Is Price Really the Most Important Thing?

It’s essential for all businesses to manage their budget with care. However, when choosing the right card payment solution for your retail or hospitality business price should not be your only consideration.

To find the best rates you will need to know the revenue your business generates and the actual or potential volume of monthly card transactions, but it’s also important to take time to research the complete service offered by the card payment provider.

In this blog post you’ll find out why contract length, ease of switching supplier, hidden extras and customer support are key factors in your decision too. You can discover more about choosing the right terminal features for your business needs here. 

Contract length

While some card payment machines can be bought outright, if you are hiring a machine rather than buying one then it’s usually standard to be signed into a contract. Fixed term contracts offer merchants little flexibility and can come with high cancellation fees. If you are a merchant looking to switch to a new card payment service provider, question if you want to continue to be tied into a 12-18-month contract or would the flexibility of a monthly rolling contract be more suitable for your business. 

Ease of switching from one supplier to another

If you already have an existing card payment contract and you are locked into paying premium fees, will you be charged an exit fee to switch supplier for a better rate? A supplier who will pay your cancellation fees when you switch from another provider could save your business a substantial amount of money. 

Hidden extras

Look for a simple and transparent fee structure and ensure you are aware of what’s included in your service and what is extra. Some service providers bill customers one single, clearly set out monthly statement making checking statements straight forward. Enquire about upfront costs such as installation, set up fees and monthly usage fees. Check if a monthly minimum sales volume is required. Ask if you will be charged for terminal replacement and servicing and is PCI-DSS compliance with card industry standards included?

Customer support

When you need assistance, you’ll want to avoid disruption to your business, so look for a solution that includes reliable and consistent customer support. Find out if your plan offers you a dedicated account manager? Is the call centre based in the UK? If you need urgent tech support is this available during your business operating hours - 7 days a week until late? How long will you wait for a replacement if your card machine can’t be fixed remotely?

So, is price really the most important thing? It’s a significant factor, but not the only consideration to bear in mind when selecting a new card payment solution for your business. By looking at the broader picture you’ll be better equipped to make the right choice.