looking for a chip and pin machine in my shop

[itsmefolks]

I am looking to get a chip and pin machine installed. I have been offered one but the 1.7% on transfers + 3 days for the transfer into my account puts me off. They also want £30 a month for the machine which will be on a 18 month tied contract!! Anyone any experience of these people?? I understand there is a similar business running in Italy I think it is called the Mafia!!

[Buenchico]

You've not stated who has quoted those figures to you but the obvious place to start looking for a PDQ machine would seem to be with one of the major banks. Barclays are probably the market leaders:
http://www.barclaycar...s/accepting-payments/

However 3 to 4 days for processing transfers is the usual period, and 1.7% is probably a reasonable rate for a small business. (The major supermarkets will almost certainly pay far less).

Chris

[Skyline D]

The percentage and days seem about right. We tend to wait two days for the transfer but it's not going to be any less.

£30 is a little steep maybe. Ours costs £20 a month including VAT.

[itsmefolks]

Can I ask where the money goes for two or three days?? I thought the transacition was between me as a trader, and the person who is paying me!!

[twix123]

The money is in the bank's clearing system, as it has to be claimed from your customer's bank and subsequently paid to your bank for your account.

[DTCwordfan]

This unfortunately is the UK when it comes to banking. In the USA, I walk into my bank with a nice fat 'check' and the credit is instantaneous. (But watch their rates on cards etc)

[itsmefolks]

Yea I agree. The British system lets everyone have a go at your hard earned cash before you earn it. Then when you have earned it you pay tax on it. Following that you then pay VAT at 20% when you spend it.
I remember when VAT was supposed to be value added tax, which was supposed to be for extras such as certain electrical goods or non essentials. Of course another back door tax eh?