Small Business Advice

Small businesses: We're paying too much for our card payment terminals

Oliver Jones

Over 40% of small businesses feel they are paying too much for their card readers

Research by the AA shows that over 40% of small businesses feel they are paying too much for their card readers.

A recent survey of over 1000 SMEs shows that 40% feel short-changed by their service providers, with a quarter also complaining of hidden costs and unclear pricing for their terminals.

29% had actually complained to their payment processing firm about the cost of their card readers, which typically come from large companies such as Worldpay and Global Payments.

Small businesses in a bind

Payment to these firms normally occurs in the form of fixed annual fees, though some business owners opt for pay-as-you go or monthly plans.

The director of AA Financial Services, David Searle, commented: “Small businesses are in a tie when it comes to card payment.

Increasingly, the terminal is an essential piece of equipment that customers now expect, but a lack of choice, poor reliability, high costs and surprise add-ons lead, understandably, to mistrust and a reluctance to invest.”

Fancy cheaper card payments?

XLN is currently operating a price-promise to beat the price businesses are currently paying on their customers’ cashless payments.