With very few people carrying cash on them these days, ensuring that your business is equipped to take card payments has never been so important.
After all, you don’t want to find yourself having to turn away business just because you can’t accept card payments, right?
And, if you run a mobile catering business, the good news is that card processing is easy to grasp and implement! As technology continues to advance at an unprecedented rate, it’s now easier than ever before for merchants to reap the many benefits that come hand in hand with having the facility to accept credit card payments.
We’ve created a helpful guide outlining everything you need to know about taking card payments in your mobile catering business.
First and foremost, you’ll need to choose a credit card processing company or acquirer who will create a merchant account for you. There are a whole host of card processing providers out there, all offering different deals and benefits. With this in mind, it’s important that you shop around to ensure that you get the best deal for your needs. Increasingly we are seeing that many of the mobile catering businesses that are available on Bizdaq come with payment processing facilities.
Once you’ve picked a company, you’ll then receive the equipment you need to process credit card payments effectively. The majority of credit card providers also offer merchant help and support through every step of the transaction process – from point of sale through to helping you with your end of day totals.
Popular card processing companies in the UK include Worldpay, Barclaycard and HSBC. Offering flexible pricing plans, no joining fees, 24/7 customer support, loyalty schemes, and pay as you go pricing, investing in a card machine for your business is a great way to bring your business up to date with changing consumer habits.
Once you’ve selected a provider, you’ll also be expected to sign a merchant service agreement, which will document the type of cards you can accept, the payment process, and any charges you will incur as part of your new agreement.
What taking card payments entails
Processing a credit card payment is quick and simple – after all, it’s a process that the majority of customers will already be familiar with. From the merchant’s side, it is also quick and easy to complete the transaction.
Once the credit card company has approved the customer’s payment, the money is then electronically moved to the merchant account that your processing company will set up for you. This is a fast, secure, and reliable way of accessing your funds.
Do I need to do my accounts differently?
You’ll have to pay a fee for this merchant service, and the amount will depend on the package you choose. To access your funds, you’ll simply need to log in to your merchant account, where you’ll be able to transfer your money into a different account or withdraw it.
One of the main advantages of accepting card payments is that you’ll be able to access a comprehensive statement outlining all of the payments made by card. This will not only help you to identify peak transaction times and consumer spending habits, but it will also help you to finely tune your marketing plan based on your customer’s requirements.
There are many benefits that come hand in hand with being able to accept card payments.
When you have the capacity to accept card payments, you’ll not only be able to maximise sales, but you’ll also be able to manage your accounts more effectively.
Set up to accept all card types, today’s innovative card terminals will also allow you to offer customers contactless payments, and they can be set up and installed in a matter of minutes.
Which options are best for different kinds of vans (and the differences between them)?
Mobile card terminals are best suited for food vans, allowing you to take payments anywhere!
This type of wireless terminal works by connecting to the mobile phone network, from any location, which means you can carry it wherever you go. You can even accept card payments inside or outside of your van! Of course, your acquirer will advise you on the best option for you, based on the nature of your business and your day-to-day operations.
Above all, accepting card payments is not only a great way of increasing profits, growing and maximising the credibility of your business, but it will also make things a lot easier for your customers.
But that’s not all… it will also give you a completive advantage and will instantly help you to put your business on a level playing field. It also means that you won’t have to keep as much cash on site!