FPB helps firms save money on merchant services
Published: 03 November, 2009
KNUTSFORD: The Forum of Private Business (FPB) is helping small businesses cut adrift by the providers of credit card merchant services or struggling with the cost of processing card payments.
The FPB has joined forces with Accept Cards (ACL) in order to reduce the expense of taking card payments and the hassle of seeking out alternative providers.
Many business owners are paying steep rates because they do not have the time or resources to shop around for a better deal. Some are not aware they can use the credit card merchant services provided by lenders other than their existing banks.
Echoing the scenario in other areas of small business lending, including the provision of overdrafts and loans, many firms are seeing their merchant services suddenly withdrawn simply because of the industry sector in which they operate.
Traders that do not take card payments lose out on business. Spending on plastic increased to £360 billion in 2008, with over 65% of retail transactions completed by card. The average person holds four cards and more than 140 million credit and debit payment cards are currently in circulation.
Facing the march towards a cashless society, the FPB and ACL are working together to offer small businesses access to the lowest processing rates for taking payments by credit and debit card.
Members of the FPB already accepting card payments make an average saving of 30% via ACL, with no joining fees for switching to an alternative acquiring bank. Members of the FPB new to cards save an average of £465.
In addition, ACL provides independent advice on all areas of card processing, and a choice of providers and terminals with flexible rental terms.