FAQ – Frequently Asked Questions
Q. What happens after I submit a quote request?
A. When you complete the short form, we use your answers to understand how your business takes payments. Based on your transaction volume, average transaction value and your sector, we match you with a suitable UK payment provider, just one and no more.
You then receive a bespoke quote tailored to your business and they can also provide you with a like for like comparison, so you can compare card processing rates, monthly charges and hardware options.
Q. Why should I compare card processing fees before choosing an alternative
A. Card processing fees and terminal costs can vary significantly between providers. Also, if it sounds too good to be true, then it probably is. For example, a FREE terminal offered will be recouped elsewhere, so be very careful not to be sucked it.
When you compare card machine fees and merchant services quotes properly, you can identify the actual TOTAL costs for accepting cards by:-
- Transaction pricing differences
- Hidden fees such as Interchange & Scheme fees
- Monthly account or management fees
- Terminal rental costs
- Contract length and exit terms
- Additional compliance or PCI charges
Whether you are looking for a countertop card machine, portable device, Contactless Pay solution, Pay-by-Link or online payment gateway, comparing your existing costs with a like for like comparison, ensures nothing is left to chance.
Compare payment solutions based on how you accept cards
In-person card payments
Businesses that trade face-to-face may require a countertop, portable or mobile card machines. Fees mostly differ depending on whether the transactions are debit or credit, however some providers charge one fee for all cards which usually end up being the most expensive option.
Online payments
Ecommerce businesses require a payment gateway to encrypt your customers card details and the transaction rates and gateway fees can vary depending on monthly volume.
Phone payments
For businesses taking card payments over the phone, either a Virtual Terminal or card machine can be used. The benefit of a Virtual Terminal is that you can have one account but many users with their own log in details such as a call centre.
By comparing payment options based on your particular business, you will receive a quote that is bespoke to your business.
What fees should businesses compare?
When reviewing your own total processing charges for accepting cards that your supplier is charging you, it is very important to compare on a like for like basis, as most suppliers do not offer this.
Transaction fees
A percentage or fixed rate charged per transaction. This can vary for debit cards, credit cards and commercial cards as well as non UK cards.
Monthly account fees
Fixed charges applied for maintaining your merchant account.
Terminal rental
Ongoing rental fees for countertop or portable card machines.
PCI or compliance charges
Some providers include these within monthly fees, others list them separately.
Early termination fees
Costs applied if you exit a contract before the agreed term.
Settlement timeframes
How quickly your funds are deposited into your bank account.
Understanding all the above elements allows you to compare your merchant account on a like for like basis.