We are delighted to work with one of the fastest-growing payment processing companies in Europe and to bring a whole host of industry leading benefits to our clients. Paymentsense currently handle over £10 billion in annual transactions for over 70,000 businesses in Britain and Ireland.
As an independent company who have gone from start-up to over 70,000 customers in less than a decade, this is a team who know exactly what it’s like to start out on your own.
They understand the importance of making savings for small business and they use their considerable buying power to offer better fees. Paymentsense also understand the importance of being fully supported, their UK based technical support staff are on call 24/7 – so if anything should go wrong with your card machine, they’ll have it fixed in no time.
Which payment method? Of course, there is an abundance of different payment methods available nowadays; making transactions easier, faster and more flexible than ever for retailers and consumers alike. But what are the options and how do you choose the best one for your particular business and industry?
According to the bank industry’s trade body UK Finance, offering your customers online and face to face payment methods could help boost sales. With cash payments continuing to decline, in 2017 cash payments fell by 15% to 13.1 billion payments. Whilst during the same period, 16.3 billion debit and credit cards were used, overtaking cash as the UK’s favourite payment method in 2017.
Quite when we will arrive at the predicted cashless economy but one is certainly true, when it comes to payment methods, today’s digital generation aren’t attached to notes and coins. A recent survey showed that 40% of millennials would happily give up cash if their credit or debit card could replace all forms of cash transactions.
So, if you want to do business with them, you’ll need to offer online and face to face payment methods. It is estimated that by 2020, millennials will make up more than 50% of the UK workforce.
Face to face payments It is forecast that the volume of debit and credit card purchases will increase from 16.3 billion in 2017 to 23.6 billion purchases by 2027.
So, having a card reader makes sense for even the smallest of businesses. It could help attract new customers, boost your profits and make your business more up-to-date and professional. Even small businesses can find themselves dealing with big queues, card machines are tiny queue-busters.
A card machine can also speed up the time it takes to transfer funds from your customer’s account to your business account. That’s a great help when it comes to improving that all-important cash flow.
In terms of payment methods, everything Payment Sense does is designed to support small businesses. We can have you up and running with one of their card machines in just three days. Each small business card machine is configured to work straight from the box. There’s no complicated or fiddly set-up, just plug it in and you’re ready to accept card, contactless and mobile payments (like Apple Pay).
They also understand that closing for business doesn’t mean your day is done. You still need to run end-of-day figures ready for processing. Their card machines can do this for you in moments, freeing your time and allowing you to leave work at work.
There are three types of card machine: Countertop, Portable and Mobile, each is suitable for a particular kind of business.
• Countertop machines are best for businesses with a fixed point of sale on a counter. • Portable card machines use WiFi or Bluetooth and let you take payment to customers. They’re handy for cafes, restaurants and bars. • Mobile card machines connect to a mobile network so you can take payment while out and about. They’re great for market traders and those who travel to events.
All of their card machines feature the latest software and a built-in receipt printer. They come ready to sync with your till or EPoS straight from the box. Each accepts contactless, Apple Pay, Android Pay and Samsung Pay. And if your machine goes wayward (it happens, even to the best) they’ll have a replacement with you in 24 hours.
Online Payment The most popular online payment methods in the UK require an online Payment Gateway. Basically, this is an online version of a card machine.
An online payment gateway lets your business take card payments from a variety of sources: from your website, over the phone and even by email. Using one means you can offer your customers more ways to do business with you, increasing your sales.
Better still, a Payment Gateway means you can be ready to accept card payments in 24 hours. It’s the fastest way to start accepting card payments from customers.
One Payment Gateway. Three ways to pay
Website When added to your website, the Payment Gateway acts like an online card machine. It creates a secure page that connects your customer’s bank account with your merchant account, while protecting the transaction in layers of encryption.
Their Payment Gateway is not only one of the most secure payment methods; with a 100% record, it’s also the industry’s most reliable, with no downtime! What’s more, they provide ready-made code to ensure it simply plugs into any of over 40 leading ecommerce carts.
Phone Also known as a Virtual Terminal, phone-based payments are an essential back-up. What’s more, they’re also forecast to increase as not everyone is comfortable entering their bank details online.
Meanwhile, others prefer the discretion of paying over the phone. And should your website encounter any problems, then phone payments still enable you to make a sale.
Pay-by-link This is the ultimate in discreet payment methods. It lets you create and send payment links in seconds with an online portal. You can track the progress of your transaction and follow up late paying customers with a click of a button.
Over the phone payment Take phone payments with a virtual terminal. Customers simply call with their credit or debit card details to pay you. It couldn’t be easier, we’ll set you up with a super secure virtual terminal so you can enter their payment information on your computer, tablet or mobile, wherever you are.
Mobile payment methods Payments made by smartphone are growing, in 2017, people made 561 million payments using smartphones and this will increase to 877 million payments a year over the next decade.
Mobile payments are a form of contactless but with a major advantage, customers aren’t restricted by contactless’ £30 transaction limit.
Smartphone payments usually involve extra customer validation (usually a passcode or fingerprint ID). This makes mobile payments the ideal payment method for anyone creating bespoke pieces like jewellers, artists and artisans.
Mobile card machines are perfect for taking payments on the move – ideal for taxis, couriers, delivery services, trade fairs or even exhibitions.
Mobile card machines have a SIM card pre-installed just like a mobile phone, so you can take the device out and about – this requires a phone signal. Some terminals work using an app on a smartphone, this kind of package will include a Bluetooth connected Chip and Pin keypad.
Most mobile card machines are lightweight yet robust, so when you’re on the move, you don’t have to worry about bumps and scrapes. Our mobile card machines come with the fastest printers on the market, helping you serve customers quicker than ever. Plus, just like portable card machines, you get long-life battery so you can serve all day.
Types of cards you can accept These are the types of card you can accept through Paymentsense: VISA, Mastercard, Maestro, American Express, Apple Pay, Android Pay and all Contactless payments.
Other types of payment methods Of course, there are some other more traditional, options open to you:
Direct debit payments – To become a direct debit user usually requires having an established business. A plus point in their favour, is that they’re fast and funds are usually clear by 9am the next business day.
Cheque – Paying by cheque is becoming less frequent compared to the ease of electronic methods. And of course, the big downside is that they take about three business days to clear.
Money order payments – Unlike cheques, money orders are prepaid. They can’t bounce due to insufficient funds since they are prepaid, but they can bounce due to other problems, such as suspected fraud.
Gift cards and vouchers – They can both increase sales around special occasions such as Christmas and birthdays. They can also help promote your brand while helping to bring in new customers.
How to choose the best payment method for your business There are pros and cons to every payment method, from internet payment methods to cash. No one type of payment is best. It simply depends on what suits your customers and the needs of your business.
Here’s a list of the factors to consider when considering payment methods:
Customer preference Choosing a payment method your customers prefer could lead to more sales and faster payments.
Risk Cash has a higher risk of loss or theft and even counterfeiting. If cash gets stolen, it’s gone, but if a credit card gets stolen, you’re covered for the loss.
Privacy Credit cards automatically record transactions. Some customers might prefer to pay cash for certain goods and services, such as medication.
Service fees EFTPOS (Electronic Funds Transfer at Point Of Sale) and credit card providers often charge service fees.
Transaction costs Banks may charge a cost for each transaction.
EPoS Integrated Paymentsense are integrated with RMS-Register thus making transactions quicker and less prone to miss keyed amounts.
We are proud to work with Paymentsense Paymentsense combine cutting edge technology with extraordinary customer support and offer lower rates, better service and peace of mind. As one of the fastest growing fintech businesses in Europe, we are proud to work with Paymentsense and happy to discuss the full range of payment methods available, call Jim on 01750 700527.
RMS (Scotland) Limited
Unit 006 Ettrick Riverside,
Dunsdale Road Selkirk
TD7 5EB, UK
Established in 2004, RMS is a leading provider of OpSuite Retail Management Solution and Electronic Point of Sale hardware equipment.