(receiving) Credit Card payments
System
Posts: 100,534 🤖 Admin 🤖
My company currently does not have the facility to accept payment by credit card. Our clients who are businesses themselves tend to pay by BACS, while non-business clients tend to pay by cheque. However, an increasing number of clients- mainly individuals with one of our fire alarm or intruder alarm systems- ask if they can pay by credit card and are surprised when they can't.
I thought I would take a look into this before I suggest it to my line manager. Does anyone know about the practicalities of receiving credit card payments over the phone who can tell me a bit about it and/or point me in the right direction?
I also had the idea that we could install Chip-and-PIN machines in the engineers' vehicles, so that we can take payment when we attend callouts. I'm even less sure about the practicalities of that, but I believe the readers are portable.
Any help/advice/info would be greatly appreciated.
Graham
PS: Is it just me, or does this sound like a decent topic for a Unit 10 project?
I thought I would take a look into this before I suggest it to my line manager. Does anyone know about the practicalities of receiving credit card payments over the phone who can tell me a bit about it and/or point me in the right direction?
I also had the idea that we could install Chip-and-PIN machines in the engineers' vehicles, so that we can take payment when we attend callouts. I'm even less sure about the practicalities of that, but I believe the readers are portable.
Any help/advice/info would be greatly appreciated.
Graham
PS: Is it just me, or does this sound like a decent topic for a Unit 10 project?
0
Comments
-
Re:(receiving) Credit Card payments
I've sort of covered this before but can't find the link to the thread at the moment.
Card facilities are okay but bear in mind that you have to suffer charges for people paying by credit cards, though debit cards are charge free.
Our 'suffered' rate is now 1.57% of the transaction, which can prove expensive when the transaction is for four or five thousand pounds at a time! There's also the monthly rental of the machine itself - which could end up being high if you intend having several machines.
As I said in the other post, interest free to consumers isn't expense free to us poor retailers!
Robert0 -
Re:(receiving) Credit Card payments
It does sound a good idea for the project.
We use CC machines in our shop. There are obviously cost implications, but we find that so many customers don't carry cash and the transaction exceeds a cheque guarantee, that you have to have it.
Negotiate a good deal and keep an eye on charges. Ours are such a small percentage of the turnover that it is never open to debate.
Some cards charge a flat fee for the transaction rather than a percentage - so that's something to keep an eye on too.
We don't do COD - so I don't know of the units that can be used in vehicles. That does sound expensive.0