Anybody dealt with 'PaymentSense' Merchant Co???

Discussion in 'Retail' started by Stevie Wonder, Feb 29, 2012.

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  1. Feldon

    Feldon Guest

    0 0
    I was a PaymentSense sales agent for a while and yes they had good rates and good customer service. I notice quite a few are put off by the 5 year contract however if you are a sole trader under the consumer credit act you are only tied in for the first 18 months after that you are only responsible for a re-stocking fee for each terminal which was when I worked for them in 2011 was £190. If you are a registered company then you will be tied in for 5 years. They do a shorter contact starting from 3 years but don't expect such good rates.
    Posted: Mar 17, 2012 By: Feldon Member since: Jan 1, 1970
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  2. LED Lightworld

    LED Lightworld Contributor

    160 32
    We have a terminal machine in the shop and an online account for the website. They are good providers and were certainly cheaper than Barclays and Streamline when we compared.
    The only other cheaper deal I have since seen was being offered by FSB, if you are a member might be worth checking it out.
    Posted: Mar 17, 2012 By: LED Lightworld Member since: Jan 22, 2012
  3. british steve

    british steve Contributor

    1,504 303
    I don't understand the need for trying to lock in customers for 5 years, expecting small business owners to sign up for 5 years is daft - how many people know where they will be in 18 months time let alone 5 years? The cost of card terminals is negligible in this day and age; we paid £375 for our mobile GPRS terminals, any company who then wants our business has to agree to give us a max 1 year contract.

    The card processing industry has to be one of the worst for customer service and contracts in the UK. the sooner PayPal and Square card processing come to the UK the better - while I am no fan of Paypal the no contract route should shake up the market. (paypal press release)
    Last edited: Mar 18, 2012
    Posted: Mar 18, 2012 By: british steve Member since: Oct 1, 2009
  4. willj87

    willj87 Contributor

    109 9
    Sole traders and partnerships are in the contract for 18 months as they're classed as consumers and they're covered by the Consumer Credit Act 1974. They do have to pay a restocking fee of £190+VAT with PaymentSense/First Data though. I think a lot of people would rather be tied in for 18 months rather than pay an extortionate 2.7%! Look at the mobile phone industry. People want 24 month contracts rather than 18 months for the sake of even a fiver a month!
    Posted: Mar 20, 2012 By: willj87 Member since: Aug 6, 2011
  5. british steve

    british steve Contributor

    1,504 303
    Posted: Mar 27, 2012 By: british steve Member since: Oct 1, 2009
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  6. Stevie Wonder

    Stevie Wonder UKBF Contributor

    93 19
    After originally starting this thread a few months ago I did sign a contract with paymentsense and have had a shocking experience. I would advise all fellow business owners to stay well clear.

    I will make clear all details when my case is over.

    I would appreciate being able to send a pm to benkirkwood and boxcleaver, two employees of the company who have contributed to this thread. Please reply giving me the ok to do so.
    Posted: Jun 1, 2012 By: Stevie Wonder Member since: Mar 5, 2011
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  7. Stevie Wonder

    Stevie Wonder UKBF Contributor

    93 19
    Am I ok to pm you regarding this???
    Last edited: Jun 1, 2012
    Posted: Jun 1, 2012 By: Stevie Wonder Member since: Mar 5, 2011
  8. BenKirkwood

    BenKirkwood Contributor

    294 48
    Stevie I have PM'd you.
    Posted: Jun 1, 2012 By: BenKirkwood Member since: Aug 4, 2010
  9. pauljobs

    pauljobs UKBF Newcomer

    15 1
    What do you think a good or average rate is for CNP (Cardholder not present) as we have signed up for a veritual terminal and found the sale guy a waste of space so far
    Posted: Jun 2, 2012 By: pauljobs Member since: Jun 2, 2012
  10. ScottAllenSEO

    ScottAllenSEO UKBF Newcomer

    14 2
    I have personally used them around 3 years ago for about one year. They are very good IMO they had me up and running in just three days and they offer a very simple to use service.
    Posted: Jun 2, 2012 By: ScottAllenSEO Member since: May 26, 2012
  11. LED Lightworld

    LED Lightworld Contributor

    160 32
    Agreed, we are 18months into our contract. We have an account for the terminal in the showroom, and an online account for our website- they have been really good to date.
    Posted: Jun 2, 2012 By: LED Lightworld Member since: Jan 22, 2012
  12. Rogerims

    Rogerims UKBF Newcomer

    11 2
    CNP is anywhere from .2% higher to .5%
    Posted: Jun 2, 2012 By: Rogerims Member since: Jun 2, 2012
  13. willj87

    willj87 Contributor

    109 9
    Elavon don't charge anything extra for CNP transactions. I say Elavon as THIS IS NOT SELF PROMOTION. Take note mods. You can get all transactions at one low rate, whether it's a CNP or not. Other companies will generally charge an 'uplift' for these transactions.
    Posted: Jun 3, 2012 By: willj87 Member since: Aug 6, 2011
  14. Malcolmthepaymentpro

    Malcolmthepaymentpro UKBF Newcomer

    2 0
    Good afternoon guys. I've been very interested to read through this chain and having briefly looked at these forums before. It's clear that truly independent advice is hard to come by. We are all prejudiced by our experieces and it is hard to be truly objective. I would like to try and offer some independent advice where I can.

    I've worked within the merchant acquiring industry for over 10 years and have been supporting SME's in the UK for a while longer.

    In the interest of honesty I work for one of the UK Aquirers and have some knowledge of both acquiring and the Independent Sales Organsations that operate in the space.

    I will have no commercial gain from these conversations and so if I can answer any questions I would be pleased to do so.

    With regard to this subject there have been several good pieces of advice in particular from the 'marketeer'. But also some half truths.

    My only advice is nothing profound. Shopping around and choosing a provider from a position of knowledge is always going to be a best practise. Reviewing your facilities with your providers on a regular basis is also strongly recommended. I am a fan of 'Better the devil you know'. If you are still with a provider and you have only discovered that your rates could be lower then I assume that you also have not been let down by service or else this would be a different conversation.

    Now for the important piece as with any competative market, pricing can vary greatly between providers. You must read the small print. The costs to providers in this space varies for different types of transaction and so if for example if you take a large amount of CNP (Customer Not Present) transactions then the interchange paid is going to be higher and therefore you should expect a higher rate. I would strongly recomment that you are certain what premiums you will pay in addition to the 'headline rates' that many sales folk will tempt you with. The industry has very much been driven to differentiate between headline rates and premium rates.

    As was mentioned earlier many of the ISO's do operate sales teams that are aggressive and this might be attributable to the commission elements of their salaries. It is my opinion that the main acquirers will tend to provide a more balanced sales approach. However the ISO's propositions can be attractive with extra value added services for you to benefit from.

    My position in these type of discussion (much like bank managers) is that these companies all have the same issues, the advice that you get and the way you feel about the advisor infront of you counts for alot and a referral from somebody you trust is often a good starting place.

    Regarding service...for most SME's you will very rarely need to contact your providers. your most frequent contact will be to seek manual authorisations from time to time and often the authorising bank will have a greater effect on your service at this point than your chosen provider. Some of the common themes regarding service are call centre locations, hours of availability and call waiting times. Forums like this are a great way to share your concerns with those who have used different providers particularily if you are new to the industry. But try to ask more open questions like, I'm looking for a merchant provider what experiences have other had of various providers. your answers may be better balanced and less polar.

    I am sorry to say that there are few true ambassadors for the industry and in my opinion nobody is truly independent, including me (I would very much have my own preferences).

    If anyone has any direct questions I would be more than pleased to help, I am new to this forum so please bare with me as I find my feet.

    Yours truly Malcolm
    Posted: Aug 2, 2012 By: Malcolmthepaymentpro Member since: Aug 2, 2012
  15. patchworkqueen

    patchworkqueen UKBF Newcomer

    3 0
    Can anyone help me. Trying to absorb all the caveats involved along with seemingly endless extra costs is a minefield.

    I have a pos terminal, also two websites but also take quite a few orders over the phone from customers. Obviously the new rules from banks regarding card processing and data capture are making us all quiver with talk of massive fines (like businesses aren't having a tough enough time of it) and the more I look at options the more confused I'm becoming.

    I was about to sign a new contract for an ecom merchant account with HSBC who are also my business bank but was put off by the legal frighteners on it. I've spoken to CharityClear and also Paymentsense who both seem to offer really good rates but a bit suspicious and worried I might find hidden extras after it's too late and signed in for 60 (yes) months.

    If anyone can advise would be really appreciated
    Posted: Nov 1, 2012 By: patchworkqueen Member since: Oct 30, 2012
  16. Rogerims

    Rogerims UKBF Newcomer

    11 2
    Many business owners are often attracted by the headline "Low Rates", but these can change during the contract. I know business owners who have add rate increases from Payment sense despite their claim of "Capped Rates". The only thing they will guarantee is that you are in to a 60 month contract!

    Others add charges that you wont read on the front page of the contract which makes the whole industry confusing.

    HSBC rates are very difficult to work out

    Be assured that there there are good reliable card providers out there who offer 12 month contracts and include PCI compliance.

    No business should need to sign long term contracts for a merchant account. My view is - if the card provider isn't good enough - you should be able to leave.
    Posted: Nov 2, 2012 By: Rogerims Member since: Jun 2, 2012
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  17. BenKirkwood

    BenKirkwood Contributor

    294 48
    Actually this is not true. Capped rates means capped rates. The only MSP's raising rates are the banks and our competitors. Sure, if you want to be protected from price rises for 5 years then that gives you peace of mind - particularly as every MSP has raised their prices this year except PaymentSense - but 60 months is the longest contract we do.

    For instance, our payment gateway has no minimum contract, no hidden fees and no exit cost.

    I suggest, before you spout off any further "misinformed information" that you check your facts very carefully.

    Posted: Nov 5, 2012 By: BenKirkwood Member since: Aug 4, 2010
  18. Rogerims

    Rogerims UKBF Newcomer

    11 2
    Don't want to enter into a debate but I have seen evidence of a letter from a merchant who complained that First data/Paymentsense were putting up their rates. It's just that I, like you, was under the impression that the rates were capped.

    If you want I could find the merchant's tel number and pass it on to you.

    60 months is the only contract you do on terminals - correct? Or has this changed. Payment gateways is contract free.
    Posted: Nov 5, 2012 By: Rogerims Member since: Jun 2, 2012
  19. BenKirkwood

    BenKirkwood Contributor

    294 48
    Hi, I think I know what you are talking about.

    The only cost increase that is out of our control is nationwide interchange increases by the schemes; this is universal and affects all merchants and all merchant service providers. We pass on mandatory interchange increases - this is not the same as profiting from interchange fee changes.

    Our card processing rates are capped for the duration of the contract - with over 30'000 live merchants with PaymentSense, not a single company has had a rate increase other than these mandatory interchange fees. I guess this is what you are referring to. Our website and contracts do make this clear, we pass this on at cost - our prices are so low, we'd lose money if we didn't!

    One of the prime factors causing merchants to switch to PaymentSense is the price-hikes banks and MSP's force on their merchants without warning or recourse - regardless of interchange price changes, some providers increase card processing rates and leave the merchant with increased ongoing costs not knowing when/if the prices will rise again and again (some of the merchants that have switched to PaymentSense had 2 price increases this year - you have to love the banks!).

    I do accept that technically the prices will have risen this year as the interchange fees were raised by Visa and Mastercard - this affects all businesses but, beyond this, we guarantee not the increase prices so our capped rates guarantee stands.

    To be clear on contract length, our minimum "terminal" contract is 18 months - 60 months is the maximum we will cap the rates for. Most businesses sign up for a 5 year deal as the rates are considerably lower.

    Our payment gateway is contract free, fixed price and you can exit at any time without financial penalty.

    Hope that makes sense,
    Posted: Nov 6, 2012 By: BenKirkwood Member since: Aug 4, 2010
  20. Rogerims

    Rogerims UKBF Newcomer

    11 2
    Thanks for the clarification. You and I know what capped means but to most of the small to medium sized entrepreneurs probably assume that "capped" means "fixed".

    Can you also clarify that an 18 month deal on terminals means that they can walk away without any exit penalties to pay?
    Posted: Nov 6, 2012 By: Rogerims Member since: Jun 2, 2012
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