Taking payments by Credit & Debit cards. Advice needed please.

ringway

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Our preferred method of accepting payments is by BACS.

However, these days some customers are slow to pay and we have had some people who have failed to pay at all. :mad:

So, I think the time has come when it would be easier and safer to start taking payments by credit and debit card.
My reasoning is that the payments would be easier to take over the telephone or on site at the customers premises.


I have an appointment to see someone from a company called Cornerstone Merchant Services. LINK.

The rates discussed on the telephone for transactions and terminal rental (probably mobile) seem fair, but my concern main concern relates to the possibility of funds going missing. Could this happen?

Also, as I'm a newbie to this sort of thing, is there anything I should be aware of relating to fraud, etc.


Thanks in advance.

Paul.
 

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Funds going missing - yes. Put it simply, if someone uses a fraudulent card, you'll find yourself without the funds in your account. (this is an oversimplification, but it gives the idea)

Cost wise, costco seem to have good deals on merchant processing terminals...
 
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nick mercedes

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Charles Morgan

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Or Streamline (Natwest) or the other ones linked to clearers. Your chance of the intermediaries disappearing is then pretty remote.
 

jaymanek

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Use a major bank... i.e. streamline or barclaycard.

The only time funds go missing is "chargebacks", when a customer disputes a transaction.

If you take payment by chip and pin then you are totally protected, its when you take phone payments as you start entering the world of distance selling etc.
Also you HAVE to have proof that the card address and the delivery address match otherwise your customers could simplyu claim non receipt of goods.

Its a minefield really, but overall the most secure method, second only to bank transfer....phone me if you want.
 

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Costco are cheapest but their agreement includes clauses for them to put the charges up whenever they like.

Barclaycard are good but until youve been with them for at least a year you will be on 30day settlement.

We are with Cardsave which is an authorised reseller of Streamline. 3 day settlement and very low charges.

Remember that all charges are negotiable;)
 

jaymanek

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streamline tried to put me on a 30 day settlement but when I mentioned id move to barclaycard they soon changed that..
They all try it, especially with new businesses as they are worried about fraud.

I now have both streamline and barclays machines, barclays pay me in 2 working days and streamline take 3.

Thanks

Jay
 
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Many thanks indeed for the useful advice everyone. :thumb:



Jay, I may well give you a call tomorrow after my appointment. Thanks very much for the offer. :thumb:
 

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I use Handepay who are streamline affiliated - never had a problem with them and I believe their rates to be competitive. The rate of commission will largely depend on how much business you put their way.
 
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flango

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streamline tried to put me on a 30 day settlement but when I mentioned id move to barclaycard they soon changed that..
They all try it, especially with new businesses as they are worried about fraud.

I now have both streamline and barclays machines, barclays pay me in 2 working days and streamline take 3.

Thanks

Jay

Exactly the same with us use Streamline they pay in 3 days and charges for the mobile terminal and transaction fees are reasonable, never had a problem in 10 years with them. I had a look around this year to try and beat the negotiated rate I spoke to streamline about and could not get anywhere near it so we stuck with them.
 

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Hi there, as someone who is also starting out with their own business, how much does it cost roughly to have one of these payment terminals at my premises?
 

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I used to work a while ago with card authorisations. Barclaycard and streamline are the two best. HSBC have an authorisations centre in India and Lloyds/Bank of Scotland too provide the service, but subcontract to to first data, who have call centres in the US.

I'd go with streamline, they are the best to deal with.
 
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ringway

ringway

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I thought I'd provide an update on this thread.

I eventually gave my business to Payment Sense. LINK.

I dealt with Navdeep Samra who was knowledgable, most helpful and keen to process the application. His direct line is 0208 962 3187

I submitted the paperwork on a Wednesday and the portable card machine was delivered to me on the following Monday. :thumb:
 

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If you are expecting people to pay in advance, pay a deposit or even COD you need to have the facility to take a credit card payment.
From the other side of the fence, the customer, I would never part with early money other than by credit card because of the protection that affords me the customer.
C/Cs work well for both Parties.

Mic
 

Red C220

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If you are expecting people to pay in advance, pay a deposit or even COD you need to have the facility to take a credit card payment.
From the other side of the fence, the customer, I would never part with early money other than by credit card because of the protection that affords me the customer.
C/Cs work well for both Parties.

Mic

You would be surprised how many people really have no idea how much insurance a credit card provides them.

I take payment in this manner, it's seen as a credit line by the bank due to the risk of chargeback and fraud.
 

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I've seen someone take payment via a card card APP on their phone. No card machine required. Don't know what the APP is called, sorry.
 
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ringway

ringway

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I don't know ringway, how times have changed! I thought when you were wearing those red high heels you only accepted cash. :p


Yes, that's correct, which is a worry if one looks at post number 15 HERE. :eek: :p
 

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