Partner Article

Three easy steps to taking card payments

There are so many things to consider when contemplating card payments; contracts, fees and everything in between - so where do you start?

1. Who’s who?

Card Issuer - the bank or other financial institution that provide the credit/debit card.

Acquirer – the financial institution that facilitates the authorisation, processing and settlement of the transaction.

Card Scheme - the brand on the card, Visa for example.

2. What do I need to do?

Depending upon the size of your business, there are numerous ways in which you can access this service.

As an independent business you may want to consider going through an ‘introducer.’ These benefit from greater buying power, meaning they can secure better rates than a business would be able to themselves, as they often represent thousands of customers.

In addition introducers can often arrange for a local agent to come out and help you with the application, providing a helpline service for on-going customer support.

You will also need to take into consideration the type of terminal which best suits your business needs, whether it be desktop, portable or mobile, it’s a good idea to familiarise yourself with the options - a good introducer will be able to offer recommendations about the best fit.

3. How long will it take?

Most applications are processed in a few days which means you could be up and running within a week of signing your agreement.

A few basic checks will need to be carried out and satisfied in order to get to the final stages, including what your business does, financial checks and whether you sell face to face or on the internet.

What are you waiting for?

• Andy Macauley is Chief Operating Officer of Handepay, download your free guide to accepting card payments here www.handepay.co.uk/accepting-card-payments

This was posted in Bdaily's Members' News section by Handepay .