Tag Archive for Online payments

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The pros and cons of taking manual bank transfers as a small business

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By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

You might not be thinking about taking manual bank transfers in your business, perhaps because they’re divisive – mostly between the business and the customers.

These bank transfers are used by various businesses including car dealerships, removal companies and professional services. They can be used by companies that use invoices as well as those who take payments directly.

We explore the pros and cons to establish if they’re right for you, your business and your customers.

What is a bank transfer?

By this, we mean a bank transfer where the receipient gives the customer their bank details and the customer pays through their bank’s app or online portal or through a bank branch. We’re not referring to direct debits or bank payments that an online retailer or a subscription service might use.   

Pros

Let’s kick off with the positives.

Some bank transfers carry low or no extra fees

A lot of your fellow small business owners will tell you that the best part of bank transfers is no extra processing fees – the money goes straight into your account. Be warned that you are likely to incur fees on international an

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How to set up a POS system for your small business

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By Henry Williams on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

Once upon a time, a POS system was nothing more than a cash register that allowed shopkeepers to process and record transactions.

Today, however, a POS is a sophisticated, internet-enabled system which also enables you to manage stock, staff, and sales, reward customer loyalty, and track vital performance metrics.

But with increased sophistication comes increased complexity, and in order to get the most out of your POS system, you need to understand how to set it up and use it properly.

Whether you’re a restaurant or a retailer, this article will explain exactly how to set up a POS system for your small business, and delve into the hardware, costs, and capabilities you need to know.

If you’re still looking for the perfect POS system for your small business, we can help. Just provide some basic details about your business using the form below and we’ll match you with the best providers for your needs.

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Strong Customer Authentication is complicating online payments

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Originally written by Iain McDougall on Small Business
What is Strong Customer Authentication?
SCA or “Strong Customer Authentication” is a major piece of e-commerce regulation that is being introduced across Europe on September 14 2019. From this date, every time a consumer buys something online that costs over €30, simply plugging their details once will no longer be enough. Instead, they’ll need to additionally confirm their identity by something they know (a PIN or password), something they have (such as a smartphone), or something they are (biometric facial features or a fingerprint). This is known as two-factor authentication and has been around in various forms for a while – think about those situations where putting your username and password isn’t enough, for example when you’re sent a six-digit code to input via SMS.
In real terms, however, this means that from September more than 300 million ordinary European consumers will regularly have to change the way they buy online, introducing an extra layer of friction at the checkout for everyday transactions.
SCA will mean all European shoppers will have to double authenticate all online payments over €30 – having profound implications for how businesses handle online transactions. It’s set to be big as GDPR,

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Making time for success: The advantages of outsourcing online payments for SMEs

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According to research carried out by the American Express Global SME Pulse, SMEs in the United Kingdom, and globally, are confident about their future business performance and optimistic about the economy, with 50 per cent of UK SMEs anticipating revenue growth of at least 4 per cent over the next 12 months. In today’s society,
The post Making time for success: The advantages of outsourcing online payments for SMEs appeared first on Small Business.

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