Card processing

[prjbicell]

Sorry to be a pain guys. I am sure this has been asked and answered repeatedly in the past so please accept apologies in advance.
We are looking at using a card processing company for the new business my partner and I are setting up. We are looking at possibly two counter top terminals, one mobile and one with GPS so that we can take deposits when we are at shows or away from our showroom.
The reason I am asking you guys is that I read so many posts where one person says don't not use company x and do not use company y. Apparently the main problem seems to have been miss-selling by the rep and being tucked up in a contract for x amount of years with heavy financial penalties if we decided we had to close the business or whatever.
What I am looking for is can somebody recommend a good card processing company and what sort of rates and terms would we be looking at?
Really appreciate any help you can give me guys. Cheers

 

[Paul Brooke]

I don't use them but if it's any help a company called Payment Sense seems to get some bad press on here so you may want to be careful with that one. Good luck anyway

 

[tjhodgson145]

we've used streamline in the past which did the job. The only reason we left was because we got a cheaper price elsewhere, if i can find the company name ill let you know but can't remember off the top of my head! I think it was a monthly fee then 2.75% per transaction.

 

[Talay]

Mobile stand alone is in the 1.5% to 3% range usually and really only useful for sub £1000 a month. Having a mobile version of your in house terminal should lock you into better rates (one would assume).

A new business will (usually) pay more than an established one and the sector you are in may well sway rates you are offered. All linked to risk I'm afraid.

What does your business plan project ? Where do your cashflows come from ? How much is your target sale ? Total sales ? Percentage on cards ? Credit or debit ?

All these metrics and more should be in your plan and will / should guide you towards the right terms.

I'd hook up with something which has an easy and inexpensive exit route if you are unsure of your longevity in business. 12 months max.

 

[prjbicell]

Thank s TJ...would appreciate it
Thanks Talay. Didn't really think it would have been so complicated. Ignorance on my part I guess
The GPS model we could really do without until we get cracking with the shows but the in-house we are going to need to take deposits and balances which would be around the £2000 and £6000 mark respectively for our top product coming down to the £750 and £2250 for the smaller products we do
We would only be looking for a year as we wouldn't want to lock ourselves into a 5 year deal.... not quite yet anyway. Our initial target would be to take around 5 mixed of these deals per week, All payments would be made by card, either credit or debit. We would shy away from cash being taken from our reps and installers and cheques would be no no unless there was a way to safeguard payment was made and the cheque not cancelled after install. I would estimate £20K to £30K per week being the amount we would generate.
I hope that made sense. Typing this with raging toothache and mind not functioning as it should

 

[Talay]

Deposits is a tricky area for card companies but presumably if you can pick from nothing to £1.5m or more a year, then you already have a well established business, bankers and one would have thought, existing card processing arrangements you can leverage.

 

[Jet Virtual]

I can recommend a company called fidelity. Low Rates. PM me for their details.

 

[jonrod]

What I am looking for is can somebody recommend a good card processing company and what sort of rates and terms would we be looking at?
Really appreciate any help you can give me guys. Cheers

I won't suggest anything since I know there are a lot of good ones out there compared to the one I am currently using. Just like Fidelity though, I read good reviews about the company even on social media.

However, if you are looking into more options to choose from, this comparison of credit card companies might help you find a good one.
http://www.staff.com/blog/comparison-of-credit-card-processing-companies/

Hope it helps.

 

[prjbicell]

Thanks all. I will look into the suggestions that you have posted and pm'd. Top guys

 

[LMDServicesUK]

Hi

I know I represent PS on the forum, but based on the information you have shared, you are probably going to be considered High Risk due the the size of the payments you will be taking coupled with the new start up status of your Business, so this will limit the Processors who would consider an application from you.

However PS do specialise in High Risk / Start up Businesses, so we can often help without you being saddled with very high rates / fees, so we may well be able to help.

Our contracts are for 3 , 4 or 5 years and we can CAP our Rates for the duration of the contract.

Please PM me if you would like to discuss further, and at the very least visit www.cardswitcher.co.uk as this is a very useful quoting resource.

Kind regards

Mark

 

[prjbicell]

Sorry Mark but not looking for that length of contract. Thanks all the same

 

[LMDServicesUK]

No worries and good luck, I believe that Barclays Merchant Services will offer a 12 month term, if that helps at all ?

 

[prjbicell]

Thanks everyone. Lots of good help here. Cheers

 

[Phil Lane]

Hi All,

My name is Phil Lane and I am a manager for Optima Payments Ltd. We are an independent merchant services company with a list of clients ranging from local shops to Sports Direct.
Our aim is to be quicker, more reliable and more cost effective for all our clients with an emphasis on ambitious new businesses.
We can provide a number of payment options including fixed, mobile, GPRS and wifi terminals. We are also a leading online payments provider with our own virtual terminal product if required.
To celebrate the opening of our new Head Office in Birmingham we are currently offering merchant accounts with no set up fee and typically will have you set up and taking payments in about a week.
If you have a current deal you are not happy with or are new to cards please contact me and I will make sure all your requirements are met or exceeded if humanly possible.


office 0121 289 3420
mobile 07779 040559

 

[KeithGreen]

Slightly different question on this subject and I hope I'm OK jumping in on this thread. For a newco (ltd co) with a new bank account how long should it take for a card machine to be delivered?
I have a sale held up because of the delay in obtaining the card payment machine for the newco. It's been 2 weeks now and the providers seem unable to give any indication of how long it will take, just a vague statement that it could take up to 3 weeks. In this day and age? Surely not!

 

[Virtual Phone Numbers]

Slightly different question on this subject and I hope I'm OK jumping in on this thread. For a newco (ltd co) with a new bank account how long should it take for a card machine to be delivered?
I have a sale held up because of the delay in obtaining the card payment machine for the newco. It's been 2 weeks now and the providers seem unable to give any indication of how long it will take, just a vague statement that it could take up to 3 weeks. In this day and age? Surely not!

Will obviously vary from bank to bank, but 3 weeks does sound timely. Has the actual bank account been opened, and are the bank providing the card machine, or is it a third party. If so, you may be better off contacting them the 3rd party directly. Or speak to your bank and tell them you may have to find an alternative.

 

[LMDServicesUK]

OK this could be construed as a punt, but..
We normally can provision and deliver a card terminal within 3 wkg days once you have been credit approved by us, whoever you have gone with does appear to be milking the process a little..

Do you know if you have been Credit Approved yet ? As mentioned by others you need to chase whoever provided you with your application, and ask a few difficult questions as to why the excessive delay.

If you want further help please do PM me..

Mark

 

[Talay]

Business bank account formalities are still back in the stone age despite all the information being available online.

Anyone with a desire could set up a system to do it in a day but until someone goes first, where is the impetus to spend the money ?