Cheap Retail Card Processing (Chip & PIN)?

[bjblackmore]

Hi,

I have a friend who has just opened a temporary shop for Christmas (one of these that sells Christmas decorations, cards, toys etc), which will only be open between November & early January. At the moment he can only accept cash payments, as apparently all the card processing POS system that he’s looked into are far to expensive for a shop that will only be around for 8 – 10 weeks. As I look after most of his IT & telecoms for his other business, he’s asked me to see if there is a cheaper solution.

Does anyone here know of a cheaper chip & PIN solution that doesn’t cost £1000s, or even £100s? I’ve found one company called retailit that have a solution called YesPay which costs between £14.50 - £90 depending on the no. of transactions you do + £40 one off setup. Does anyone use this? If so what’s it like? Are there any other cheap POS solutions?

Any suggestions welcome!

Thanks

Ben

[m8internet]

These are mostly online merchant services

What you are looking for is an offline solution, and these are issued direct from the bank merchant services
Sadly they do cost an incredible amount, but that is a sacrifice you make for having the ability to take debit and credit cards

The best solution may be what is called a mobile Chip & Pin
YESpay also offer this
http://www.yes-pay.com/yespaynet/forms/MobilePos.aspx
However again the costs are about the same, therefore POS based equipment will still be cheaper

Streamline is probably the cheapest and is still used by the majority of large retailers

My own bank (HBOS) is 2.0% plus £250 setup
HSBC is either 2%, £250 setup, no fee in first 12 month for turnover upto £50K, and for turnover over £50K variable rate, £150 setup, and £18 per month per terminal plus VAT

[pookylu]

HSBC is either 2%, £250 setup, no fee in first 12 month for turnover upto £50K, and for turnover over £50K variable rate, £150 setup, and £18 per month per terminal plus VAT

Hi,

im opening a boutique soon and have set up a business account with HSBC, but i was not aware the cost of chip and pin machines. I did ask the bank when i first applyed for the account but they just said they can discuss this when the account is open.

Would i be best going with the Yesplan one or the bank do you think?

thanks

[m8internet]

Personally, I wouldn't trust an external third payment in the long term (that is how one of the Scottish Airlines went bust recently)
You will get a much better rate from your own business bank