Credit Cards

[Robojin]

Any one signed up for accepting credit cards as a sole trader?

Pros?/cons?

 

[revjames]

I would have thought the pro is getting paid con getting charged 3%

 

[Evans Electric]

Never thought about that , but could be good idea ,at least you'd get paid .

" Oooo dear we've no cash in the house , the wife has taken the cheque book , but I have my Visa card "

" That will do nicely Sir , now if I just drop my jeans and bend over, you will see where to swipe it "

 

[Sidewinder]

I investigated this in the past, the 3% pales into insignificance when you look at the total costs.

Look up the set up charges, the rental/leasing, the phone line, the machine, the monthly charges for a merchant account, the % charges.

Then when you wake up look again!!!

The cheapest we foudn was the FSB deal.

However, that was for fixed premises.

MARE!

 

[Evans Electric]

Not so simple then ?

 

[DeeJay]

You could also set up a PayPal account to accept credit/debit payments. A bit easier than lugging around the terminal, also no set up fees etc.

But then again you have to hope the customer has internet etc...

 

[Sidewinder]

This is a solution, however there are "issues" with using PayPal.

 

[DeeJay]

What kind of issues are there sidewinder?

 

[Manator]

I have credit card payment options, the basic cost without transactions is around

 

[Sidewinder]

Security mainly and accessing computers, as IIRC both parties need private access at or around the same time?

Can't remember what the "legal" / PayPal "rules" aspect is either?

 

[DeeJay]

Ok, i might look into it a bit more as there is an app for the iPhone for PayPal.

 

[revjames]

Paypal milk you for 4% when you bank the money

 

[DeeJay]

Ah, theres always a catch!

 

[revjames]

Thats why ebay is expensive. 10% comission, listing fees all adds up then another 4% I usually keep my money from selling stuff in the paypal account until I want to pay for something.

 

[PC Electrics]

At least with PayPal, 4% is all you'll pay. there is no monthly fee like Manator has. So if only a couple of clients pay that way it will only cost per transaction. You can always add the 4% to the bill.

I would have thought the biggest danger with PayPal is "chargeback".

 

[steptoe]

BACS is a pretty simple system,

OK, it may be dodgy if you want to buy something or get your late uncles inheritence from somalia,

but I think for paying bills in the UK it is good,

I have used it quite a lot and even done it internationally and its good,easy,and safe.

all you have to do is provide a few details to the client and if they have telephone or internet banking it is almost instant,

and most people have those these days,

unless we are talking about old people, when money is not the issue, pride is, they will not want to be in debt to anyone.

 

[safedepth]

I investigated this in the past, the 3% pales into insignificance when you look at the total costs.Look up the set up charges, the rental/leasing, the phone line, the machine, the monthly charges for a merchant account, the % charges.

Then when you wake up look again!!!

The cheapest we foudn was the FSB deal.

However, that was for fixed premises.

MARE!

+1

simply wasn't worth it.