Have you noticed your merchant fees increasing since social distancing started?
We’ve been speaking to companies who have been forced to move from face to face card payments to taking payments over the phone or online. Or even moving selling direct to the public for the first time
When your next statement arrives check the fees for customer not present transactions. This is a charge for taking a less secure payment. Some processing companies charge a set fee of around 50p per transaction whereas others charge an increased percentage, either way this fee can be significant.
To make things harder, some providers are freezing accounts that receive above 10% CNP payments or not clearing any funds processed for up to 30 days in case of fraud or chargebacks.
For example, a pub switching to takeaway and producing just 10 orders an evening could pay an extra £150 per month in fees and not receive the money taken this week until the end of May.
To counter these fees and delays there are alternatives out there, MOTO packages conduct more checks and ensures the transaction is secure whilst ECom packages allow online payments.
We recommend companies seriously consider signing up to Biteback from Paymentsense to trial a move online. Kernow Merchant Services offer contracts from just 3 months that will really help your business in the short term.
With social distancing likely to continue for months and months in some form making switches like this could make a real difference. Call us to discuss more!