Switching card payment provider

Making the right choices for you and your business

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Switching card providers

As card payments in the UK continue to increase, chances are that your business will face higher merchant service charges than previous years.

All card providers are entitled to increase their card charges over time.

For these reasons, what you are paying now is likely to be very different to what you began with.

We have recognised that businesses will switch provider for many of the same grievances:

Non flexible pricing

Addition of new charges

PCI DSS non compliance

Terminal issues

Non compatible issues

Settlement delays

Lack of support

Sound familiar?

Increase impulse buying

Attract a new audience

Save banking time and cost

Frequent phrases I've heard...

During my 20 years working with independent businesses, many owners have mentioned:

“...my bank manager arranged my terminal when I set up so it must be a great deal...”

Unfortunately most bank RMs no longer have any input/control over merchant service options.

“...it was done through a buying group which gets me a better price...”

Many groups are offered short term competitive rates but are usually for a limited period.

“...my mate set it up so they look after me...”

Most sales people will not have the discretion to ensure that you remain on a competitive solution.

“...we shopped around for the best package when we began 3 years ago...”

3 years later it is likely that your pricing structure would have been altered.

“...my accountant handles it...”

The majority of accountants I have known will use the same provider who they network with who in turn will refer clients to them.

“...I only pay £10pm for the terminal...”

Many providers loss lead with the terminal, knowing that this often represents under 5% of your monthly cost.

“...I don’t have time to consider an alternative...”

Providers will take advantage of this reluctance to switch and increase their charges frequently.

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