Merchant Resources and Guides
At Bespoke Merchant Solutions, we want to help you navigate the increasingly complex landscape of merchant services. Stay informed on the latest regulations, trends, and news with our dedicated customer resources page.
Helpful Guides
PAX A920 Guide
We want to ensure your employees are fully equipped with the knowledge on how to use the PAX A920. That’s why we’ve attached this helpful guide!
About BMS
This guide gives you a brief introduction to who we are and what we do at BMS. Delving into our services, our BMS membership, and our tailored account management services.
KYC Explained
This guide explains the principles of ‘Know Your Customer’, including what it is and how to prepare collecting the information that may be required.
Useful Blogs
Understanding The Merchant Industry
At BMS, we understand that the payments industry can seem overcomplicated and intimidating, that’s why we’re providing helpful resources to help you better understand some of the trickiest terms and guidelines.
PCI-DSS
PCI DSS stands for Payment Card Industry Data Security Standard.
It is a set of security standards designed to ensure that all companies who accept, process, or transmit credit card information maintain a secure environment for date processing.
PCI DSS is backed by all major debit and credit card companies such as VISA, Mastercard and American Express.
Transaction Fees
Transaction fees are a fee charged for each payment processed. It is typically a percentage of the transaction amount plus a fixed fee per transaction.
Conventionally, the transaction rate is between 1.5%-3%, but have been known to be as high as 6%. Additionally, the typical fixed fee is 20p per transaction.
For example; If a business receives a payment of £100 and the transaction fee is 2% plus a flat fee of £0.20, the transaction fee would be £2.20.
This doesn’t sound like a lot at first, however this fee is charged per transaction, therefore it will add up fast.
Terminal Rates
A terminal rental charge is a charge associated with the use of a physical POS system, (card machine) which has been provided by the merchant services provider.
This fee is typically a recurring cost, such as a monthly rental fee. It is usually between £14 to £35 per month, the cost of which is tied to whichever card machine the provider gives you.
Interchange Fees
Interchange rates are fees charged by the card-issuing bank, such as VISA or MasterCard, to the merchant’s bank every time a customer makes a credit or debit card payment.
These fees are a crucial part of the payment processing ecosystem, as they compensate the bank that issued the card for handling the transaction and the associated risks.
Interchange fees can only be increased by the card-issuing bank, however if they do increase, the merchant provider will adjust their prices to match.
Many people are wary of interchange fees due to the apparent lack of control that the merchant provider has over the rates, however they are typically only increased following a major world event such as Brexit.
Industry Links
BMS is an Independent Sales organisation (ISO), meaning we have a direct relationship with multiple banks. We are able to create a truly bespoke package for our customers by recommending the best bank that matches your needs. Our direct relationships also mean that we are able to negotiate the best prices for our customers.
We provide a range of merchant services including merchant accounts, payment gateway integration, Point of Sale (POS) solutions, and e-commerce solutions. Our services are tailored to meet the specific needs of businesses of all sizes.
Getting started is easy! Simply book a consultation through our Contact Us page on the website. You can also call us at 0800 989 0142 or email us at [email protected]. We’ll set up a consultation to understand your needs and create a customised solution for your business.
We do not charge for the comparisons and analysis service of your current package, and we will always provide you with a free quote. We also promise that there will be no hidden charges, and everything will be explained to you. The team are always happy to help if you are unsure about anything!
The bank you have your business account with is the best place to start, right? Wrong! Most banks do not own their own card payment services. In fact, they simply partner up with a large card processor and resell their products. From our experience, these “direct with the bank” packages are the most expensive.
Get In Touch With BMS
Fill out the form below and one of our experts will get back to you as soon as possible. We look forward to helping you achieve your business goals!
