Best value card processing?

You'll need to give a rough idea of the volume you expect to do. The lower volume market has obviously got a lot.more competitive lately but those companies aren't going to be the best option if you think you'll be doing 20k/month. Unsurprisingly this gets asked quite often if you have a search you'll find old threads where people have posted what they are currently paying give you a rough idea.

JessRog wrote: »

Approx 150K per year using Sumup at the moment. We know rates with the likes of AIB/BOI/Worldpay are cheaper but curious as to whether there's a know 'cheapest' option.

The really isn't
I'd talk to your bank and whoever their competitors are.
Things like the volume of transactions, average transaction value, total turnover and risk profile all play into the costs

JessRog wrote: »

Hey all - we're looking into in-person card payment options for a cafe at the moment and wondering if you have any advice as to where to start.

For your experience, what provider is the best value at the moment?

As another poster said it's hard to know the cheapest without asking the various processors directly as pricing is not advertised as it can be quite bespoke. From an approval point of view, presuming you don't have an excessive amount of chargebacks you'll have no issues getting approved and possibly for more solutions as well.

heffo500 wrote: »

I've been looking at a card machine, I've been speaking to Card Fox who have helped is work out what's cheapest and best.

It's actually a disgrace that CBI haven't forced transparency in this.

Payments industry is like another different world that's impossible to fully understand. So many different players and services/products. I can imagine who Card Fox will refer you onto and depending on your business, tread carefully and research everything before agreeing to a terminal/gateway.

silver2020 wrote: »

what transparency is needed? - you ring a merchant service, provide them with some info, they then quote you.

Quite simple and quite transparent.

If you are doing €5m+ a year you will get better rates than someone doing €1m+ and they will get better rates than someone doing €100k a year.

Likewise if your average sale is over €100, you get a different proposal that someone with average sale of €3.

Card fox are a broker. They can be good, but not always the cheapest. Remember they have to get their commission

My issue is that the terminology is not standardised some use different wording etc.

I think all the merchants should have to when offering a quote offer a standardised template, and using standardised wording. That a business can easily compare one supplier with the other.

Very like a investment fund must produce a KID Key Investment Document. A document which is the same format no matter the provider.

heffo500 wrote: »

My issue is that the terminology is not standardised some use different wording etc.

I think all the merchants should have to when offering a quote offer a standardised template, and using standardised wording. That a business can easily compare one supplier with the other.

Very like a investment fund must produce a KID Key Investment Document. A document which is the same format no matter the provider.

Easy enough to get quotes for 3 or 4 service providers and do the comparison yourself based on your business. Far too many variables for a single document to suit all.

An investment fund is simply not comparable

heffo500 wrote: »

The amount of threads on here asking about who to go with is testament that it could be a lot clearer.

Its testament to the amount of competition in the market and that people still think its 2%-3%. I'm of an age that I remember the swipe machines, the 5% amex commission and 3% standard card commissions and the 3-4 days wait for funds in your account after you make the lodgement.

There is no one size fits all. I've worked in companies with large turnover but small average sales and companies with smaller turnover and large average sales. Some with high chargeback/refund levels, some with virtually zero refunds /chargebacks. It all makes a difference.

But no matter what size you are, you should be paying less than 1% except for business cards (the perks are not free - the retailer pays for them in the commissions). How much less than 1% is up to a combination of your negotiation and your business.