Chip & Pin Question

[hybrid]

Not sure what section this should be posted in….

About 90% of our business is via our online website, however we now have a need for a chip & pin terminal as we now have a few customers visiting us. We are looking at getting a merchant bank account (Barclays or Streamline) Currently with Worldpay (but not for much longer). Has any one got any ideas for the cheapest way to have a terminal?

 

[The Blind Man]

I asked this question sometime ago. Although I never went ahead with it in the end a lot of posters suggested joining the Fed of Small Business and taking advantage of their discounted rates, stationary and lower set up fees for hand held terminals - they use Streamline i believe. It goes along way to covering the FSB subscription cost. There are other benefits with the FSB that can save you money too like free legal advice.

 

[PayVector]

Easiest thing to do is ask for one to be included when you do your merchant account contract. You can either buy one off them out right or you can go on lease hire. if you go lease hire expect a 3 year contract.

Hope that helps

 

[Cred-X]

Personally I think that a 3 year contract is excessive.

ChipandPinSolutions.com offer 12 months I think. Rates aren't too bad either.

 

[PayVector]

ChipandPinSolutions.com offer 12 months I think. Rates aren't too bad either.

I know Chip & Pin Solutions. Good company. They use the Thyron handsets which are pretty good as well.

 

[hybrid]

I had a look at Chip & Pin solutions web site and they seem to tie you into a 3 year contract, which is a shame. Thanks for your sugestion.

 

[PayVector]

Have a chat with them. I believe it is only a 3 year deal if you go on their leasae hire. If you buy out right I think it is only a year or 18 months which is pretty standard in the acquiring business.

 

[stugster]

Make sure you really do your homework, as the prices vary significantly from company to company. You can also find yourself paying a rental on the machine, or you can buy it outright. If you have an account with Abbey, let streamline know you're interested and they'll give you reduced rates.

Also, I'm sure the FSB have fantastic offers. Check out at your local Chamber of Commerce too: Edinburgh have a deal with HBOS with very competitive rates and reduced monthly costs!

I have the man from Streamline coming a week today to discuss the transaction charges for a merchant account (if they apply), and the ongoing costs of such. Will let you know!