30 Oct Taxi drivers getting prepared for card payments
We hear from Barry Gray about card payments and how to pick the right provider
Travelling in an Irish taxi looks set to become even easier. Payment by card for your cab will soon be standard, as the National Transport Authority considers plans to require card payment facilities in all taxis. As we near 2020 this is hardly surprising news, with London’s black cabs having successfully introduced mandatory card payments almost 3 years ago.
How consumers pay for goods and services has fundamentally changed in Ireland with Debit cards replacing cash as the primary payment method. The total number of active Debit in issue in Ireland stood at over 4.5 million at the end of Q2 2019, with Debit card spending rising by 10 per cent in year-on-year terms in June 2019 to nearly €3.5 billion. The introduction of contactless, and more recently mobile phone payments like Apple and Google Pay, has contributed to the exponential growth in recent years.
Selecting the right provider
Opening a merchant account with a Card Payments Provider is relatively easy and once you have your card terminal you can begin accepting card payments. However not all providers are the same so here are 10 questions to ask when making your selection.
- Do they offer 24/7 customer support?
Some providers offer limited support times which will not suit the irregular hours worked in a taxi.
- Where is the customer support team located?
Many providers have customer support in Eastern Europe or elsewhere.
- Do they have a field engineer team to offer support on the road?
A field engineer may be required to help with the initial installation, or with other problems that cannot be resolved over the phone.
- Do they offer card terminals with a built-in SIM card to get GPRS coverage nationwide?
Some providers offer terminal readers that must be connected to a mobile phone via Bluetooth to get coverage. This can be very problematic if you cannot pick up a connection at the drop-off site and the customer has no cash. Always go with a reputable card terminal brand like Ingenico or Verifone, which has a built-in GPRS SIM card.
- Do they charge any PCI fees?
PCI is a mandatory requirement for card compliance. Confirm the card terminal is PCI compliant but then ask whether there are any fees for PCI compliance. Some Providers charge additional monthly fees for this.
- Do they charge any other hidden fees other than the card transaction fees and/or terminal rental?
Card Payments are notorious for hidden fees like the PCI fee mentioned. Check whether there are ANY fees other than the card transaction fees and/or terminal rental.
- What is the contract length?
Be aware – some Providers have 36 month or longer contracts. Some have no contract for processing but 3 years on the terminal hire.
- Is there a cancellation or early termination fee?
Some Providers can tie you into a very long contract and then penalise you to exit early.
- How quickly do they pay the funds into my bank account?
Ensure your money is settled into your bank account quickly. Next day is preferable.
- Do they support all of major card brands?
Look for Visa and Mastercard but also other card schemes like UPI for Chinese tourists.
BOI Payment Acceptance entered the Irish market in 2015 with the aim of giving Irish businesses a better alternative for accepting card payments. We offer transparent pricing options, fast settlement, no hidden fees, quick and simple set-up, and a call centre in Dublin to handle any queries.
Go to www.BOIPA.com/taxi to see what we can offer you.
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