most popular amongst call centres, travel companies and mail order firms.

TIP – do not be sold merchant services on the back of payment gateway application. Take your time to shop around and make sure you are getting the best deal possible.

Automated billing and invoicing for businesses

The majority of UK based firms are moving towards automated billing services, as the benefits outweigh the costs of a merchant account. Your clients will receive an email with the details of outstanding invoices and billing, at a click of a button they can make payment (in a similar way to online shopping.) The beauty of this automated system is that it can work alongside both accounting software and CRM systems.

Automated billing for businesses, saves huge amounts of time from issuing and posting invoices to chasing up late payments. The system does it all for you.

 

At Merchant Advice Service, we work alongside businesses in the UK and Europe to provide expert advice when it comes to card processing. Our advisors are UK based, and will guide you through your application from start to finish. We pride ourselves on our ‘Plain English’ service, and take the hassle out of accepting card payments.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.

Agree

Tick this box to allow Merchant Advice Service and partnering firms to contact you in relation to your enquiry and associated services. Note we do not use pre-ticked boxes or any other type of default consent. We may use the data on this form to to pass you onto an advisor who suits your specific needs. You may withdraw your consent at any given time.

We will keep record of your data and consent granted to us. Your consent will be reviewed on a five yearly basis to ensure that our relationship and the purpose of the data have not changed.

We act on requests to withdraw the information we hold on you as soon as we can.

For further information please refer to our full terms and conditions HERE.

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