Member Article

Small business aided in card transactions by Yorkshire Bank

Yorkshire Bank has enabled small businesses which take less that £15k a year in card payments to offer an acceptance service and dramatically change the way the smallest of businesses operate.

The WorldPay Zinc card acceptance service, in partnership with Yorkshire Bank, has been created specifically to meet the needs of small businesses which take less than £15,000 a year in card payments.

Until now, many small businesses in Yorkshire have not been able to offer customers card payment facilities due to the costs and restraints associated with the services available.

WorldPay Zinc removes those barriers and provides small businesses with a flexible and low-cost solution to providing customers with the option of paying by card.

The portable hand-held card reader links via Bluetooth to an accompanying smartphone app, will allow a range of small businesses such as window cleaners, caterers and taxi drivers, to conduct card transactions almost anywhere.

There are no additional upfront or hardware running costs, making it ideal for businesses with sporadic card payment traffic.

Vendors are responsible for paying transaction charges, which are 2.75% of the value of all Visa and Mastercard purchases made by their customers.

A further benefit of using WorldPay Zinc to businesses which are already customers of Yorkshire Bank is that transactions will be credited to their account in three days.

The system means that the region’s small businesses can take full advantage of the shift towards card payments rather than cash.

According to The UK Cards Association more than £45 billion was spent on cards, in 943 million transactions, across the country in 2013, representing a significant increase of 6% on 2012.

Alan Young, Director for Business & Private Banking at Yorkshire Bank in Yorkshire, said: “WorldPay Zinc has been created with small business customers in mind and we believe that our solution will deliver them tangible savings in terms of cost and time, and may create the opportunity for these businesses to make more sales.

“Consumer spending patterns are changing. Almost three quarters of retail transactions are now by card, and businesses need to ensure they can adapt to that.”

This was posted in Bdaily's Members' News section by Clare Burnett .