CARD PAYMENTS
WHAT SHOULD A FLEET OWNER LOOK FOR WHEN DECIDING ON A CARD PAYMENT PROCESSING PROVIDER?
Article by CabCard Services
www.cabcard.services
For businesses with a fleet of vehicles, accepting card payments is an essential aspect of operations. However, finding the right card payment processing provider (CPPP) can be a challenging task, especially with the numerous options available in the market. To ensure that you make the right decision for your fleet, it is crucial to consider several factors. In this article, we will explore the key aspects that a fleet should consider when selecting a card payment processing provider.
FEES
Firstly, it is essential to consider the fees charged by the CPPP. Card payment processing fees can vary significantly from one provider to another, and some providers may have hidden charges that can add up to significant amounts over time. Some fleets even find themselves having to enter into a three-party (tripartite) agreement to include themselves, a party that handles the movement of the transaction at a charge per movement or event and an acquirer bank which receives the transaction and processes the card payment charging the fleet a percentage fee.
When evaluating CPPPs, it is crucial to look beyond the basic transaction fees and consider other charges such as setup fees, monthly fees, charges for PCI compliance and insecure methods of transacting and chargeback fees. It is also important to ensure that the payment provider is transparent about their fee structure, making it easier for you to calculate the total cost of their services. Don’t get stung by payment solution providers who avoid clarity with their fee structure.
INTEGRATION
Integration with your existing systems should also be a consideration when selecting a CPPP. The ideal payment provider should offer a simple and straightforward integration process that allows you to seamlessly integrate the payment system with your existing systems. A CPPP that offers an application programming interface (API) that enables custom integration with your fleet management system could be an ideal solution. Sometimes payment terminals
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will work more effectively as a standalone system rather than integrating with a dispatch system, it’s always best to seek advice before making a decision.
SECURITY
Another critical consideration when selecting a CPPP is the security of their payment platform. Security is a significant concern in the payment processing industry, with the rise of data breaches and cyber- attacks. The CPPP should offer robust security measures that protect your customers’ payment information and your fleet’s data. A secure payment platform should have advanced features such as tokenisation and point-to-point encryption (P2PE) that protect sensitive data from interception or theft. The payment provider should also comply with industry- standard security regulations such as being regulated by the Financial Conduct Authority (FCA).
CUSTOMER AND TECHNICAL SUPPORT
The level of customer support offered by the CPPP is also an important factor to consider. The ideal payment provider should offer reliable and responsive customer support and be experienced working within the taxi and private hire market. The support team should be well trained and equipped to handle any issues that arise, whether it is technical support or account management. It is also essential to evaluate the CPPP’s online resources, including documentation, user guides, and tutorials, which can help you resolve minor issues without needing to contact customer support.
INDUSTRY SPECIALISM
Most low-cost card readers aren’t designed with the taxi and private hire industry in mind. Issues such as poor Bluetooth connection is often the cause of transaction failures that drivers may encounter with cheap card readers, resulting in delays and cancellations to the transaction (bad customer experience!).
With a full-fledged card payment terminal with it’s own 4G sim card, these issues can be avoided, making for a smoother and more reliable payment process without the need for Bluetooth and a phone. A very few number of payment providers can even manage the entire money flow process, this allows them to settle either directly to a drivers own bank account or to the fleet.
MARCH 2023 PHTM
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