General
What is the size of the card acceptance industry?
In 2005 plastic cards took over from cash for the first time, with £289 billion in transactions!
Historically Merchants have tended to use the processing system provided by their business bank. There are currently around 10 different providers of Card processing services in the UK.
It isn't widely known that Merchant's can use any provider to process their Card transactions, and there is no need to change Bank accounts. For most businesses the process simply consists of unplugging their old Terminal and plugging in a replacement from their new provider, who will send a summary statement of the transactions on a monthly basis.
acceptcards are specialists in obtaining the most cost effective deals for all our clients and will be available to advise and assist with the easy changeover procedure.
What are my potential savings?
For every 0.25% reduction we negotiate on your behalf on your Credit Card rates you will save £250 pa. on each £100K of turnover.Are there any costs to switching?
There are usually no costs to switching provider if you are already accepting Card payments. If you are New to Cards then acceptcards will find you the lowest possible cost for any Set Up Fee, which can be as high as £250 if you simply go to your own Bank. You will receive monthly summary statements from your new provider, but the credits and narratives on your Bank account will be in the same format as at present. This will ensure you have no reconciliation problems when switching provider.
What are the terminal costs?
There are a wide variety of terminals available, and the monthly rental is normally between £15 and £30 per month. These rental figures tend to be similar across the Banks.
acceptcards are now pleased to be able to supply you with our own range of terminals at reasonable cost.
How soon does payment reach your bank?
The transactions are normally credited to your bank account after 2-3 days working days and each month you will receive a statement showing the total of credit cards and debit cards processed that month. The processing fee is taken as a percentage of the card turnover that month for Credit Cards, and as pence per transaction for Debit Cards.
In some sectors, such as travel and Internet payments, the transaction period can be longer, and this will be dependent on the period of risk and business sector. In some high risk areas the Banks may ask for bonds or guarantees.
Can I Save Money?
Why not let us see if we can find you a better deal? All we require is a completed enquiry form