[John Milnes]

I'm considering taking payments using the 123 Send payment terminal. Cost is £22.50 per month and £25 set up through FSB membership, min term 36 months. I think it's quite reasonable and could perhaps add £1 to every transaction to cover the cost.

The benefits to me would be

1 better cash flow
2 less trips to the bank to pay checks in
3 sometimes custys will say leave the bill and forget to pay in which case you could call them to remind and say I can take payment by phone
4 less bouncing cheques but dont get many anyway

does anyone use this method and if so would you reccomend?

John

[John Milnes]

And just received this email from 123 Send:

Many thanks for your enquiry. Further to our conversation, please find attached the application forms for Streamline and 123 Send as well as our terminal specification, tariff guide and brochure.

 

As you are a member of the Federation of Small Businesses 123 Send can offer the following discounted card processing rates through Streamline Merchant Services;

             

            Set up fee of Merchant account - Waivered

Mastercard Credit Cards 1.95%

Visa Credit Cards 1.93%

Commercial Credit Cards 2.45%

Visa Debit and Maestro Debit Cards 30p & 29.5p respectively per transaction

 

There is NO minimum monthly service charge for the Streamline facility for FSB members saving you from £10.00 per month.

[Joe H]

Is the £22.50 pmonth still applicable?

or is it if you a FSB member the only payment to be made is the per transaction fee % or fixed as may be applicable.

[JandS]

Sounds quite reasonable rates.
Think it may get you more custom as well, when people know
you take major credit cards they might say sod it I'll have it
done now and put it on the card.
Even price might not be as much an issue when they know
they can lighten the burden on the old card.

John

[derek west]

Sounds quite reasonable rates.
Think it may get you more custom as well, when people know
you take major credit cards they might say sod it I'll have it
done now and put it on the card.
Even price might not be as much an issue when they know
they can lighten the burden on the old card.

John

Hmmmmmmmmmmmm, i like ya thinkin there johnny boy

[John Milnes]

And a bonus to being a member of the FSB...it's more difficult for the tax man to nail ya on all the cash you spend on wild women and booze
Their not keen on investigating FSB members

[Joe H]

Carpet Guy
Whats the answer to my question ??

[John Milnes]

Yes Joe, it's as of today...£22.50 per month, not sure if vat is included.

They also told me that a set up fee of £25 was applicable but in the above email this seems to have been waivered.
This also gets you a ''Streamline'' merchant account for free which could be £150.

In the future, my intentions may be to trade online in another business...so having a merchant account in my back pocket may be a bonus.

Also recently in the news it seems cheques will one day become a thing of the past. Perhaps in five years it will be card or cash.

[Joe H]

Thank you

[ianharper]

just take care and read the small print as some of these guys hold onto your money for thirty days. their justification is that if they have to refund they don't have to chance you for the money back.

I can remember in the old days when you would take a credit card slip into the back and it would be credited to you account that day. it was as good as cash now days it all changed and they say it much more risky for them so they need to protect themselves and the consumer.

I don't think its really the reason they just want the money longer so they can use to to make money to cover the loses by scammers.

this subject should be of interest to all of us as cheques are going to be stopped be used in a few years. so we will have two options wait for thirty days for our money or ask for cash and how is that going to sound?

[Joe H]

Is it 2014 when they reckon cheques will go.

Thats fine - 4 years time is when I am planing to retire so wont affect me. 

[craigp]

The percentages quoted by carpet guy are good compared to others Ive seen.

But some rough calculations; for the higher earning c/c'ers;

could be £6 to £10 per day!

£120 to £200 per month!

plus monthly fee.

more for large companies with carpet cleaning techs and muti van, but there not many of them.

alot when we are used to paying in cheques FREE

[Joe H]

I looked at these schemes in the past - always considered it to be too much an expense for the number of times I am asked do I take a card (about 6 times a year).
OK the frequency will increase as time goes nearer to when cheques will be stopped, but cash is a very good choice still, and I can always fall back on paypal.
OK with the latter they may say they will pay by PAYPAL later and then forget  : but I will have to have some added clause in terms of payment so if they do have a memory lapse then they may have to pay for it - a bit like adding £ to the bill which can be deducted if one pays within say 7 days. (we talking domestic here).
And of course, more then PAYPAL will be in the game as time goes on so their rates will get competative no doubt.

[John Milnes]

Terms are as this pdf they sent me

[Ian Gourlay]

I had someone phone yesterday from a streamline sellar and they were talking about £7 a week glad i put phone down

Very quiet this week more calls from sales people than customers