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How to accept credit card payments – a beginners guide

We live in the digital age where computers and electronic data are paramount to almost everything; even money.
As one going into a new business as either an employee or owner, you must be aware of how credit card payments will be a key factor to your business flourishing in success.

We will walk you through a concise plan of how one unfamiliar with bringing credit card systems into a business, as you well may be, can catch on to the basics and see several new opportunity’s in your company’s growth.

Benefits of Card Payments

The first major benefit of card payments is their simplicity. Most people have become attuned to paying via card nowadays, so being able to accept such payments will make business transactions occur at a far quicker and more efficient rate, as customers will be able to pay instantly rather than taking time for a cheque payment to be cleared.

” I’m hoping to be alive to see the elimination of money. ” – Tim Cooke, CEO Apple
Source: Mashable.com

This is more important when you take into account how the use of cash has taken a decline with the ease of contactless technology for small purchases. This has lead to the prediction
that most people will lean more towards card based payments over time.

Not holding as much physical cash will mean you have far less need to spend money on security for a safe and will mean you needn’t travel for a deposit as often.
Moreover, you won’t need to rely on alternate financing such as loans or overdrafts often, improving your cash flow.

Accepting card payments doesn’t just benefit yourself, but the customer.
Imagine yourself as the customer, needing to head immediately to the cash machine only to waste time unnecessarily, having problems withdrawing the cash or even getting so annoyed with the situation you decide not even to bother investing in this business.

Being able to facilitate instant transactions will convince the customer to see a variety in convenient payment options and be more likely to return.

Time can also be saved in that your customer and yourself won’t need to count the physical money you hold when making a payment. A quick insert of a card and short PIN code entry, or even a swipe of a mobile phone from something like Apple Pay, will have the trade take a fraction of the time fumbling with physical cash would…


Knowing exactly how much money will be transferred and gained during the process means you can plan ahead for future payments, profits and savings. Card machines also make your customers on average more likely to become victim to impulse buying and means less physical cash and cheques need be dealt with, which means fewer bank fees.

Genuine data proves the benefit of cards. According to the Global payments report preview produced by Wordplay in 2015, Credit Cards were predicted to become the second most popular payment option by 2019 and online payments becoming the most popular; something still requiring a credit card.

No matter how you see it, the future where cards take precedent is incoming and any aspiring businessman best be prepared.

Why do we need a Payment Gateway and Merchant Account?

Once knowing why card payments are important, you’ll obviously want to know the “how.”
That would require a few small steps before any payments can be made by gaining two essentials.

What is a Merchant Account?

Firstly, a Merchant Account is required. These are a type of bank account that holds a customer’s account before entering the bank account of a business. This makes it a secure option for both the customer and you, the business owner, authorising the payment for a successful transaction. This payment should enter your business bank account within 2-3 days.

Before rushing towards procuring a merchant account, however, you need to be aware of the requirements:

  • You must be at least 18 years of age.
  • Unless a sole trader, you must have a business account.
  • Be within one of the countries in which the merchant account system is supported (Most
    countries in Europe support it)
  • Must not have a business on the Prohibited Business list (Adoption Agencies, Legal Highs,
    Sex work, etc.)

For a full list of supported countries and Prohibited Businesses, see here:
https://www.web-merchant.co.uk/minimumrequirements.asp

How does a Payment Gateway work?

Secondly, you will need a Payment Gateway.

These act as a connective between your business’ website and the banks, being a swift and seamless process where your customer need not interact with the intermediary step of the gateway.
The gateway purely acts as a platform on which a customer’s credit card and details are submitted and securely sent to relevant financial networks affiliated with the bank and to the merchant account, all it’s sensitive data being encrypted to avoid any third party hacking the data in an act of theft.

The method of card payment can differ depending on how your business operates. The convenient countertop card machines will make retailers and any other in-store establishments far more efficient for their easy usability and close proximity to the cashier’s station.

If, on the other hand, your line of work makes bringing the payment option to the customer rather than vice-versa then portable card machines are recommended far more; an essential for any sort of eating establishment (restaurant, cafe, pub, etc.). Bluetooth technology allows the payment to be processed anywhere within the business’ premises.

Similarly, mobile card machines allow for a greater range in payment; anywhere within the UK where network coverage is available being capable of having a payment transferred.
GPRS technology makes it convenient and essential for businesses that rely more on long range work such as online payment.

When it comes down to actual payment, you must also have a business bank account to transfer the money into through your merchant account, which will take roughly two working days. Such accounts will require a Tax ID Number and a social security number regardless of you having your merchant account yet, though whether or not you need more will vary depending on your specific bank.

Card Processing Fees and Rates

If you have little experience with making card machines part of your business, you may be surprised to find there is a fair amount of cost in bringing it in, though how much depends on
several factors.

Along with deciding which of the three card machines you wish to utilise, you need to consider what type of business you are working on and your turnovers.

To plan your utilisation of card machines, here are a few questions to consider:

1. Transactions – How many do you make face-to-face and/or online/long range transactions
do you make per month? If both, how do the two methods compare?
2. What is the value of each individual card transaction you make per month?
3. What is the total value of payment received from card transactions per month?
4. What types of card make up the majority of transactions (credit, debit, etc.) and what
banks are the most popular?

Once you have come up with an answer to all these questions, you can speak to CheaperPay for advice and calculations of the cost.
As a small example, you may only need the merchant account and gateway solution if your business is exclusively online, whereas having the gateway overshadowed by card terminals.

Obviously, you will want heavy priority on all these options simultaneously if your business is both store and web-based.

Merchant Service Charges

Merchant Service Charges , as you may imagine, refer to charges a merchant account receives based on the transaction rate your payment provider agrees to, based on your answer to the four prior questions. This is set as a percentage of each transaction being taken by your provider as payment and varies depending on whether or not your account is on a credit or debit card.

Authorisation Fees

To authorise each payment, you’ll need to pay Authorisation Fees .
The preset fees from the average provider based on the GBP currency are 0p for contactless transactions, and 2-4p for any card based transaction.

Minimal Billing

If your two fees previously explored fall below the amount agreed upon with your payment provider, you may be charged a Minimum Billing, which is on average £20 per month.

Card Machine Hire or Purchase

You will also need to hire various things such as card machines. Per month, Desktop/Countertop card machines generally cost £15, portable card machines with a fixed base unit cost £20 and Fully mobile card machines with a built in SIM card cost around £25. This isn’t taken into account VAT costs that will be necessary.

If you would rather pay for a machine than constantly pay for hiring, several banks will offer portable card machines for new businesses with prices usually ranging from £50-70.

As one who has aspirations for creating a business or trying to help expand a small business you are part of, this guide should now help you realise the benefits and cost of installing credit card payments as an essential part of your business.

CheaperPay can offer the best advice, setup and prices for the most appropriate card machine and the bills associated with them, you should reap in the many benefits of the time, free space and money that credit card payments provide for your business.

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Shop tills to ring to ‘optimistic’ chime for Visa transactions in new era of ‘sensory branding’

Shoppers already driven to distraction by the incessant dinging, and beeping of self-checkouts could be about to face a new headache.

Payments using Visa will soon be accompanied by a ‘signature sound’, which will chime out each time a card or smartphone is presented, or an in-app purchase made.

Marketing employees at the company have spent a year choosing the perfect noise which, they claim, signals ‘speed and convenience,’ while being ‘energetic and optimistic.’

The insist it is not ‘overly intrusive’, and claim other ‘chimes’ were eliminated for being too ‘angry’ or eliciting ‘visceral reactions.’

The company is also launching a unique vibration which users will feel when paying by smartphone, claiming it is entering a new era of ‘sensory branding.’

The company has made the change because fewer tills carry Visa logos now

The new sound and vibration were picked after spending months carrying out neuro-research to test the physical reactions of volunteers when they were played different sounds. The company claims users were left feeling ‘happy’ and ‘excited’ by the new chime and vibration.

“We wanted to make sure we had the global view, not just four-to-five uninformed people deciding which sound won the popularity contest,” said Visa’s marketing chief, Lynne Biggar.

“You’d be surprised by how excited and how competitive or opinionated we all can be about very short sounds.

“We all are becoming very responsive to the use of sound.”

Companies like Intel are already using sounds as part of their logo. The ‘Intel Inside’ bong is still going strong after 20 years.

The new sound will launch in January ahead of the Olympic Winter Games in Pyeongchang, South Korea, with a new advertising campaign featuring athletes making payments by swiping a credit card, tapping a phone and completing purchases online.

“As new payment experiences continue to take shape in the world, this suite of sensory branding elements will give consumers the assurances we know they want every time they use Visa,” added Miss Biggar.

 

(The Telegraph, 2017)

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VISA Launches Real-Time Payments In Europe

Visa, the payments company, announced news on Thursday (Nov. 2) of the European launch of Visa Direct, a real-time international payments platform.

In a press release, Visa said Visa Direct enables person-to-person (P2P), business-to-consumer (B2C), and business-to-business (B2B) money transfers. Through the service, funds can be transferred into the recipient’s Visa account quickly and securely, providing instant access to money and the ability to make purchases at 44 million merchants around the globe.

“For decades, Visa has led the way in transforming the way we pay in stores and online. Now, we have an opportunity to transform how consumers and businesses pay each other in a fast, convenient and secure way,” said Mike Lemberger, senior vice president of Product Solutions, Visa, Europe, in the press release. “Visa Direct is a proven platform that enables technology companies, businesses and financial institutions to meet the demand for real-time payments, backed by the ubiquity, cost-efficiency and speed of Visa’s global network.”

Visa said in the press release that it is working with service providers, financial institution clients and strategy patterns to roll out services using Visa Direct.

One of those partners is Worldpay, which is a global payment processing technology company for merchants. Worldpay was tapped by Visa to accelerate the availability of Visa Direct to merchants in Europe and eventually across all of its markets globally.

What’s more, Visa said that once recipients’ banks make the changes necessary to their systems, Visa Direct will enable Worldpay’s merchants to send real-time international payments to consumers.

“In recent years, the payments landscape has changed dramatically, with clients and consumers alike expecting to be able to make a payment under their own terms — whether that is making a real-time payment or using a specific method. We are proud to be working with Visa on this unrivalled platform as an early adopter in Europe and other global markets and believe that Visa Direct is an important step in meeting those needs, providing both acquirers and merchants with the tools they need,” Dave Glaser, chief product officer at WorldPay, said in the same press release.

Source (Pymnts, 2017)

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Contactless payments are ready to donate a helping hand!

Contactless Payments are set to become increasingly involved in charity fundraising appeals. The move comes as statistics published late last year showed an incredible rise in the amount of money spent with contactless devices.
According to the UK Card Association, November 2016 saw a £2,903m spend in the UK through contactless mediums – an incredible 183% rise on the previous year.
Now, that incredible figure is set to be translated onto the fundraising scene, with many charities recognising that people are more inclined to spend contactlessly than with spare cash.
Some major charities have already began trialling the scheme, with the 2015 Red Nose Day producing statues that housed contactless payment points where people could donate.
Furthermore, The Blue Cross then introduced a scheme in 2016 where people could ‘Pat and Tap’ the dogs on show to donate £2.
With contactless payments on the rise, the increasing ingenuity of charities to use these schemes as a means of increasing fundraising totals is something that will definitely increase during the coming months and years.

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Reasons why your Business NEEDS to make the switch to contactless payment solutions

More than just a saying or statistic, it has become reality that ‘Businesses that decline card payments are losing out’.

Sorry, we don’t take card payments’ should be a thing of the past as Britain quickly converts to a cashless society, not taking card payments should be something rarely heard of by now. Unfortunately, this is not the case just yet. 75% of all UK retail purchases are made by card; and yet still, more than two thirds of British small to medium sized businesses (SMEs) still don’t accept card payments.

With Cheaper PAY’ment solutions you can:

  • Accept Payments over the phone
  • Accept online Payments
  • Accept smart phone payments
  • Accept Chip ‘n’ Pin payments

How will these benefit your business?

  • Never miss a sale – Customers are able to buy your products anywhere at any time with secure online payments which means more sales for your business.
  • Beat your competitors – Customers are more likely to shop at a store that offers card payments.
  • Happier customers – Card payments are processed in a matter of seconds so customers can quickly continue with their day and you can get on with serving the next customer.
  • Lower bank fees – Handling less cash means fewer trips to the bank and more money back into your business.
  • More security – Extra features protect your business from fraudulent transactions and tell you immediately if a customer’s funds have not yet cleared.

Our low transaction costs are what make Cheaper Pay one of the most affordable merchant service suppliers available. Many card machine companies will charge you for a service that is designed to benefit growing businesses rather than hinder them.

At Cheaper Pay, we believe in supporting and innovating businesses with evolving technology. That is why we offer FREE quotes and a 3 months’ free trial to ensure that the payment solution you have chosen is compatible for your business.

To begin your journey to contactless payment get your free quote HERE.

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Take Payments Over the Phone

phone payments

We can help you get your business ready to take payments over the phone. Enquire today and get a free quote!

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Pepare for the next generation of card payments

Paying for your shopping using your smartphone just got even easier as Mastercard expands the reach of its mobile payment app.

The humble credit and debit card may be a step closer to extinction thanks to a new announcement from Mastercard.

The company has revealed a major expansion to its Masterpass digital wallet service that will allow customers for the first time.

Going forward, Masterpass should now work seamlessly on your smartphone, wearable device or tablet, letting you pay online, in-store, or using the NFC-enabled app with just one touch.

Masterpass makes paying for goods even easier

Masterpass makes paying for goods using your smartphone even easier

Mastercard says that the new service, which links to your current account, is perfect for a wide ranges of use cases, from paying for the tube in the morning to splitting the bill at lunch and ordering your weekly shop online.

Banks will also be able to build Masterpass into their own apps, bringing together all your various digital payment methods and apps in one place.

The company says that around 80 million people around the world will be able to benefit automatically from the new service, which launches in the US today before expanding to Europe later next year.

The news comes as competition in the mobile payment market continues to increase, as big players such as Apple and Samsung throw their weight behind the technology.

Since its launch in 2014, Apple Pay has helped popularize the idea of paying for good using a mobile phone in the UK, with thousands of businesses across the country supporting the technology.

 


Moore, M. (2016) Home. Available at: http://www.express.co.uk/life-style/science-technology/689626/mastercard-masterpass-contactless-shopping-payment-app-nfc (Accessed: 15 July 2016).

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Selfies And Contactless Rings: New Ways To Pay

The way we pay for goods is changing. Get ready for Selfie Pay, contactless payment rings and iris scanners.

What if you could use a selfie to pay for things? How about the rhythm of your heart?

New technologies that could change the way we buy things have been shown off at the Gherkin as part of London Tech Week.

Selfie Pay takes everyone’s favourite vanity exercise and makes it useful: allowing you to authorise a transaction with your face.

The app requires you to blink so it knows you’re really there and someone isn’t using a photo of you to fraudulently authorise a transaction.

The idea is to get rid of the need for passwords, instead using biometrics: unique data based on individual characteristics like your face, eyes or fingerprint.

“If you think about passwords, they’re a standalone measure,” said Jane Khodos from MasterCard. “They’re easily lost, stolen or forgotten.

“Here you’re authenticating with what you have: your phone and also who you are.”

You could use this kind of tech to buy goods, pay for bus or train fares, or to log into your computer.

We also saw more of Nymi: a wearable wristband that can identify you by the unique rhythm of your heart, found in your electrocardiogram (ECG).

Your heart rhythm is not to be confused with your heartbeat, so the band would still work if you had just run for a bus, for example.

“We’re also very concerned about the security issues, it’s something that’s top of the mind for us,” said Amy Neal from MasterCard Labs, the company’s research and development division.

It is not just biometrics that could change payments.

Kerv is said to be the world’s first contactless payment ring: a simple piece of technology that essentially means you are wearing a contactless payment card.

Payment tech inventors emphasise that there is no need to choose just one of these products.

“You can start to bundle biometric authentication together,” says Ms Neal. “So you might have Selfie Pay, but also the electrocardiagram for additional security.

“We hear stories like people are concerned that they may have an identical twin, so what does that mean if you’re doing selfie pay?

“For us this is ensuring that we have a full suite of biometrics available.”

The Kerv ring is due out in July, Selfie Pay comes out in the UK this year and the Nymi band and iris scanner are both still in development.

 


Team, T.S. (2016) Selfies and Contactless rings: New ways to pay. Available at: http://news.sky.com/story/selfies-and-contactless-rings-new-ways-to-pay-10323052 (Accessed: 15 July 2016).

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Festival-goers snap up contactless technology as Qpal launches

QPAL, an Aberdeen-based start-up that has created an innovative technology solution for the events industry, officially launched on Saturday with its first successful deployment at a music and ale festival near Edinburgh.

Aiming to enhance event experiences for both organisers and attendees, Qpal is bringing its innovative web application, which enables efficient, smart and cashless payments via contactless technology, to the UK events industry.
Craig Buchan, founder and managing director of Qpal, comments: “The Qpal team is thrilled to officially launch after the first full deployment of our technology at the inaugural Hops in the Garden event, which took place near North Berwick.

“We developed this solution with the core aims of reducing queue times, increasing revenues, and giving event organisers access to real-time data – with the overarching mission of boosting and enriching live events for everyone involved. This is exactly what we achieved at Hops in the Garden, and we are set to do the same at upcoming events across the country.

“We were delighted to work alongside an early adopter of the Qpal technology, who fully embraced what we are trying to bring to the industry, and bought into our vision.”

Ian Stokes, manager of Hops in the Garden, adds: “From initially meeting the Qpal team, we knew this unique solution would be a great fit for our event. As our venue is relatively isolated with no cash machine on-site, Qpal was the perfect solution to ensure our attendees could easily purchase food and drink throughout the festival.”

The Qpal technology allows event attendees to load cash onto a branded card, and use its contactless technology to quickly and easily make payments throughout an event. This eliminates the need for cash or token systems, which are currently used across the events industry, and brings about a whole host of benefits to event organisers and attendees alike.

Ian continues: “We plan to host Hops in the Garden again next year, so the access to the data analytics is invaluable, enabling us to make key decisions based on a better understanding of our customers and their purchasing behaviour.

“We wish Craig and his team all the best for the future, and thank them for helping us to deliver a better event experience.”

In February this year, Qpal was accepted onto the exclusive 12-week Accelerator Programme in Aberdeen, which is run by Elevator UK, a business support organisation and centre of entrepreneurship based in Aberdeen.

 


 

Festival-goers snap up contactless technology as Qpal launches, via: http://www.scotsman.com/news/festival-goers-snap-up-contactless-technology-as-qpal-launches-1-4175705 (Read 13/07/2016)

 

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Apple Pay is coming to the web – but there’s a catch

Apple Pay will soon be available on in browsers on macOS and iOS, but payments will still have to be authenticated on an iPhone.

Following months of rumours, Apple has confirmed it is launching Apple Pay on the web.

The feature was unveiled at the annual Worldwide Developer Conference and will let you pay for goods through Safari on macOS and iOS. Payments will still need to be authenticated using a fingerprint-enabled iPhone or the Apple Watch.

When customers are browsing on supported websites – such as Crate and Barrel and lululemon – an Apple Pay button will appear. It will work in a similar way to Apple Pay on apps.

Previously, to use Apple Pay iPhone users could store their card details into the contactless system and use NFC to tap and pay for goods in participating stores. Alternatively, they could use Apple Pay to buy items on selected iPhone apps.

Today’s announcement expands this to the web. People shopping on a website on a Mac, or via Safari on their phones, will get a notification on their iPhone to confirm the transaction, which this is done using TouchID.

 

Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

Apple Pay will be limited to £20 until September, when payments up to £30 will be allowed

This means users won’t have to manually enter credit card information on individual websites or store them online when buying goods because the payment – and security – is routed through the Apple Pay system.

The new features are due to start rolling out to the UK and US countries “soon” and WIRED has contacted Apple to get more information and details of supporting websites.

Apple Pay launched in the UK last year and brought the contactless payment system to stores including Boots, Costa, Lidl, Marks & Spencer and Nando’s.

More than 250,000 shops across the UK now accept Apple Pay, with Transport for London also supporting the payment method on its network. The UK was the second country to get Apple Pay after the service launched in the USA in October 2014.

 


Woollaston, V. (2016) Apple pay is coming to the web – but there’s a catch. Available at: http://www.wired.co.uk/article/apple-pay-web (Accessed: 12 July 2016).

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Barclaycard bPay turns watches contactless

Barclaycard is expanding its bPay contactless payments range through the introduction of a small case that can be attached to watches and fitness bands.

The bPay Loop is a silicon case containing an NFC chip that can be slid onto the strap of watches and fitness bands with open buckles.

Launched in 2014 bPay is available to anyone with a UK-registered Visa or MasterCard, debit or credit card, not just Barclaycard and Barclays customers. Users add funds to their digital wallet on-the-go using a mobile app, online through the bPay web portal, or set up an automatic top-up which adds funds when their balance falls below a pre-set level.

Bpay was initially launched as a wristband and is also available as a sticker and fob, with over 100,000 products sold. Barclaycard says that the latest Loop version comes in response to customer demand for a way to add payment functionality to wearables people already own.

Available to buy online for £19.99, Barclaycard has also teamed up with Swiss watch maker Mondaine and fitness tech outfit Garmin to offer Loop to those purchasing selected items from both brands.

Tami Hargreaves, commercial director, digital consumer payments, Barclaycard, says: “Thanks to the huge growth we are seeing in contactless payments, we are increasingly becoming accustomed to being able to make low-value payments throughout the day, in a quick, easy, convenient way. Loop makes that easier than ever.”


Finextra (2016) Barclaycard bPay turns watches contactless. Available at: https://www.finextra.com/newsarticle/29140/barclaycard-bpay-turns-watches-contactless (Accessed: 7 July 2016).

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OT Enables Contactless Payment with Swatch in Switzerland

OT (Oberthur Technologies), a leading global provider of embedded security software products and services, announces a key partnership with Swatch, the renowned Swiss watchmaker and one of the world’s most popular brands, to provide contactless payment to customers in Switzerland.

They will be able to pay with speed, security and convenience, just waving their stylish Swatch Bellamy watch close to on contactless terminals – a great way to shop and save time.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160616005616/en/

As contactless POS terminals are now widespread in all kinds of locations (convenience stores, Quick Service Restaurants, vending machines, car parks, etc.), using such a wearable to pay becomes easy and really convenient for everyday purchases. Combining payment convenience with the style of a Swatch watch really enhances customers’ everyday experience.

OT’s FlyBuySE (Secure Element) is fully integrated within Swatch Bellamy watches and provides a high level of security while enabling seamless payments and transactions. OT’s latest portfolio covers a broad range of payment networks and applications (such as payment, security access, transport, etc) and can be embedded in many different types of wearables. With this partnership between Swatch and OT, Swatch Bellamy holders can perform fast contactless transactions with an innovative alternative to cash. Their watch remains as stylish as before, while embedding the latest payment technologies.

“At OT, we are delighted to work with such a renowned brand as Swatch to launch this innovative product. As contactless payment becomes widespread from an acceptance point of view, more end-users will be looking for such stylish wearables enabling them to pay in a quick, secure and convenient way” said Eric Duforest, Managing Director of the Financial Services Institutions business at OT.

Carlo Giordanetti, Creative Director, Swatch International, declared: “We are happy with the cooperation with the OT team in the Swatch Bellamy project. OT knows how to adapt its portfolio of products and solutions to the latest trends and it is the ideal partner to offer this innovative watch. We look forward to developing this relationship further, and to presenting Swatch Bellamy in more countries.”

“We are delighted to team up with OT and Swatch to provide a payment-enriched version of this emblematic Swiss time keeper to our customers. The Swatch Bellamy is an innovative and fashionable alternative to traditional payment cards. Due to the prepaid functionality, the funds can be easily loaded without any need of a bank account” said Alessandro Seralvo, Director Cornèrcard.

ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com

 


(No Date) Available at: http://finance.yahoo.com/news/ot-enables-contactless-payment-swatch-114400627.html (Accessed: 4 July 2016).

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UK Debit Cards Surpass 100M Mark

The circulation of debit cards in the U.K. has hit a major milestone.

The U.K. Cards Association announced on Thursday (June 30) that there are more than 100 million debit cards in the U.K.

Growth in debit card circulation has increased 2.7 percent over the past year, surging from 97.6 million to 100.3 million in April of this year.

In a statement from The U.K. Cards Association, the organization’s head of policy, Richard Koch, said:

“Since they were first launched in the U.K. in June 1987, debit cards have become a prime feature in the nation’s wallets. Now, almost 30 years later, more than half of all retail sales in the U.K. are made using a debit card. More recently, it has been the growth of contactless, as well as the increasing use of debit cards for online shopping, that has been driving the changes.”

According to the association, debit card spending in the U.K. reached £37.8 billion earlier this year, showing a 6.8 percent jump from £36.5 billion in 2015.

There are many factors contributing to the rise in debit cards in the U.K. market, including consumers opening new bank accounts and the changing ways in which consumers make payments and access funds.

The U.K. Cards Association’s data found that the number of ATM-only cards has drastically decreased in recent years and the check guarantee-only card scheme ended in 2011.

With the popularity of contactless payments in the U.K., it’s no surprise that 61.8 million debit cards in the region now include contactless technology.

The monthly spending on contactless cards reached a record £1.5 billion in March 2016, according to The U.K. Cards Association. In March, approximately 179.6 million contactless purchases took place, amounting to 67 transactions being made every second.

Earlier this year, Visa Europe released data showing that one in five in-person card transactions are now being made with a contactless card in the region. This translates to nearly 3 billion tap-and-pay transactions in Europe over the course of the last 12 months, tripling levels from a year ago.

 


PYMNTS (2016) UK debit card circulation exceeds 100M. Available at: http://www.pymnts.com/news/international/2016/uk-debit-cards-circulation-milestone/ (Accessed: 4 July 2016).

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Pay your car licence – with your card!

Cape Town – The City is testing the use of card payment facilities at its motor vehicle registration office at the Civic Centre.

The use of card payment facilities will be for one week before the City expands this service to other motor vehicle registration facilities across Cape Town, such as the Promenade Mall, Milnerton, Khayelitsha and Plumstead.

On the first day of the pilot, more than 100 credit and debit card transactions were processed.

The city-wide roll out to motor vehicle registration offices is expected to take approximately two months. According to deputy mayor Ian Neilson, the expansion of card payment facilities for the payment of rates and tariff accounts and traffic fines will take a bit longer as system upgrades are required.

The City will accept payments of up to R5000 per transaction by credit or debit card, or any other means of payment which does not hold any cost implications.

“This amount covers most transactions by our clients,” Neilson said, “be it for motor vehicle licences, rates, services bills or other sundry payments. The City will, however, reclaim the relevant banking fee for any payment over R5000.”

As electronic payments carry the lowest bank charges, more than 60 percent of payments to the City are via this method.

“Our first day of testing went well and 103 card transactions to the value of approximately R45 000 were processed,” he added.

“The success of our online offerings, such as receiving municipal accounts by e-mail and the option of registering for the City’s e-services portal, allows for online payments of rates, tariffs and motor vehicle licence payments for clients,” said Neilson.

 


Kent claims 90% of waste handled in UK (2016) Available at: http://www.letsrecycle.com/news/latest-news/kent-claims-90-of-waste-handled-in-uk/ (Accessed: 1 July 2016).
In-text citations:

  • (Kent claims 90% of waste handled in UK, 2016)