Accepting Credit Cards

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Accepting Credit Cards
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twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Thu Mar 17, 05 11:29 am Post subject: Accepting Credit Cards

Does anybody here accept credit or debit cards in thier business? I'm planning on doing this, if I can get my business going, but have no idea of who supplies the machines and takes the money. What should I be looking out for? how long does it take for me to get my hands on the money? What will it cost me? I doubt i'd be able to operate in the way I want without accepting credit and debit cards, so it is quite an important issue!

Bugs

Joined: 28 Oct 2004
Posts: 10744

Posted: Thu Mar 17, 05 11:36 am Post subject:

Twoscoops, Startups.co.uk is a good resource, do you know it? Here's an article on credit cards, for example (take care though as a lot of the advice is aimed at online businesses):

https://www.startups.co.uk/YZsRiFZoS2j_3g.html

I work for a smallish service company, and we had to start offering credit card services because so many customers demanded it. In the unlikely event that others here can't help, I'll try and ask for you.

twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Thu Mar 17, 05 12:07 pm Post subject:
Thanks Bugs, that looks like a good site, and I hadn't seen it before. It is pretty clear that the high street banks can supply card facilities.

tahir

Joined: 28 Oct 2004
Posts: 45674
Location: Essex

Posted: Thu Mar 17, 05 12:38 pm Post subject:
Speak to a few different banks before signing up, their charges vary

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28238
Location: escaped from Swindon

Posted: Thu Mar 17, 05 1:00 pm Post subject:

tahir wrote:

Speak to a few different banks before signing up, their charges vary

I think I paid �150 for an interent merchant account.

twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Thu Mar 17, 05 1:15 pm Post subject:
I think the percentage per transaction will be a major factor. That could seriously affect my gross profit.

moogie

Joined: 02 Feb 2005
Posts: 525
Location: Near Bridgend

Posted: Thu Mar 17, 05 1:17 pm Post subject:
Is it an internet based business because if you want ot try credit cards before committing to spending the money you can always get a paypal account like you use on ebay and set it up as your payment method on the website. That is what I did with mine to see if it was worth spending the money, i.e. did the orders justify the outlay.

Treacodactyl
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 25795
Location: Jumping on the bandwagon of opportunism

Posted: Thu Mar 17, 05 1:19 pm Post subject:
Not sure about the exact % but if items are purchased on credit cards and sent via the post the card should insure the item. You could also charge a credit card surcharge like many other people.

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42219
Location: North Devon

Posted: Thu Mar 17, 05 1:21 pm Post subject:
If you reckon you can get away with it then steer clear of taking Amex and Diners, they charge higher percentages than the other cards and take longer to pay you.

tahir

Joined: 28 Oct 2004
Posts: 45674
Location: Essex

Posted: Thu Mar 17, 05 1:26 pm Post subject:

Twoscoops wrote:

I think the percentage per transaction will be a major factor. That could seriously affect my gross profit.

It's not just that though, there are loads of different charges that they may apply, terminal hire is one.

twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Thu Mar 17, 05 1:31 pm Post subject:
I know, but it is a retail shop and it would be very difficult not to accept cards. I really don't want to accept Amex and diners - I reckon anybody who has those has probably got a Visa or Mastercard as well. I reckon card payments might be quite a high proportion of sales, so I want to be able to offer it and not pay through the nose for it.

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28238
Location: escaped from Swindon

Posted: Thu Mar 17, 05 1:33 pm Post subject:

Twoscoops wrote:

I know, but it is a retail shop and it would be very difficult not to accept cards. I really don't want to accept Amex and diners - I reckon anybody who has those has probably got a Visa or Mastercard as well. I reckon card payments might be quite a high proportion of sales, so I want to be able to offer it and not pay through the nose for it.

I think you are right about there being little practical choice in the matter these days.

tahir

Joined: 28 Oct 2004
Posts: 45674
Location: Essex

Posted: Thu Mar 17, 05 1:36 pm Post subject:
Like you say you will probably take a large proprtion on cards, Visa, Mastercard and Switch will cover 99.99% of all customers

joker

Joined: 08 Nov 2004
Posts: 188
Location: hiding

Posted: Thu Mar 17, 05 1:38 pm Post subject:
Its best to go throgh the people you you do your buisness banking with I use HSBC personally

twoscoops

Joined: 28 Oct 2004
Posts: 1924
Location: Warwickshire

Posted: Thu Mar 17, 05 1:54 pm Post subject:
And what are they like? I'll be looking for a hefty overdraft, possibly some working capital and I want to keep transaction charges down. I hate the thought of the bank taking a %age of my hard-earned money just for processing.

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