Originally written by Anna Jordan on Small Business
Restaurants and retail stores are raising complaints about payment processing firms holding onto their money, according to The Times.
Payment companies already impose a transaction fee, causing more problems for stretched businesses as consumers increasingly opt for card and mobile wallet payments.
UKHospitality have not heard any cases from their members, but urge anyone affected to come forward. Kate Nicholls, the organisation’s CEO, told SmallBusiness.co.uk:
“With the bulk of hospitality businesses providing products for immediate consumption, there doesn’t seem to be any reason why merchant services should do this with businesses like cafés, pubs, restaurants or bars.
“If any hospitality businesses have experienced this, then we encourage them to contact us, even if they are not members of UKHospitality.”
The practice is more common in sectors with higher-priced items like holidays and furniture. In the run-up to Thomas Cook’s collapse, the firm’s payment processor lengthened the time it held onto customer money from two days to several weeks. The Times reported that the processor held onto millions of pounds.
> See also: Three ways to reduce chargebacks
Worldpay, First Data and Adyen are expected to review the risk profile of their relationships following Thomas Cook’s demise. The Financial Times says
Tag Archive for Card payments
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Best payment processors for UK small businesses – 11 of the best
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Now that your business is ready to take payments, it’s time to think about how you’ll be processing payments. Alternatively, you might just want to change your current payment system. It’s time to think about what are the best payment processors for you and your business.
You’ll find that payment processors perform largely the same tasks, but it could be a single feature – or the cost – that’ll steer your final decision.
Knowing what’s on the market will help get you going, which is why we’ve compiled a list of the most widely recognised systems. But first: a quick definition.
>See also: Why getting up to speed on card payments is essential for SMEs
What is a payment processor?
A payment processor is a third-party payments system, sending between your customer’s bank account and your business bank account. Payment processors can also authorise transactions and work on merchants being paid within a certain time period.
The term is often used interchangeably with payment gateway, a means of approving a payment. Many firms combine payment processors and payment gateways in one product, so you’ll more commonly see it referred to as a payment gateway.
>See also: Setting up card payments
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6 of the best payment systems for accepting US dollars
by Anna Jordan • • 0 Comments
Originally written by Anna Jordan on Small Business
Whether your business offers a product or a service, markets these days are global so you need to be able to accept multiple currencies, including US dollars.
Before we crack on, a few definitions.
Payment system: A mechanism for transferring cash. As you’re collecting US dollars in this case, these will be online.
Presentment currency: The currency that the customer pays you in.
Settlement currency: The currency accepted by your account.
With most of these accounts, you can opt to open multiple separate currency accounts so that you can receive and withdraw US dollars directly. Otherwise, you’ll have to pay a currency conversion fee.
Airwallex
The Airwallex Global Account is an international collections platform which lets you receive foreign currency payment as if it’s local, using the local clearing system.
You can use the Global Account alongside Airwallex’s conversion engine and multi-currency wallet.
Fees: Free
Conversion rate: 0.5pc-1pc
Can I open multiple currency accounts?: Yes
Ideal for: Small businesses who deal with a larger number of multi-currency transactions
Worldpay
Worldpay accepts payments in over 120 currencies, including USD, as part of its multi-currency service. You can add up to five of a possible nine currencies: GBP, EUR, USD, CAD, DKK, HKD, NOK, SEK, SGD.
Fees: Free
Conversion rate: 4pc
Can I
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What does PCI compliance mean for your small business?
by Geoff Forsyth • • 0 Comments
Originally written by Geoff Forsyth on Small Business
PCI DSS compliance can often seem like a mountain to climb for small businesses, but that needn’t be the case. With the right knowledge and the right partners, it can be understood (and achieved) without much trouble at all.
What is the PCI DSS?
PCI DSS stands for Payment Card Industry Data Security Standard. It is an international security standard which was set up by the biggest names in the payment card industry (Visa, MasterCard, Discover, American Express and JCB) to help businesses process card payments safely and securely, helping them to avoid credit card fraud.
The standard enforces strict guidelines regarding the processing, storage and transmission of private cardholder data.
See also: 40% of the UK’s micro businesses do not accept card payments
Who needs to be PCI DSS compliant?
All companies that take credit card payments. If you accept, store, transmit or process cardholder data then PCI DSS applies to you. It doesn’t matter how large or small your business may be, you are obliged to comply with the standard.
What is PCI DSS Compliance?
PCI DSS sets out 12 requirements that merchants need to meet if they are to comply, as follows:
►Build and maintain a secure network
• Install
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What Facebook’s Libra currency means for your small business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Libra is the new cryptocurrency that Facebook plans to launch worldwide in 2020 that will enable its 2.4bn users worldwide to pay for goods and services or send money worldwide with no transaction fees.
Kevin Weil, vice-president of the proposed Facebook payment service, says the company hopes the new currency would last “hundreds of years”.
Why is Libra significant?
Libra will give Facebook the full picture of its users. The world’s biggest ad platform already know almost everything about you – who you are friendly with, where you go, what you like and what you think (at least publicly). However, although it knows which products get your attention so small businesses can sell to you, what you actually buy has been unknowable. Until now.
How does Libra work?
In truth, Libra is not really an unregulated cryptocurrency; it’s really a PayPal or a garden wall version of crypto pegged to a basket of fiat (government-backed) currencies and supported by some of the world’s biggest financial brands including Visa and Mastercard. Libra’s assets managed by an independent Swiss trust, the Libra Association, which Facebook would be just one voting member of.
Facebook sees Libra as an evolution of PayPal: simpler
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Card payment system down: a survival guide for small businesses
by Anna Jordan • • 0 Comments
When something you take for granted breaks down, you quickly appreciate how important it is. For small business owners, it’s their payment system. The recent VISA card outages had a huge impact across the UK and Europe, with consumers everywhere struggling to pay for products and services. In some cases, more than half of all
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AA targets small businesses with move to card payment market
by Ben Lobel • • 0 Comments
The AA has partnered with card payment acquirer EVO Payments International in a move that aims to offer UK businesses a better deal based on ‘transparent pricing, value for money, and excellent customer service’. Data from the AA shows that 61 per cent of SMEs are reliant on card terminals but experience problems, and 26
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Why getting up to speed on card payments is essential for SMEs
by Ben Lobel • • 0 Comments
One in two UK SMEs (49 per cent) do not accept credit and debit card payments, despite this being the preferred way to pay for 70 per cent of shoppers, according to a study by Barclaycard. In addition, a third of UK adults (32 per cent) would consider walking away from a retailer if they
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