Play your cards right James ward from one of our supplier partners, olthem, gives his advice on how to choose a card machine provider Card machines make payments easy for your customers. But are you getting the best deal? With so much choice, it’s wise to shop around. The concept is simple. You install a device from a company known as a ‘merchant acquirer’. The device takes card payments from your customers into a special account that acts as a holding pen. The acquirer and the card issuer ensure that the money’s cleared and move it into your actual business account. It’s a hassle-free experience for your customers, and a streamlined way of doing business for you. But, with so many merchant acquirers charging a range of fees, and so many different types of card readers, it’s not a relationship you want to rush into. As a basic rule of
thumb, systems fall into two categories. You can either buy a card machine upfront or hire one for a monthly fee as part of a contract. We spoke to James Ward from electronic payments experts Olthem, to get his advice. His company specialises in finding the best deal for its customers. “By carrying out a review of merchant service costs, it’s possible to generate savings of up to a third. That’s why it really pays to do your homework, or speak to someone like us,” James says. “For most hospitality businesses, the rental model is likely to be the best option,” James tells us. “But choosing the provider that’s right for you isn’t just a case of finding the one that offers the cheapest start-up fees.”
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