Providing card and bill payment services for more than 30 years.

Find a store Customer Support 01606 566 600 01606 566 600
Published: 20/11/2017

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

Product Information

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
Product Information

Card payments overtake cash for the first time in the UK

Card payments overtakes cash for the first time in the UK. Find out more...

Woman using a laptop
Product Information

How do you begin taking card payments

Small​ ​and​ ​medium​ ​sized​ ​businesses​ ​which​ ​don’t​ ​accept​ ​card​ ​payments​ ​are​ ​missing

Product Information

What​ ​to​ ​consider​ ​when​ ​selecting​ ​a​ ​card​ ​payments​ ​provider

If​ ​you’re​ ​considering​ ​offering​ ​card​ ​payment​ ​facilities​ ​to​ ​your​ ​customers​ ​then​ ​

Share this page: