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Published: 20/11/2017

Mythbuster​ ​–​ ​card​ ​payments​ ​-​ ​do​ ​they​ ​increase​ ​business?

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The​ ​last​ ​few​ ​years​ ​have​ ​seen​ ​major​ ​advances​ ​in​ ​card​ ​payment​ ​technology,​ ​with​ ​widespread adoption​ ​and​ ​usage​ ​of:

  • Contactless payment​ ​cards​ ​for​ ​purchases​ ​up​ ​to​ ​£30
  • Making​ ​payments​ ​to​ ​individuals​ ​or​ ​businesses​ ​by​ ​using​ ​a​ ​mobile​ ​number​ ​through 'Paym'
  • Android​ ​Pay​,​ ​​Apple​ ​Pay​,​ ​and​ ​​Samsung​ ​Pay​​ ​which​ ​all​ ​enable​ ​users​ ​to​ ​make contactless​ ​payments​ ​using​ ​a​ ​mobile

The​ ​pace​ ​of​ ​technology​ ​advances​ ​isn’t​ ​going​ ​to​ ​stop​ ​–​ ​expect​ ​to​ ​see​ ​cloud-based​ ​payment systems​ ​soon​ ​–​ ​but​ ​it’s​ ​worth​ ​taking​ ​a​ ​step​ ​back​ ​to​ ​consider​ ​some​ ​of​ ​the​ ​myths​ ​that​ ​have surfaced​ ​and​ ​explore​ ​whether​ ​they’re​ ​actually​ ​true!

Myth​ ​#1:​ ​It​ ​costs​ ​a​ ​lot​ ​to​ ​set​ ​up​ ​a​ ​card​ ​payment​ ​system

It​ ​doesn’t​ ​have​ ​to​ ​cost​ ​a​ ​lot​ ​to​ ​set​ ​up​ ​a​ ​card​ ​payment​ ​system.​ ​Some​ ​providers​ ​may​ ​charge​ ​a joining​ ​fee,​ ​which​ ​covers​ ​the​ ​set-up​ ​of​ ​your​ ​account.​ ​At​ ​Payzone,​ ​we​ ​don’t​ ​charge​ ​you​ ​a penny​ ​to​ ​join​ ​or​ ​leave​ ​us​ ​for​ ​card​ ​payments. 

Myth​ ​#2:​ ​Using​ ​an​ ​independent​ ​card​ ​service​ ​provider​ ​is​ ​expensive

Quite​ ​the​ ​opposite!​ ​Their​ ​independence​ ​can​ ​be​ ​what​ ​enables​ ​payment​ ​providers​ ​to​ ​offer great​ ​deals,​ ​with​ ​individual​ ​packages​ ​to​ ​suit​ ​your​ ​business,​ ​and​ ​may​ ​offer​ ​extra​ ​benefits​ ​that banks​ ​often​ ​don’t.

Myth​ ​#3:​ ​My​ ​merchant​ ​account​ ​needs​ ​to​ ​be​ ​with​ ​the​ ​same​ ​bank​ ​as​ ​my​ ​business account

You​ ​can​ ​get​ ​a​ ​merchant​ ​account​ ​with​ ​your​ ​bank,​ ​but​ ​sometimes​ ​their​ ​terms​ ​are​ ​not​ ​the best. There's a​ ​lot​ ​more​ ​flexibility​ ​here​ ​than​ ​many​ ​businesses​ ​realise.​ ​Some​ ​card​ ​payment providers,​ ​Payzone​ ​included,​ ​offer​ ​merchant​ ​accounts​ ​and​ ​offer​ ​a​ ​different​ ​approach​ ​with face​ ​to​ ​face​ ​visits​ ​to​ ​discuss​ ​a​ ​deal​ ​for​ ​your​ ​business. 

Myth​ ​#4:​ ​If​ ​my​ ​payment​ ​provider​ ​is​ ​hacked,​ ​my​ ​customers’​ ​data​ ​could​ ​be​ ​stolen

Data​ ​protection​ ​is​ ​a​ ​serious​ ​issue​ ​for​ ​anyone​ ​who​ ​exchanges​ ​data​ ​these​ ​days,​ ​and​ ​it​ ​has given​ ​rise​ ​to​ ​the​ ​fear​ ​that​ ​customer​ ​data​ ​is​ ​at​ ​risk​ ​of​ ​theft.​ ​However,​ ​where​ ​card​ ​payments​ ​or contactless​ ​payments​ ​are​ ​made,​ ​sending​ ​data​ ​is​ ​anonymised​ ​and​ ​if​ ​stolen​ ​cannot​ ​be​ ​traced back​ ​to​ ​an​ ​individual​ ​customer. 

Myth​ ​#5:​ ​Having​ ​a​ ​card​ ​payment​ ​provider​ ​means​ ​I​ ​don’t​ ​need​ ​to​ ​worry​ ​about​ ​PCI compliance

Payment​ ​Card​ ​Industry​ ​Data​ ​Security​ ​Compliance​ ​(PCI​ ​DSS)​ ​is​ ​the​ ​responsibility​ ​of​ ​any business​ ​that​ ​takes​ ​card​ ​payments.​ ​Ultimately​ ​you,​ ​as​ ​the​ ​collector​ ​of​ ​the​ ​data,​ ​are responsible​ ​for​ ​its​ ​safety​ ​and​ ​must​ ​continue​ ​to​ ​ensure​ ​your​ ​systems​ ​protect​ ​customer​ ​data.

Myth​ ​#6:​ ​‘Electronic​ ​theft’​ ​can​ ​clone​ ​my​ ​customers’​ ​contactless​ ​cards

Contactless​ ​cards​ ​have​ ​embedded​ ​microchips​ ​with​ ​advanced​ ​encryption​ ​technology,​ ​so​ ​it can be very​ ​difficult​ ​to​ ​make​ ​a​ ​counterfeit​ ​card​ ​that​ ​actually works.

Myth​ ​#7:​ ​‘Electronic​ ​theft’​ ​of​ ​contactless​ ​card​ ​information​ ​can​ ​enable​ ​identity​ ​theft

Contactless​ ​cards​ ​don’t​ ​send​ ​much​ ​information,​ ​so​ ​there’s​ ​little​ ​risk​ ​of​ ​identity​ ​theft.

Myth​ ​#8:​ ​A​ ​contactless​ ​payment​ ​can​ ​be​ ​stolen​ ​by​ ​a​ ​crook​ ​using​ ​a​ ​machine​ ​reader when​ ​they​ ​are​ ​next​ ​to​ ​my​ ​customers

Contactless​ ​and​ ​mobile​ ​device​ ​fraud​ ​accounted​ ​for​ ​​£6.9​ ​million​​ ​of​ ​losses​ ​in​ ​2016,​ ​but​ ​this​ ​is typically​ ​when​ ​they’ve​ ​been​ ​lost​ ​or​ ​stolen.​ ​There​ ​have,​ ​however,​ ​been​ ​​media​​ ​reports suggesting​ ​that​ ​crooks​ ​can​ ​swipe​ ​money​ ​from​ ​contactless​ ​cards​ ​when​ ​they’re​ ​in​ ​close proximity.​ ​According​ ​to​ ​the​ ​​UK​ ​Cards​ ​Association​,​ ​there​ ​have​ ​never​ ​been​ ​any​ ​confirmed reports​ ​of​ ​money​ ​being​ ​‘stolen’​ ​from​ ​a​ ​contactless​ ​card​ ​while​ ​in​ ​a​ ​cardholder’s​ ​possession​ ​in the​ ​UK.​ ​Be​ ​reassured​ ​that​ ​a​ ​contactless​ ​card​ ​has​ ​to​ ​be​ ​used​ ​in​ ​a​ ​certain​ ​way​ ​to​ ​work:​ ​just​ ​a few​ ​centimetres​ ​away​ ​from​ ​the​ ​card​ ​reader​ ​and​ ​clear​ ​of​ ​metal​ ​objects​ ​like​ ​keys​ ​and​ ​mobile phones,​ ​or​ ​other​ ​contactless​ ​cards.  

Myth​ ​#9:​ ​Cash​ ​is​ ​cheaper​ ​for​ ​businesses​ ​to​ ​handle

Many​ ​businesses​ ​accept​ ​cash​ ​and​ ​need​ ​lots​ ​of​ ​change​ ​available,​ ​which​ ​requires​ ​frequent trips​ ​to​ ​the​ ​bank​ ​to​ ​pay​ ​in​ ​or​ ​take​ ​out​ ​cash.​ ​Quite​ ​apart​ ​from​ ​the​ ​cost​ ​of​ ​their​ ​time​ ​and transport​ ​to​ ​the​ ​bank,​ ​they’ll​ ​also​ ​incur​ ​bank​ ​charges​ ​for​ ​the​ ​cash​ ​paid​ ​in​ ​or​ ​taken​ ​out.

Myth​ ​#10:​ ​Cash​ ​is​ ​secure

Cash​ ​is​ ​the​ ​least​ ​secure​ ​payment​ ​method​ ​–​ ​if​ ​it’s​ ​stolen​ ​or​ ​lost​ ​anyone​ ​can​ ​use​ ​it​ ​and,​ ​unless it’s​ ​a​ ​really​ ​large​ ​transaction,​ ​no​ ​identification​ ​is​ ​necessary. 

Now​ ​we’ve​ ​cleared​ ​up​ ​some​ ​of​ ​those​ ​misconceptions​ ​about​ ​card​ ​payments,​ ​you’ll​ ​want​ ​to ensure​ ​you​ ​select​ ​the​ ​perfect​ ​card​ ​payment​ ​provider​ ​for​ ​your​ ​business.​ At Payzone we have a range of card payment machines available for a variety of businesses, whether that's for taking payments at the counter, around the shop floor or whilst out on the road.

Payzone card machine in use
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