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Chip and PIN machines

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Garfield942:
Does any body use a chip and pin machine?  I sell items at craft fairs but not being a professional i am wondering if it is going to be viable to hire one of these machines, as cheques are being phased out.  If anybody uses one of these gizmos perhaps you could let me know details so that i can see if this is going to be cost effective.

Thanks
Garfield942

Dave Atkinson:
Hi Garfield

The AWGB has a chip & Pin machine and they are not cheap.  Unless you are doing an excellent turnover I doubt it will be cost effective.

Back to the good old days of cash!!

I have read recently that the banks are going to stop guaranteeing cheques this year (July springs to mind).  I think it was on one of those letters from the bank that I don't tend to read properly.   I may of course be completely wrong about that though.

Cheers Dave

Martin Lawrence:
Hi Garfield,

 Cheques are going to be around untill at least 2018, but as from next month there is no such thing as a cheque gaurantee card so I would suggest taking name and address with proof of ID incase a cheque bounces from now on.

Cheers Martin.

john taylor:
As mentioned from the 30th June the guarantee scheme will cease to be so if you take a cheque it will be at your own risk.

After putting it off for a couple of years and after a lot of research I have just got a chip & pin system.   The cost can be very high both in rental and the percentage the card companies take per sale.   The average seems to be £50 a month rental and 5% per credit card transaction and 50p per debit card.   You will also need a business account, which charges you for just about every transaction you make and a merchant account.   There are several other ways you can take cards such as pay pal virtual terminal which you can use at shows but they are long winded and don’t always give the same guarantee as chip & pin.

The cheapest way I have found whilst still giving you the guarantee of chip and pin is as follows.

Firstly join the Federation of Small Businesses as a sole trader this will currently cost you £120 a year.

Then using their special arrangement open a business account with the Co-op bank this is free of any charges, unless you pay in more than £4000 in a month, for as long as you are a member of the FSB.

Also using their special deal with 123Send get your chip & pin system and your merchant account with Streamline.   This gives you a monthly rental of £27 and the charges are 3% per credit card transaction and 30p per debit card transaction.

So although you are paying an annual fee to the FSB, which gets you a lot of other things as well, you get free banking, and 50% of terminal rental and card charges.

john

Colin:
An alternative that I use is get friendly with a business that has one of these machines and come to an arrangement. I am lucky my sister has one with her business and I just ring her and she does a cardholder not present transaction for me and we sort the money out later. Cheaper for me and no real cost to her.

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