Card Payment Processors

[billmccallum1957]

We are looking at card payments for the first time, but finding the best deal isn't always easy, so who is the best?

SQUARE say they have no monthly or hidden fees and charge 1.75% per transaction.

IZETTLE say they have fixed transaction fees and are at 1.75% too.

We have seen the horror stories about companies getting stung with sharp sales tactics and don't want to get stung ourselves, so who are real retailers using?

 

[Caledonian TV]

Reported the above post (not Bill's - the Russian 'person' who responded) as SPAM because every single one of that woman's posts promotes this platform and includes what is effectively a link.

...How stupid would you have to be to sign up to some obscure Russian payment system??? Is the Volga gridlocked with Western-Europeans attempting to sail up it in banana skins I wonder??

 

[Bainzee]

Bill,

Izettle and other similar card readers are ideal for businesses that process small number of card transactions.

as this industry is highly lucrative, especially for card machine sales and linked with self employed sales people then yes this has lead to many cases of mis seling. I would highly encourage all business owners to read all small print and get the pricing and terms and conditions agreed in an email first as it backs you up.
try and use a provider that offers an electronic application with e-sign, that way the application cannot be manipulated by the sales agent at any time.

most retailers will use the standard chip and pin machines from Ingenico, verifone and spire, which are normally sold on lease agreements and typically over 3-4 years.

the rates are a lot more competitive, typically in the region of 0.5% and less on debit card, depending on card turnover over and average sale amount.

 

[TotalWebSolutions]

@billmccallum1957 It depends on how you want to process the payments (face to face or over the phone) as to whether you can use those devices as generally they are only for face to face and rely on the mobile/GPRS signal. Also consider how often you will be processing payments and what sort of turnover. Depending on the turnover you are likely to get better rates using full merchant services with a card terminal (Desktop/Wireless/Mobile etc) or a Virtual Terminal online if no face-to-face is needed. The rates will be lower, especially on Debit cards as pointed out above whereas with the fixed rate you pay the same for Credit and Debit.

Simon

 

[No Business Yet]

Good afternoon, can someone please recommend a good payment provider that will also make next day payments for money owed ?

I am currently with Worldpay, but have had some issues with four chargebacks ( they were singularly unhelpful ) and now they are also taking anything between two and five days to pay money owed.

No one should have to try and run a business with that sort of payment delay, so it is time to move on.

We only take payments when the cardholder is present and there is - at the moment - no requirement for telephone or internet payments.

 

[Nochexman]

I am currently with Worldpay, but have had some issues with four chargebacks ( they were singularly unhelpful ) and now they are also taking anything between two and five days to pay money owed.

You probably need to start your own thread, but it might be helpful in that thread if you could say a little more about your business and how the issues with the chargebacks came about.

 

[Page]

You have not said the nature of taking credit card payments or possible volumes

Without this it is to open a question to really answer

e.g. ecommerce - 200K or craft fairs 4K - a year

 

[No Business Yet]

I have a bricks and mortar shop and only do card holder present transactions.

The transaction value for January 2018 was £24508 and for February it was 23682, so if we take these as typical, the yearly figure will be in the region of £300,000.

As yet there are no online payments, but that may be a future possibility.

 

[Page]

Don’t all. The big ones pay next day.

As world pay did.

why not ring them and ask when it will change back

 

[No Business Yet]

Yes, Worldpay used to pay next day, that was until they were bought out by a Chinese company late last year and the first thing they did was to increase the payment times. I have already phoned them and there is, apparently, nothing anyone can do.

 

[Chi Doan]

We used Stripe for our business, it's easy to integrate to our system, it's good and growing fast now.

 

[No Business Yet]

Thank you for the reply, I have not heard of Stripe. Do they pay out quickly i.e. within a day ?

 

[Minuteman Press]

Pondering changing card payment providers. A large chunk of project payments are paid for via BACS; remaining card transactions amount to approximately 200 transactions per month. For most of the payments the customer is not present.

What are the latest supplier recommendations based on our scenario? Happy to receive PMs also.

 

[Alex Clinky]

Many of my clients (that have an e-commerce site) use Stripe as their preferred payment processor. However, it is not the best if you have transactions of small value.