EPOS / Payment System

[Footiecoach]

Hi all

First post so go easy please

I am opening an off sales soon and everything required is organised apart from one very valuable component - taking payment.

If honest I'm getting snowed with the 1 million adverts which continually pop up in my Facebook to the extent the more I see the more it confuses me.

About my business - it will be high volume average sales of £30-£90.

90% sales will be in shop, 5% over phone and 5% when website opens.

1. Given its high volume sales and around £30-£40k per month am I as well going for a monthly contract one which keeps the give up rate per sale down as I've been told by one company its £24/mth and 0.6% on each sale (this is for card reader only)?
2. Ideally I'd love to have a machine that when customer gets receipt it shows them each of the items purchased (and also scanner) rather than just a reader which says total costs........or is this me just being too fancy and not needed for start up?
3. Is their the standard top 3 companies around UK which are tried and trusted as most places I look they are only trying to sell their own stuff not an independent review of best ones so naturally they are saying they are best?


Grateful for any info folks as I've done great getting everything else in place (which has been many things) but this is the one which is keeping me up at night pondering over.

Thanks all.

 

[Ozzy]

The one piece of advice I can give you on this is check if the companies you are talking to are the actual provider or an ISO (if I've got that right). A lot of companies in the UK are in effect resellers of First Data merchant services, even Lloyds Bank's service by Cardnet is partly owned and run by First Data (or FDMS as they are known now I think). Some of these companies have terrible reputations that tarnishes some of the good ones, so if you're talking to an ISO do your homework into them.

Natwest have just launched a new service now, called Tyl, after they were forced to sell off Worldpay as part of the tax payer bailout. There are quite a few options out there.

You're probably seeing all the adverts because you've been looking into this a lot online.

I'd start with your bank and see what they have to offer, and then compare that to 3-4 other options and make your decision from there. I'm sure others will have other opinions, that's just mine

 

[Footiecoach]

The one piece of advice I can give you on this is check if the companies you are talking to are the actual provider or an ISO (if I've got that right). A lot of companies in the UK are in effect resellers of First Data merchant services, even Lloyds Bank's service by Cardnet is partly owned and run by First Data (or FDMS as they are known now I think). Some of these companies have terrible reputations that tarnishes some of the good ones, so if you're talking to an ISO do your homework into them.

Natwest have just launched a new service now, called Tyl, after they were forced to sell off Worldpay as part of the tax payer bailout. There are quite a few options out there.

You're probably seeing all the adverts because you've been looking into this a lot online.

I'd start with your bank and see what they have to offer, and then compare that to 3-4 other options and make your decision from there. I'm sure others will have other opinions, that's just mine

Thanks Ozzy, yeah my FB is flooded with them as I had a look at 2-3 and with FB being a very intelligent system it is now pushing every EPOS advert in the World towards me................which isn't helping my headache

 

[anonuk]

I can highly recommend Card-Cutters (https://www.card-cutters.com/) We have been with them for over 5 years now and find them extremely honest, reliable and fair. Our merchant account (through Card-Cutters) is with AIB Merchant Services).

We have just entered our third contract with them and each time we get offered a reduced rental on our existing card machines or brand new ones for the same price (usually with better features). We also had a period where we didn't use the card machines for a few months and card-cutters very kindly reduced our invoices to zero for those months (as obviously they could see no activity on them).

If you want something without a contract, I really like the Square Terminals. They're £199 and you get a PDA type device with card reader and built in receipt printer. It also acts as your POS system and according to square, transactions sync between multiple terminals if you have more than one. When you get more established, you can then upgrade to their 'Square Register' which looks like an awesome piece of kit.

 

[Footiecoach]

I can highly recommend Card-Cutters We have been with them for over 5 years now and find them extremely honest, reliable and fair. Our merchant account (through Card-Cutters) is with AIB Merchant Services).

We have just entered our third contract with them and each time we get offered a reduced rental on our existing card machines or brand new ones for the same price (usually with better features). We also had a period where we didn't use the card machines for a few months and card-cutters very kindly reduced our invoices to zero for those months (as obviously they could see no activity on them).

If you want something without a contract, I really like the Square Terminals. They're £199 and you get a PDA type device with card reader and built in receipt printer. It also acts as your POS system and according to square, transactions sync between multiple terminals if you have more than one. When you get more established, you can then upgrade to their 'Square Register' which looks like an awesome piece of kit.

Thanks Anonuk, the 3 day to make payment to business owner puts me off Card Cutters (unless they are offering you something faster?) as I feel that's far too long for the fast turnover/volume my business will have.

I had actually looked at Square in the last couple of weeks - you had any experience with them or friends who have?

 

[Mr D]

Thanks Anonuk, the 3 day to make payment to business owner puts me off Card Cutters (unless they are offering you something faster?) as I feel that's far too long for the fast turnover/volume my business will have.

I had actually looked at Square in the last couple of weeks - you had any experience with them or friends who have?

Multiple companies have delays in getting payments to your account.
Ask each one about timescale.

Pick the one that costs you least money and provides exactly what you are after.

 

[Footiecoach]

Multiple companies have delays in getting payments to your account.
Ask each one about timescale.

Pick the one that costs you least money and provides exactly what you are after.

Yeah that's what I'm doing thanks. Next business day or 2 day max (not 3) and reviewing a few at present on rates, contract lengths, monthly fees etc..... and what I have on my counter to make my business smooth process.

 

[anonuk]

Thanks Anonuk, the 3 day to make payment to business owner puts me off Card Cutters (unless they are offering you something faster?) as I feel that's far too long for the fast turnover/volume my business will have.

I had actually looked at Square in the last couple of weeks - you had any experience with them or friends who have?

To be honest, with traditional merchant accounts, I think 3 days is the norm. With companies like square/izettle/etc, you pay a bit of a premium percentage wise but you get quicker pay outs.

Our card turnover isn't significant (we do most of our sales on ebay/amazon/etsy), so a 3 day wait isn't an issue for us.

 

[Footiecoach]

To be honest, with traditional merchant accounts, I think 3 days is the norm. With companies like square/izettle/etc, you pay a bit of a premium percentage wise but you get quicker pay outs.

Our card turnover isn't significant (we do most of our sales on ebay/amazon/etsy), so a 3 day wait isn't an issue for us.

Yeah my turnover will be quite high as will the volume of transactions and I'd estimate 90% will be in shop sales with 10% from online/telephone. Ideally need 1 (2 day max) just due to the set up of my sales and also ordering system which trader operates.

 

[Root 66 Woodshop]

We use Sumup similar epos terminal to the square one, payments are next day normally... Friday's usually lands on Monday but we've no issue with that at all...

You can also link a sumup shop so people can pay online again... had no need for that ourselves yet.