If you are running a food based operation you will doubtless require a PDQ Machine to take Credit or Cash Cards. Your local bank will tell you that their deal is the best on the market. Don’t believe it, shop around. You don’t have to bank with the bank that supplies your machine. Most banks if you are new to the industry will charge you between 1.8% to 3.2% as a rough guide on transactions. They split it down to 55p on one card, a percentage on another card and so much on cash back, if they will do cash back. Their fixed monthly charges are similar. Some send the machine to you with instructions and a phone help line, others will charge you up to £150.00 for someone to install the machine. Avoid them or tell them that you will not pay for installation and they have to do it for free or you will get another machine.
If you do a three or five day course with the BII this entitles you to become an Associate Member. The BII have a deal with HSBC at 1.15% to 1.35% for members, which is one of the best deals available.
I recently met the owner of an hotel whose turnover was in excess of £700,000, three quarters of which was on credit cards. His bank was charging him 2.8% because that was the deal in his previous business, which he accepted as the norm. I explained that the BII deal with that volume of turnover would be 1.15%, his net saving would be in the order of over £6,000.00 per annum. He said that he had signed an agreement for another year and I pointed out that he could afford to pay the whole of the rental for the year, not use their machine, bring in a new machine and he would be thousands in pocket. Regrettably banks are like everyone else, they only tell you what they want you to know not what you need to know.