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The article talks about the importance of card payment solutions to the growth of any business. It also details the steps involved in setting up card payments, merchant services and accepting payments for any business from its customers.





As a small business owner, you have a lot of decisions to make, including whether you want to accept credit and debit card payments. If you do, you’ll need to work with a credit card processing company.

You are a small business owner now, kudos to you. You have a lot of decisions to make going forward from inventory management to accounts to insurance to managing employees. One of the most important decision you will make as a business owner is whether your business should accept card payments or not? And if yes, how will you go about choosing the right payment provider?

Sounds daunting?  Don’t worry, as merchant services experts, we are here to help!

Do I really need to take card payments?

The number of people carrying cash is shrinking with more and more people now opting for digital payment methods. We prefer to tap our mobile phones or cards for payments and expect the process to be quick and hassle free.

Mr Carl Churchill, Managing Director, New Payment Innovation says, “Irish consumers prefer to pay with cards, and lesser people are carrying cash for all of their purchases. Giving customers the choice to pay with credit helps keep customers from buying from one of your competitors and can help your business attract and retain more customers”

Let’s look at some of the main reasons why your business should consider taking card payments:

Average transaction value (ATV): Average transaction value (ATV) of customers using their cards to make purchases is much higher compared to cash only transactions. People also tend to make more impulse purchases using their cards, Businesses are likely to see more customers based on the convenience factor. Data from New Payment Innovation research shows that customers are now increasingly using cards even to purchase small ticket items.

Cost Savings for Businesses: Card transactions reduce the cost of cash handling as it eliminates the need to carry excess cash and notes in store. It also reduces the cost of cash shrinkage risk (theft and fraud). All card transactions are digitally recorded and easy to track. A receipt only needs to be produced for a contactless payment when a customer requests one, or for a higher value payment. All these factors can add up and contribute to significant cost savings for retailers.

Risk reduction: In card transactions, an Audit Trail present for all transactions that happen through card terminals, reducing the risk of theft for businesses Also. the risk managed by the card/device – for most transactions, the decision-making process will be between the card or device and the terminal eliminating the risk for businesses to lose their money

Increased Cash Flow: Credit card payments hit the merchant’s bank account within a couple days of the purchase date, thereby improving the overall cash flow of the business.

More Customers: Most businesses now accept credit card payments, no matter how big or how small the business operation is. For small businesses, accepting payments in the form of a credit card levels the playing field with big competitors. Giving customers the choice to pay with credit helps keep customers from buying from one of your competitors based solely on the options they must buy the product or service with this form of payment. Having card payment solutions for your business can help attract and retain more customers.

How much will it cost me?

Let us now break down some of the main costs involved in accepting card payments:

  • Setup fees– Most companies charge a setup fees for your card terminal machine.
  • Interchange fees– Charged by the payment’s processor, which typically range from 0-0.5%. This fee can vary for in person and online/over the phone payments.
  • Monthly minimum fee– This fee usually between 10 and 25 Euros and you meet the difference if you don’t meet the minimum monthly requirement.
  • Monthly statement fee– Some companies also charge a monthly statement; if you request for a paper statement.

Your rates can also vary depending upon the mode of payment, the total amount you are taking in each month and the rate given by different merchant services providers in the market.

It is a good practise to ask your payment services provider about all the rates you will incur to make the process as clear and transparent as possible.  Many providers offer a sample statement and statement comparisons for existing users so you have an idea of how much you will be spending on their service.

You can also consider buying the terminal upfront rather than paying a monthly terminal rental fee if it will be more cost effective to you based on the size of your business and the amount you are transacting.

What about my online customers?

Based on the type of business you run, it is possible that you take card payments both in person and over the phone /online. You would ideally want a card payment processor that offers the option of in person, online and over the phone payments. You should also ensure that they are compatible with all major credit and debit cards as well as mobile wallets. For your online business, be sure to check that your payment processing plugin should work on both mobile and desktop devices

How do I sign up?

Once you have chosen a payment services provider, you are generally required to fill out a standard information questionnaire and supply some documents for your application to be processed. Sample documents include:

  • A bill with names and addresses stated for you and your partner (the other owner of the business)
  • Scanned copy of ID’s for you and your partner, (details from your partners ID should help complete application)
  • A business bank statement

Once all the documents are submitted, it can take up to 2 weeks for your documents to be processed and approved.


How can we help?

New payment Innovation is Ireland’s leading payment services provider offering solutions for face to face, online and over the phone payments. We have a range of different card terminals available for our customers depending on their needs (Wired, wireless and mobile terminals).  You also get access to our award-winning online platform called Revolution which offers transaction reporting so you can have full view of all transactions going through the machine with data on time, date and amount as well as return customers and busy periods. You can compare transactions and sales on a day to day, week to week and month to month basis.

We are offering free consultations on payments to all small businesses that need help setting up card payments. For a FREE personalized consultation, please call us at 1800 812 410 or email us at getittouch@np.ie



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