
Saving Money Taking Payments
Tips to keep the cost of your payments down
Taking Payments Is A Creeping Hidden Cost
Processing your cash and card payments can come as a bit of a shock to the new cafe owner, lots of cash and lots of small payments via cards, adds up to a few hundred £/$ a month in transaction fees.
Here are a few things you can do to reduce these costs.
Cash
- Pay suppliers and staff in cash where possible.
- Find a bank with free banking.
- Offer 'Cash Back' with debit card transactions.
Cards
- Shop around for your card processing provider, don't use your own banks service without checking the cost v other providers.
- Join a buying group or association who get volume discounts for their members e.g. Federation of Small Businesses FSB.
- Use Contactless payments wherever possible as this is cheaper.
- Offer 'Cash Back' with debit card transactions.
- Restrict the cards you accept to exclude the really expensive cards, your provider will give you this information.
8th December 2023
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