Recent research has revealed that small bakeries are often charged well above the market rate by their card payment providers.
Bakeries Are Overpaying
A four-year review conducted by the Payment System Regulator, an independent subsidiary of the Financial Conduct Authority, revealed 92% of SMES, including bakeries, had been with the same payment provider for more than a year.
66% were not aware of the fees they were paying for the service, which with hidden fees, being locked into lengthy card reader contracts and the high costs of switching providers, meant that SMEs were often paying two to three times the market rate for their payments!
New Regulations Introduced
The regulator said that the market was “not working well” for the 1.1m SMEs accepting card payments and as of 7th July 2023 new regulations were implemented to enable change.
These game changing regulations include ensuring providers are more transparent with their customers, encouraging businesses to shop around for deals and capping contract lengths at 18 months, to make the card payments market fairer for businesses.
Start Saving by Switching to Payments by Cunninghams Epos Group
Often bakeries find it difficult to compare prices, with hidden costs - but at Cunninghams, we are always 100% transparent, with no PCI or hidden transaction fees.
As we have no minimum monthly fees, no reporting fees and our clients only pay when they transact, we’ve helped clients save as much as 20% on their card processing fees!
To find out more about Payments by Cunninghams Epos Group and the benefits of switching, watch our video below.
To switch to Cunninghams Payments and start saving, call our expert team on 0330 024 5014 or email info@cunninghams.co.uk