subject: Bakery Payments [print this page] Bakery Payments Bakery Payments
If you run a bakery, irrespective of its size you can find a variety of steps you can take in terms of taking payment that may perhaps boost your earnings.
Accepting card payments
It may not appear to be the most clear business to associate with accepting credit card payments, however when you take into account the level of money many people are prepared to spend on card this could be the perfect move for your enterprise.
Merchant accounts
A common misconception is that you can only obtain merchant services through your bank. In actual fact there are a range of providers of merchant services who will manage the process of transferring funds straight into your business bank account.
The rates that you are charged for this service are usually lower with an independent payment processor since they have the ability to focus on SMEs (small and medium enterprises). SMEs are frequently over-charged by banks as they are given a flat rate opposed to rates dependent on the volume of transactions and turnover made. Independent providers have the buying power to negotiate lower rates which are then given to their consumers.
Opening an Merchant account
Opening an account should be painless with rates quoted to you over the telephone. Some providers can have you set up within a matter of days.
Why accept credit card payments in my bakery?
The prime reason to accept card payments is that people prefer to pay with credit card. Paying by credit card allows the customer:
> Easy access to the funds in their bank account
> Protection and safety. Chip & PIN technology has helped to combat fraudulent actions.
> The capability to buy on impulse.
Debit card usage alone has escalated fourfold in the last decade; which is twice as much as overall spending. Payments by credit card are therefore rapidly becoming the preferred payment method for customers.
Small businesses including bakeries will still benefit from a card terminal. If you advertise that you accept card payments and display your credit card devices on your counter top you'll realise that a growing number of customers will elect to pay using this method. This will inevitably increase customer spending and will open up your business to a broader market.
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