Card payment systems aren’t as simple as they look!

“When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.” – Robert Kiyosaki


Debit card and credit cards have long ago taken over from cash as the nations preferred method of payment, the astonishing thing is that the rate of change is also increasing. The banks adopting contactless technologies such as Apple Pay and Android Pay has caused another leap forward.

Recently published figures for 2015 showed cash was used in just over 47% of all retail transactions, down from 52% the previous year – this is a 20% drop since the last report which was published back in 2011.

June 2017 was recently highlighted as a new record for spending on credit cards in the UK.

All this data would indicate that every business should have a methodology for taking cards, but what about the add on services.

Do you need the standard portal that every customer has to allow you to review the payment transactions, or do you need an ‘elite service’ that will track every payment, report on the percentage of credit versus debit, sales per customer, sales per terminal. An analysis of failed transactions and any repayments is also useful.

Do you need the ability for your customers to donate (i.e. choose whether or not to donate to the charity of your choice) as they pay?

Do you need the opportunity to allow customers from other countries to see the price in their own currency, or even pay in their own currency versus your local one?

Those companies who have tried to get customer reviews and feedback will know how difficult it is to get customers engaged, why not have a rating question posed to the customer as they pay? The take up rate is ten times higher than post transaction surveys.

Do you need your cash faster than three days, premium payment facilities can be provided with any terminal, subject to negotiation?

Simple advice but don’t just concentrate on the price of the terminal and the rates, make sure the service and back up are ideal compliments to your business.  Speak to a professional service provider who can guide you through the options.

Blunt thinking on card payment systems from Yorkshire Powerhouse
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