If you are running a small business in the UK and looking for a payment device, then this article will show you what options you have.
Just remember one thing, in order to run a business smoothly.
You don’t just need a payment device but also a service which could support the hardware 24/7 x 365 days without any discontinuity.
So if you are evaluating a payment device just based on the cost.
Then let me warn you, you will regret it at some point in the near future.
Here is a short video explaining how you can choose a payment device based on transaction fee and service provided.
How to accept credit card payments for small business
If you register an account with GB Pay and connect your stripe account. You will be able to accept card payment with in 15 minutes.
Just follow below steps:
STEP 1# Go to GB Pay website
Go to (www.gbpay.uk)
The simplest way to get access is to request an invitation.
Just click on request invitation and fill the simple form. It will take only 30 seconds.
GB Pay will get back to you in a few days, and then you can sign up and create an account.
Once you are logged into your account.
Just go to the business tab and click on add business button.
Then just fill name of your business and some description.
Once done, you will be able to see your business added to the list.
Then click on the View Business button.
And you will land on the business dashboard.
STEP 2# Connect your account
Next, you just need to connect your stripe account with your GB Pay account.
You can do that simply by clicking on connect with strip button and following the step by step flow.
It will take you to the stripe website to onboard you as a merchant.
You can fill details about your business, your account details and other required information.
Remember when it asks you to provide the website for your business, just copy and paste the GB Pay URL as shown below:
Once you are finished connecting your stripe account with GB Pay. You will see three ticks next to:
Payouts Enabled: this comes from Stripe account api status
Charges Enabled: this comes from Stripe account api status
Details Enabled: this comes from Stripe account api status
Once you see the three ticks, you are ready to go to the next step.
STEP 3# Print your QR code and start accepting card payments
3rd step is really easy. You can just click on QR code button and print your business personal QR code.
You can put it on your business checkout or on a wall or on your phone.
It’s your choice.
And that's it, you are ready to accept card payment for your business.
Payment options for small businesses
Choosing the right payment options for your small business in the UK is crucial, as it can impact your revenue, customer satisfaction, and overall financial stability.
Here are some common payment options for small businesses in the UK and factors to consider when making your choice:
1. Cash:
— Accepting cash payments is the most straightforward method.
— Suitable for businesses with a physical presence like retail stores or food establishments.
— Consider security measures for handling and storing cash.
— Keep accurate records for tax purposes.
2. Card Payments:
— Debit and credit card payments are essential for most businesses.
— You can set up card payment terminals or use mobile card readers.
— Consider the transaction fees, monthly costs, and equipment requirements associated with card processing services.
— Compare different providers to find the best rates and terms.
3. Contactless Payments:
— With the rise of mobile payment apps like Apple Pay and Google Pay, consider offering contactless payment options.
— Ensure your point-of-sale (POS) system supports these methods.
4. Online Payments:
— If you have an e-commerce store, you’ll need to accept online payments.
— Common online payment methods include PayPal, Stripe, and merchant accounts with banks.
— Evaluate the fees, ease of integration, and security features of online payment providers.
5. Bank Transfers:
— Bank transfers are suitable for B2B transactions.
— Display your bank details clearly on invoices for easy payment.
— Ensure your banking system is secure to protect against fraud.
6. Direct Debit:
— Direct debit allows you to collect recurring payments from customers.
— Ideal for subscription-based businesses.
— Set up direct debit agreements with a bank or payment service provider.
7. Mobile Payments:
— Mobile payment apps like Square, SumUp, and iZettle are convenient for small businesses.
— They offer mobile card readers and integration with mobile devices.
— Compare fees and compatibility with your business type.
8. Payment Gateways:
— Payment gateways like Worldpay, Sage Pay, and Adyen provide online payment processing.
— Research fees, security, and integration capabilities for your e-commerce platform.
Factors to Consider When Choosing Payment Options:
1. Customer Preferences: Consider what payment methods your target customers prefer and are most likely to use.
2. Costs: Evaluate the fees associated with each payment option, including setup costs, transaction fees, and monthly fees.
3. Security: Ensure the chosen payment methods are secure to protect customer data and your business from fraud.
4. Integration: Check whether the payment option can be easily integrated with your existing POS system or e-commerce platform.
5. Accessibility: Make it as easy as possible for customers to pay you by offering a variety of payment options.
6. Reporting and Analytics: Look for options that provide detailed transaction reports and analytics to help with financial planning.
7. Regulations: Stay compliant with UK regulations and the Payment Card Industry Data Security Standard (PCI DSS) when handling payments.
8. Support: Consider the level of customer support and assistance provided by the payment service provider.
Ultimately, the best payment options for your small business in the UK will depend on your specific industry, customer base, and business model.
Take the time to research and compare your options to make an informed decision that meets your business needs.
If you would like me to write more articles about Payment machine for small business and Best card payment system for small business uk.
