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Of course, payment facilities are essential for businesses across the UK, but have you considered the actual costs involved?
A simple online search reveals numerous advertisements and incentives from different providers, each claiming to be the best choice. However, it is essential to look beyond the sales pitch and consider the actual expenses associated with merchant services.
When signing up with a new provider, a setup fee is often involved. The amount can vary depending on the supplier and the type of service you require, such as a card machine, online payments, or a virtual terminal. Make sure you are aware of these fees before entering into a contract.
Many suppliers charge monthly fees, which come in various forms. These could include the rental cost of a card machine, or the usage fees for their services. Prices can significantly differ among providers and depends on the specific service you need. Some providers will entice you with no monthly fees, but be cautious, as there may be; limits on the number of transactions per month, a requirement for a minimum monthly amount, or higher transaction fees, to compensate for the lack of a monthly fee.
These fees are a percentage of each payment (transaction) processed by your business. It is crucial to carefully review these fees, as they fluctuate monthly based on the volume of transactions you handle. Transaction fees can also vary depending on the payment method, such as Mastercard, Visa, or American Express. To help minimise monthly costs, a low transaction fee is essential. Some providers offering no monthly costs may have higher transaction fees, which surpass the transaction cost of providers who do charge monthly fees.
Suppliers may have additional costs that you need to be aware of, such as; chargeback fees, payment card industry fees, refund fees, and authorisation fees. It is essential to clarify if there are any additional costs associated with your chosen supplier.
In summary, selecting a merchant services provider involves carefully considering various costs and calculating the overall monthly cost. Take your time to understand and evaluate all the expenses associated with your preferred payment method. Do not be swayed by the allure of the cheapest headline offer alone and make sure that read the small print.
At Connecting 4 Business, we prioritise transparency in our pricing. Through our partnership we are able to offer some of the lowest overall cost for merchant services payment fees in the UK.
Contact us today for a free quote and discover the true value of our services.
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