Small Businesses Believe That They Are Paying Too Much For Their Card Payment Terminals

Many small businesses believe that they are paying too much for their card payment terminals

MORE than 40 per cent of small businesses in the hospitality and leisure sectors believe that they are paying too much for their card payment terminals, according to the AA.

Additionally, it found that 29 per cent of retail small to medium sized enterprises (SME) have complained about the running costs of the credit and debit card terminals they get from payment processing firms.

The AA's survey also showed that 26 per cent of hospitality and leisure SMEs and 24 per cent of small retailers have experienced what they believe to be hidden costs and opaque pricing over the past year.

Businesses typically the terminals from payments groups, such as Worldpay and Global Payments.

Some firms charge terminal users fixed annual fees, while others operate pay-as-you-go and monthly payment plans.

Some mall businesses experienced what they believe to be hidden costs over the past year

David Searle, director of AA Financial Services, which surveyed more than 1000 SMEs, said: "Small businesses are in a tie when it comes to card payment.

Increasingly, the terminal is an essential piece of equipment that customers now expect, but a lack of choice, poor reliability, high costs and surprise add-ons lead, understandably, to mistrust and a reluctance to invest."