Card payment contracts are notoriously complex. Businesses are frequently overcharged because they agree to flat-rate transaction fees, which look simple, but that simplicity comes at a cost. This flat rate may look appealing at first, but when you dig a little deeper, it’s clear these fees are costing businesses more than they are saving them.
A bespoke package of tailored transaction fees could be the answer.
Big players in the payment industry will often advertise a low-looking, flat rate, such as 1.75% per transaction. One charge for every payment, plus the odd cheeky “no card present fee”, for example.
But here’s the reality.
There are numerous different card types (debit, credit), account types (personal, business), schemes (Visa, Mastercard, AmEx), and each transaction fee can vary depending on the combination of card, account and scheme, among other factors. So why pay one rate for all if there is a lower price available for the transaction type you process most often?
Let’s say you’re offered a flat rate of 1.75% per transaction. Our tailored transaction fees mean you might be offered, say, 1.75% per transaction on business credit cards, but just 0.5% on personal debit cards. If most of your transactions are paid on personal debit cards, that’s a huge saving.
The above example is just one of many considerations our expert team will take to save your business money and time. On some contracts, we can also waive the PCI DSS charges, ensuring your service is fully compliant without the unnecessary cost that appears on your monthly bill.
A simplified example of how our tailored card payments solution could reduce your costs is shown in the table below.
| Card Type | Card charge rate | Average transaction value | Quantity | Cost |
| Personal credit | 1.75% | £30 | 100 | £52.50 |
| Personal debit | 1.75% | £25 | 300 | £131.25 |
| Business credit | 1.75% | £20 | 10 | £3.50 |
| Business debit | 1.75% | £65 | 10 | £11.38 |
| FLAT RATE TOTAL | £198.63 | |||
| Personal credit | 0.70% | £30 | 100 | £21.00 |
| Personal debit | 0.50% | £25 | 300 | £37.50 |
| Business credit | 1.90% | £20 | 10 | £3.80 |
| Business debit | 1.9% | £65 | 10 | £12.35 |
| PROCURE SMART TAILORED TOTAL | £74.65 | |||
*The numbers above are simplified to demonstrate how tailoring charges reduces costs and do not represent actual rates. A small fee per transaction may also apply.
If you’re worried you might be paying too much for card payment services, let us help.
Just upload your latest card payment bill to the form below or give us a call on 0330 822 1681. We’ll analyse your transaction history to create a bespoke, tailored package for your business. One of our experts will get in touch to make sure everything works for you.
