Whether your small business is contemplating accepting contactless payments or is now looking to utilise debit and credit card payments, or perhaps you’re just looking at switching to a new credit card terminal provider, we recommend you talking to us to see how we can best support the needs of your small business and all things relating to card payments. If you already have an existing merchant account, we can invariably save your business money on your merchant processing fees, whilst also offering superfast set up and hassle free card payment solutions for your small business. Accepting credit cards can enhance credibility, whilst also building trust amongst potential customers. If your small business is yet to accept card payments, you may in essence be having a detrimental impact without knowing it. There are a plethora of reasons why small business owners are now opting for card payments and this doesn’t necessarily all relate to the end user. A couple of examples on how this will boost your small business include improved cashflow, added security as staff will invariably be handling less cash, better customer service and less trips to the bank to pay in lump sums of cash.
In the UK today every business is always striving in ways in which they can save money. One of the biggest opportunities but is all too frequently neglected, is looking to save money on their existing merchant account processing fees. If you have an existing merchant account, comparing merchant processing fees and rates and other merchant tools should be a relatively straightforward process. It can be quite alarming at how so few businesses know what they’re paying on their merchant processing fees. In most cases, a company should be able to provide a revised quote if you can provide a recent merchant statement (generally the last three months). When doing so, it is important to choose a Credit Card Terminal provider that meets the needs of your business. The team at Wireless Terminal Solutions will not only look to save your business money, but will also offer you the latest in mobile credit card terminal hardware. Choosing the right payment gateway tools will allow your business to be more savvy and will see you equipped to go forward with added confidence. We offer customers savings on merchant accounts that will accept all credit and debit card payments. We realise no two customers are the same and each business’ payment solutions are different from the next.
You may have heard the term ‘payment gateway’ and questioned what it actually entails. In short, it is a service that securely sends debit and credit card information to a payment network to process which in turn provides a response from the payment network. If your small business requires a payment gateway or the time has come where you are now considering accepting debit and credit card payments, it is important to find the right payment provider that can get you equipped with a secure payment gateway solution. One important aspect to factor in for companies looking at accepting a payment gateway is customer service and security. Any customer that may purchase items, goods or services is looking for a quick and easy purchasing experience. If the payment process becomes arduous or stressful, you may just lose their future business. Wireless Terminal Solutions offer an expansive payment gateway solution that caters for businesses big and small. Our products and POS services allow businesses to accept debit and credit cards with integrated ePOS or standalone card machines with ease. Best of all, once you have your payment gateway in place, our point of sale services on hardware equipment start from as a little as one day.
If you’ve been in a shop or retail setting and you pay for goods by AMEX, debit or credit card, you will see in a matter of seconds whether your payment has been processed, authorised or declined, but really how does payment processing work? When dissecting the process and looking at a card payment, in most it cases takes 3-5 working days and during this time goes through various stages including authorisation, clearing and settlement.
Authorisation materialises at the point of sale or purchase where the customer will provide their card information to the merchant. The authorisation system will check various aspects and send this information to the card holder’s bank for approval.
Clearing generally materialises within 24-48 hours of the sale being made, the merchant acquirer will send information to the credit card network. The system will check various information and then validate it, and later on will provide data for the individual’s credit card statement.
Settlement normally occurs within 7-10 days after the initial sale, the card holder’s bank will send payment for the purchase to the credit card network. They then send payment to the merchant bank and then this leads to the merchant paying for the customer’s purchase.