I have a market stall,is it an expensive step to set up accepting credit cards? Do you need a business account

Question:

I assume you need a phone line too, or can you still use one of those old mechanical card readers?
Do the banks charge high fees for the whole set up?

Cheers

Answer:
Take cash only, if you're selling stuff at a bargain price then it's not unacceptable to ask for cash, lots of shops do this. Otherwise you'll have to pay 4%. There are lots of places that I go and get cash out to pay them, your customers will get used to it. My business bank is Abbey, I get free banking but no overdraft so there's no room for a cashflow problem. And it's not advisable to use an old card reader because too many clones can happen.

To be honest, I've never known a market stall accept credit/debit cards. I assume you mean open-air street market of which there are plenty in London. It is only the ordinary covered stores down each side of the market likely to accept cards. About fees - small convenience stores here (mainly Asian-owned) make a £0.50 surcharge on a card transaction citing high bank charges as the reason

You may have a phone but I have no idea if market stalls use credit cards. Obviously there will be some kind of bank service/admin charge.

I am not sure if you can stil use the printing machine type card transacions

It used to be .. about £14 rental on the Macine and about 2% on the transaction amount

This is why many small businesses charge for card transactions or say only transactions over
£10 are on a card

I think you would need a business account because the bank would want to see evidence of your Accounts

The link below has a phone number to ask questions

I have a market stall,is it an expensive step to set up accepting credit cards? Do you need a business account

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