Most customer-facing businesses use card payment terminals in their day-to-day commercial activities; but many do not understand their card payment charges and how to predict or avoid increases.
Card payment charges can often be less than transparent and the industry is known for making switching difficult with auto-rollovers on many contract types.
Additionally, the business market has changed in recent years with app and portable device-based providers making point of sale transactions faster and easier. The likes of Square and Zettle have added new alternatives to the traditional players, such as Worldpay or bank-provided solutions. But this has not necessarily driven down the cost of taking card payments.
Card payment charges are variable. Rates are often increased on an annual basis and are frequently communicated poorly.
So, a Procure Smart top tip is a simple scheduling task:
Diarise a call to your provider within your renewal period and directly ask for details of any rate increases. To do this, you’ll need to know when your renewal period is. Diarising this earlier in the period will give you a chance to investigate other options if your provider is offering an unpalatable increase.
This quick task will avoid any surprise increases, support financial planning and also give you the opportunity to discuss the future of your contract.
As always, you should compare prices with other providers’ introductory offers to determine the competitiveness of your renewal.
Remember to check the following elements of your card payment charges:
- Equipment rental rate
- Charge per transaction
- Any volume-based rate changes
- Your renewal period
- Your term length
How Procure Smart can help you switch and save on card payment charges
If you would like to carry out a market comparison quickly and easily, Procure Smart can facilitate this task and allow your business to maximise its time efficiency on key operations.
We can research, plan and facilitate contract switches quickly and transparently.
Find out more about our card payment switching service or check out the latest business cost saving advice on our Smart Hub.
Enquiries and switching quotes are free of charge and no obligation. You can simply complete the form below to hear back from us at a time which suits you.
