To take card payments has become a famous model of the transaction now in the 21st century.
In this payment method, you can either pay from the debit card which is connected to a person’s savings account and also you can pay from a debit card which allows the person to take some amount of loan to buy the things he wants.
No matter the size of your business, you can always apply to keep a card payment machine at your business so that people can pay from their debit or credit cards.
In the UK, there is a lot of effort to reduce the use of cash and make payment easy through just swiping cards and going paperless.
Almost every small and big business in the UK have a card machine so that everything can be converted to card payment and online payment to reduce the waste age of paper and to stop deforestation.
Steps to take payment through card
These are the steps you can use to make a card payment in your business.
- First, the business owner will have to open a merchant bank account in any banks in the UK.
- After opening a merchant account, you will have to check which type of payment does your bank accept. It can be through the card payment terminal, payment gateway, mobile card payment etc.
- If you have kept a card machine in your business, then it will automatically transfer back the money of the customer if they find a product which is damaged or they don’t want.
- Then you will have to look for a card machine which has a swipe to read the bar code behind the card or a pin machine with a chip reader which is the latest model of the card machines.
- Then you will have to select a provider, and there are 3 top providers in the UK they are PayPal, WorldPay, and Barclay pay.
- To set up the card machine device, it might take you a time of two to three days while if you have opted for a payment gateway, it will be done and delivered to you in 24 hours.
- There are three types of card machine maker in the UK. These are SumUp which is best for cheap transaction fees, iZettle, which is a very best all-rounder which is cheap as well as easy to use, and Square.
- If your customer uses a card machine to pay then the total amount for which the card is swiped a small amount from it will be deducted as a small fee for setup and payment.
- Once all these things are done, you can finally use the card machine to start taking the payment, and only some amount of tax will be deducted.
- After you start taking payment from the card machine that money will directly be transferred to your bank account. After a small fee is deducted as a service charge.
I hope this article provides you with steps to take card payment correctly.