By Stephen Whitlam, Paul Davidson, and Paul Lucraft

Hidden costs of taking card payments?

Payments have evolved fast into contactless and electronic payments with many customers using their phones to store their card account details and paying with apps including Apple Pay and Google Pay. But what of upgrades for the merchants?

Most retail businesses accept cards through processor-supplied devices and pay a monthly rental for the service. That is no longer the only option and – in many cases – may not be the best choice. Often the devices being rented use outdated technology. They’ve been rented for five years and show it… but the merchant still pays monthly rent for the equipment.

Better options

Devices can be purchased and owned by the business but it’s important that the device is also managed and supported by an accredited business to keep transaction data secure and ensure that the business has full support if any operating problems arise.

Generally, new devices which look and feel like mobile phones or smart tablets are more reliable and resilient, but backup support services and transaction integrity are a must.

Expense Reduction Analysts has helped an increasing number of clients to move to owning their own devices, saving them money and improving their image at the till. Change gives clients more flexibility in future about where they process their card transactions, untying them from restrictive contracts.

Owned terminals also enable the deployment of other POS software; loyalty and recognition schemes, cardholder apps and social media payments all of which can help grow the business. The ability to put APIs onto the latest terminals which link to a company’s own systems, making integrations both more flexible and far less expensive.

Part of a payments review

Terminals on their own might not justify a review but combined with a review of the payments processing contracts might well add to key savings and help update the business.

In the last 18 months, ERA has helped merchants with 10 to 600 devices make meaningful savings. Get in touch with our team of experts today.