- Original Poster
- #1
Well a wee while ago I posted on the forums enquiring about the costs associated with a Chip and Pin terminal I could take to my customers' place of residence.
I've eventually got round to phoning a few of the major banks, and I have to say, I am very disappointed. All I was looking for was a rough estimate of the monthly charges for the device and of course, the transaction charges per... err. transaction.
The ONLY bank out of the list that could give me one were Lloyds TSB. All the rest had numerous reasons to not give me a quote, from having to be trading for a minimum of 6 months, to having a Commercial property, to having to be incorporated before they release any information.
Below is a rough estimate for the price of the device. I don't know if anyone else is interested, but I thought I might as well share the wealth(!) of knoweldge that I now have.
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HSBC moved my call from person to person (5 different people to be exact). Eventually I was told that I must be trading for a minimum of 6 months. Fantastic, if my company didn't need to take payments at all, this would be amazing!
Royal BS (bank of scotland - not any other "BS" word) Need to have the business account already set up before they will even consider giving a quote on the terminal. One reason NOT to do my banking with them.
Alliance and Leicester were really helpful. Spoke to Hayley who told me that the registration fee is only £150 for the service. But wow, hold your horses, the mobile terminal needs to be associated with a registered commercial location. Can't be a home address - sorry sole traders!
Lloyds TSB
Use CARDNET as their merchant. Spoke to Emma who gave me her direct line to continue our business if we needed.
Initial Set up was £175. She stressed that this is a one-off payment to create the account, and we would never be charged this again. We only pay this charge after the first month of having the terminal too - which is nice!
It's £36 a month for the machine itself - this is from Verifone direct, so we can go to the manufacturer if we ever need support.
To take debit cards, it's a set fee, no matter what the transaction value of: 42 pence. Credit cards are a standard 2.49% per transaction.
If we don't incur at least £25 worth of charges in a month, they top up your charges to £25. Oh no!!! (sarcasm!)
So, she told me it would roughly equate to £61 a month... Plus any additional charges we incur - but hey!
The device they use is a Verifone VX670 GPRS unit. Check google for verifone if interested. Only 2/3 week setup time as well
Last condition - you're locked in to a 18month contract.
I've eventually got round to phoning a few of the major banks, and I have to say, I am very disappointed. All I was looking for was a rough estimate of the monthly charges for the device and of course, the transaction charges per... err. transaction.
The ONLY bank out of the list that could give me one were Lloyds TSB. All the rest had numerous reasons to not give me a quote, from having to be trading for a minimum of 6 months, to having a Commercial property, to having to be incorporated before they release any information.
Below is a rough estimate for the price of the device. I don't know if anyone else is interested, but I thought I might as well share the wealth(!) of knoweldge that I now have.
------------------------------------------------
HSBC moved my call from person to person (5 different people to be exact). Eventually I was told that I must be trading for a minimum of 6 months. Fantastic, if my company didn't need to take payments at all, this would be amazing!
Royal BS (bank of scotland - not any other "BS" word
) Need to have the business account already set up before they will even consider giving a quote on the terminal. One reason NOT to do my banking with them.Alliance and Leicester were really helpful. Spoke to Hayley who told me that the registration fee is only £150 for the service. But wow, hold your horses, the mobile terminal needs to be associated with a registered commercial location. Can't be a home address - sorry sole traders!
Lloyds TSB
Use CARDNET as their merchant. Spoke to Emma who gave me her direct line to continue our business if we needed.
Initial Set up was £175. She stressed that this is a one-off payment to create the account, and we would never be charged this again. We only pay this charge after the first month of having the terminal too - which is nice!
It's £36 a month for the machine itself - this is from Verifone direct, so we can go to the manufacturer if we ever need support.
To take debit cards, it's a set fee, no matter what the transaction value of: 42 pence. Credit cards are a standard 2.49% per transaction.
If we don't incur at least £25 worth of charges in a month, they top up your charges to £25. Oh no!!! (sarcasm!)
So, she told me it would roughly equate to £61 a month... Plus any additional charges we incur - but hey!
The device they use is a Verifone VX670 GPRS unit. Check google for verifone if interested. Only 2/3 week setup time as well
Last condition - you're locked in to a 18month contract.
