We understand this process may seem daunting, but don't worry: we're the experts, and we're here to help, any time you need us.
We understand that, when it comes to cash flow, you need to work with a company you trust. We promise to be there for you every step of the way as you begin the process of accepting cards. As your business grows and evolves, our goal is to grow with you, so you'll always have the best solution for your card-processing needs just a phone call away.
Ready to get started?
Below you'll find an easy step-by-step guide of what you need to consider and all the things you need to know to safely and securely process credit and debit cards. Don't worry ... you're in safe hands.
Step 1: Know the basics
Whether you're brand new to accepting card payments or simply looking to step away from the old way of doing things and into a brand new era of card processing with LibertyPay, you're going to need the right product in the right environment. We're here to make it easy for you, and that's why we've put together the below list with everything you need to know:
What is a Merchant Account?
People sometimes confuse merchant accounts with bank accounts, but they're totally separate things.
A bank account is where your business funds are stored, but your merchant account is an account arranged between the merchant (that's you) and a Credit Card Acquiring Bank (or “acquirer”). It's the acquiring bank's job to process credit and debit cards on your behalf.
Before you can get a Merchant Account you will need to go through a credit process with the acquiring bank in order to assess your suitability. This is similar to when you apply for a credit card and undergo a credit risk check. We'll be with you during this step to help.
Types of Merchant Account
There are three kinds of Merchant Accounts depending on who is present at the point of transaction.
Type 1
Known as 'Card Holder Present' or CP. Think of this as the most traditional method, where both the merchant and the customer are present at the point of sale. For example, using your card in a shop and entering your PIN number is a CP transaction.
Type 2
Mail Order/Telephone Order or MOTO. These accounts are used when the merchant accepts orders from customers who are not present. This type is sometimes also called Card Holder Not Present (CNP). For example, someone calls you to make a payment and you enter the customers' card details into a virtual terminal on your computer, tablet, or phone.
Type 3
Internet Merchant Account (IMA). These accounts are used when the merchant is trading from an online shop, selling services on-line, or has a need to run automated transactions where neither the merchant nor the customer is present at the point of transaction.
For example, a customer signs up for an on-line subscription service via a secure webpage where the merchant has an automated system to collect future payments.
If you're interested in selling products online, don't forget to pick up LibertyPay's 'How-To' guide on Internet Trading. Here you'll find everything you need to know about IMA Merchant accounts.
Now that you know what a merchant account is and why you need one, it's time to take a look which product might suit you best. It may be just one or a number of the solutions listed below, so don't worry if you aren't sure. We'll be able to talk you through what's best once you have taken a look.
On-Site Chip & PIN Terminal
Did you know that since 2014 more payments are taken on card than any other method?
Your customers expect to be able to pay by card, and the good news is, if you accept card-payments, you'll benefit from improved cash flow, and much more protection from fraud compared to cash or cheque transactions. Here at LibertyPay we can provide you with one of the most advanced counter-top processing machines on the market.
Here's a tip from LibertyPay: have a think about how you would use your terminal. Would a static (or “counter-top”) terminal suit you best? Or do you need to be able to walk around your business space with a portable terminal? You could even leave the premises with a mobile terminal and still accept card payments. It's up to you!
Virtual Terminal
A Virtual Terminal allows members of staff to enter payment details into a PC, laptop, or tablet from any device with an internet connection. It may be necessary to configure your network or firewalls. Transactions are authorised in seconds and automatically recorded and receipted.
What you need: PC, laptop, tablet, or phone with a secure internet connection, it's that easy!
Pay by Link
Give your customers some breathing space with Pay-by-Link. We'll provide you with a secure payment page that is professionally integrated within your firm's website or, if you prefer, a URL link that may be emailed to customers from any device with internet access.
What you need: PC, laptop, tablet, or phone with a secure internet connection. Don't forget: company website is optional!
Step 2: Chat it through with one of our experts
By now you might have an idea of the sort of product that best suits your needs, but you may require some advice on the ins-and-outs, or just prefer an expert opinion for peace of mind.
Why not get in touch? We're easy to contact by phone: 0333 123 1244 or email: info@libertypay.co.uk, and our friendly UK experts are always ready to chat things through and put your mind at ease.
Don't worry, though! You won't receive a sales pitch. We're used to explaining how things work in terms that are easy to understand and 100% obligation free. You can trust us to help.
Still not sure? We're more than happy to pay you a visit. Have a cup of coffee with us and talk us through what's important to you and how your business works day-to-day. The more we know, the better we can work together on the right solution for you.
Step 3: Complete your application
One of the things that sets LibertyPay apart from the competition, is our deep-rooted belief that one size doesn't fit all. We've been in the business long enough to know that our customers value flexibility and freedom when it comes to their payment provider.
Rather than work with only one acquiring bank as most payment specialists do, here at LibertyPay, we work with a panel of providers. We're different because we can pick and choose who we work with, depending on what is right for you.
Once you and our team have decided on the right product and the right payment provider for you, we'll begin your electronic application for you. It's fast, there's no difficult paper forms for you to worry about, and, once approved, we'll have you up and running as quickly as possible.
Step 4: All done! You're ready to accept payments with LibertyPay
Don't forget: We're always here.
Our support team are on hand 24/7, 365 days a week in our UK Call-centre. So, you can be sure: if you're still working, we're still working,
Here at LibertyPay, we don't take your business for granted, and we'll always be here if you decide it's time to upgrade or change how you receive card payments, don't forget: we're flexible.
We look forward to hearing from you.