Common Pitfalls


The Seven Deadly Sins of Card Payments

So you take card payments from your customers? Or would like to?

Here are is a list of the common mistakes which merchants make in relation to card payments which can significantly increase the level of fees which they pay on an ongoing basis:

  1. The biggest single mistake is NOT accepting cards in the first place- this will seriously limit your turnover and growth of your business (link
  2. Assuming that the lowest “headline” rate quoted means the lowest overall cost- some acquiring Banks will quote artificially low headline rates for “qualified” payments but then massively increase them for “unqualified” payments such as non PIN verified transactions i.e. those manually keyed into your terminal or taken over the phone etc. If you see any of the following words on your merchant services statement you need to contact CardFox for advice as you are paying too much: “Exception Charge”, “Premium Charges” “PCI Non Compliance Fee”, “Statement Fee” “Authorisation Fee” “Business or Commercial Card” or “Manual Entry Charge
  3. Some business had been put off by Minimum Monthly Charges (often up to €30 per month) quoted by acquiring Banks and prefer to pay expensive transaction rates to online payment processors instead. CardFox can now provide access to contracts with NO MINIMUM MONTHLY CHARGE- you only pay for what you use and transactions are still processed at the lowest rates available in the market. This is particularly useful for small businesses.
  4. If your business accepts business credit & debit cards (in addition to personal cards) is your current provider as economic for these payments? Do you realise that business or commercial cards cost up to 1% more (typically a full cost of 2.5%+) to accept than consumer or personal debit/credit cards? CardFox ensures the lowest possible overall cost for all our merchants and that all solutions reflect the card and payment types which that business typically faces and not just a generalised one size fits all quotation.
  5. Not thinking about the ease & speed of set up. Many providers can take up to 6 weeks to establish a merchant account and issue a payment terminal. At CardFox we hand hold all new merchants in setting up their accounts and getting their terminals installed so payments can be accepted at the earliest opportunity- typically 5 working days.
  6. Not being alert or educated in spotting potentially fraudulent transactions. CardFox can provide fraud prevention advice to all merchants based on their individual needs. Chargeback’s and fraudulent transactions are very costly to all business – CardFox provides advice on how to limit and avoid these scenarios- please ask your consultant.
  7. Not upgrading card processing equipment- technology is a fast paced environment and it is important to have modern, fast, secure and efficient payment terminals to ensure that you don’t allow queues to build at your tills, slow payment processing and also to have the latest fraud protections build in.