If your business wants to accept debit cards and credit cards you will need one or more card processing terminals.
The terminals are provided by a ‘merchant acquiring bank’ and you will need to contact a merchant acquiring bank or a third party provider acting for the bank for a card terminal for your business.
When you are doing your research it can be hard to find the fees you will be charged for your terminals. It can be well worth asking around in forums, asking friends and relatives what they know and asking similar businesses to yours what they are paying.
The merchant acquiring banks and the third party providers don’t publish fees on their websites because the fees are calculated for each individual business.
Fees to Accept Debit Cards
There are certain fees you need to be aware of before entering into an agreement:
- Setup fees
- Monthly rental fees per terminal
- Fee per transaction
- Minimum monthly charge – many merchant services providers charge a minimum monthly charge. This is in addition to the monthly rental fees
Payment Terminal Options
There are a number of different types of terminal to accept debit cards. : Countertop terminals, portable terminals and mobile terminals.
Depending on your business and what the machine will be used for, you will need a different card terminal. For example most retailers use a countertop terminal, many restaurants need several portable terminals while mobile terminals are often used at trade fairs.
Fees are likely to depend on what type of terminals you use so make sure you get the right type in the first instance.
When deciding on the contract you are signing up for its important to be aware of the fact that much is changing in the field of payment processing at present.
In the US chip and PIN machines are replacing magnetic strip machines, contactless payments are beginning to be accepted in the UK and Europe and mobile payments such as Google Wallet are now active.
Don’t get locked into a contract where its difficult for you to access new technologies.