Understanding your statement !

We have in the past talked about when meeting up with potential clients and being horrified to see the hidden charges that they knew nothing about.

With that in mind we thought it would be a good idea to let you know about the things that may or may not appear on a merchant services statement and what they are for.

 

·      Performance Reports – This is an app that you can have for £5-£10 per month, that lets you see how much money is going through your machine. If you are a SME you won’t be needing this as long as you do an end of day on your terminal, you can get all of the information that is ever required.

·      Capped Rates – When you agree to a contract with a provider, you are locking in your rates for the duration of that contract, to have a surcharge for Capped Rates is simply unnecessary and will save you approx. £3 per month

·      PCI DSS – This is a mandatory charge on your merchant services statement. PCI DSS is the Payment Card Industry Data Security Standard, and this is a worldwide standard that was set up to help businesses process card payments securely and reduce card fraud. The way it does this is through tight controls surrounding the storage, transmission and processing of cardholder data that businesses handle. PCI DSS is intended to protect sensitive cardholder data. Usually the cost of this will vary between £3.90 - £7.00 per month.

·      PCI Phone Validation – Sometimes a merchant will help you get approved and may charge you for the pleasure. Whether you choose to accept the help is entirely up to you and if your business warrants it, this can sometimes be a good thing, however keep an eye on what you are being charged for this I have seen it vary from £10 -£50 for this service.

·      Financial Software – This is a piece of software (similar to performance reports above) where you can keep an eye on transactions that have come into your business. Unless you employ or are a Financial Director I wouldn’t think you would really need this and the £15 per month you would save would be a nice addition to your bottom line.

·      Free Advertising – This is a clever one because it won’t appear on your statement, some companies offer to give you a free listing on a local directory, it’s free for a period of time and then they normally charge you a per quarter charge of around £25 per month. Always check for what you are signing for in the contract terms and conditions.

·      Terminal Replacement – This is one of my favorites, you’ve signed a contract, you’ve got your terminal and then it goes wrong. Every provider have an agreement with a terminal supplier that gives you 24/7 support already included and you don’t need to be paying the extra £3 per month to have this included. Selling on fear is one of the things I despise by some of our competitors in this industry.

·      Till Roll Subscription – Another one you simply don’t need, a monthly payment of say £5 per month to keep an eye on how much till roll you are using. You can buy till roll anywhere, by all means by it from your provider but only buy it when you need it, otherwise you will have the stuff coming out of your ears.

 

All of the above (not including the PCI Phone Validation as that is an annual fee ) comes to £61 per month on charges you simply don’t need.

When you are re-negotiating your deal, you only need the terminal, the rates and the PCI and authorisations and nothing else and that is exactly what we do here at Payment First.

Come and join us ...........

Come and work for Payment First for the opportunity of UNCAPPED EARNINGS with realistic earning potential of £60k in Year 1 !

We are seeking experienced face to face B2B sales people to identify targeted businesses in their sales territory to cut costs and help them work smarter. Our range of industry leading payment processing solutions

Range of Products

  • Chip and Pin Terminals
  • MOTO ( Mail Order Telephone Order )
  • Ecommerce
  • EPOS Systems

This opportunity is self employed so there is no base salary however you can benefit

from

  • Weekly Payments
  • Full ongoing training and support
  • Freedom and flexibility of being your own boss
  • Your own area, we won't put anyone else in your chosen postcodes (subject to performance)

Huge commissions are avaliable and our best sellers are earning up to £1500 per week

Are you the best candidate? Can you prove it?

If the answer is yes, please get in touch and apply for a role in your area

Mark Brimson

mark.brimson@paymentfirst.co.uk

5 reasons why you need an epos in your life?

I am more and more intrigued when visiting both customers and perspective customers on what they are using on their front end as a till system.

Some like an old rinky dinky (as I like to call them) till system, and some like a more up to date Epos System.

Here are 5 reasons why in my opinion you should look at an Epos System

  • Total Control - Keep control of your business, track your sales, track any voided transactions and keep an eye on your staff (for example, what hours they are working amongst other things).

  • Simple Stock Management - One of the most under used business accessories out there, everyone thinks they have the perfect stock control system, but rarely do they work. Why not create a process around your Epos system that your staff subscribe to.

  • Increase Customer Loyalty- The easiest people you can sell to is your existing customer base. By installing a loyalty programme, you can encourage your customers to come back time and time again - you'd be surprised how far people will travel to save a small amount of money.

  • Easy Email Marketing - Use the contacts in your Epos to send out special offers, some Epos systems are able to integrate with various email marketing platforms, making it extremely easy to keep in touch with your clients. If you're running a special offer, make sure you are telling people about it.

  • Portray the Right Image - Epos systems look amazing and will give your business the correct look and feel. When I see an old till system I assume the owners are not bothered about investing into their own business, so why should I bother buying from them.

 

Yes an Epos system is a considerable purchase but can you really afford to be without one.