The way you accept payments within your toy store could have a great effect not just on your profits but in addition how your consumer will perceive your business. A toy store that accepts cash only payments will limit their consumer base and potential profits.
Why accept debit cards?
Debit card usage is rising; in truth payments by card have risen fourfold in the last decade. When you take into consideration that payments by card have risen four times as fast as entire spending this is quite a significant increase. People choose to use their debit card for a number of reasons as it allows:
>On the spot access to funds.
. Unlimited access to funds if the customer has credit card or overdraft facilities. Attract the impulse buyer.
. Safer and more secure transactions. Chip & PIN technology in addition has minimized the risk that anyone could use a debit card that is lost or stolen.
Therefore, it is unsurprising that paying by debit or credit card is actually the favored method of payment over the last decade or two. Payments by cheque have also decreased massively now that banks no more issue cheque guarantee cards. Without a guarantee card a cheque is little more than a promise written on a piece of paper which is why very few businesses accept cheques anymore.
How do I get set up accepting debit cards?
You need a merchant account. Merchant services are available through your bank or an independent payment provider.
> The Banks: The rates set by banks are often higher than those of an independent payment processor because they scarcely separate large and small businesses. Merchant fees which a large company may have no trouble paying, could cripple a smaller business.
> Independent payment processors: The independent processors generally offer lower merchant fees since they negotiate better rates from the banks fundamentally because they send higher volumes of business to the banks. Independent payment processors often focus on SMEs (small and medium enterprises) since they have the ability to present you with a more competitive service. Merchant rates are determined depending on the kind of business and the duration of contract that you sign up for; lower merchant fees can be acquired by signing up with the processor for longer.
If your toy store doesn't accept debit card payments it is really worth contacting your bank or an independent payment processor and ask them to quote how much it will cost you to set up debit card payment processing.
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