Our advice for choosing a payment method

Since July 2022, every business must offer at least one electronic payment option to its customers. How do you choose from the many possibilities? Read the advice of Ante Rimac, an expert at Axepta BNP Paribas*, one of the largest payment service providers in Belgium.

Why use electronic payments? "Benefits for you and your customers"

A new law

"As of 1 July 2022, all businesses in direct contact with their customers must offer them a choice between electronic payment and cash. This is a decision that the government has taken. But which payment method should you choose? Should you use a payment terminal or a smartphone app? And how much will it cost? At Axepta BNP Paribas, we are experts in this field and will help you choose the solution that best suits your needs. One that will make your life easier, suit your business and make your customers happy."

Benefits for your customers

“In Belgium and elsewhere, electronic payments are on the rise. Today, paying by card, smartphone or smart watch is part of people’s everyday habits. It’s simpler, faster and more secure. There’s no need to make a detour to find an ATM. And there are more and more people who no longer carry any cash with them. If customers encounter a cash-only business, they’re increasingly likely to walk away.”

Benefits for your business

“Maybe you’re not convinced, but there are lots of advantages for you as a merchant. With electronic payments, you gain not only time and efficiency but also new business opportunities. You’ll no longer need to go to the bank to deposit the contents of your cash register, there will be less risk of loss, theft or error, and it will make your management and accounting much easier. In the end, it will probably be beneficial for your turnover.”

Choosing the right solution: “Many possibilities”

Payment terminal or smartphone?

“If you have a significant volume of transactions and a varied customer base, it’s in your interest to get a payment terminal. Some are more suitable for businesses with a fixed counter and a cash register. Others work wirelessly, via Wi-Fi or GPRS, and are therefore very popular with restaurants, bars and taxis, for example. Our terminals can also read different types of cards (debit card, credit card, meal vouchers etc.). But you can also use a smartphone app like Payconiq. This allows customers to pay without a bank card by scanning a QR code.”

Some examples

“Currently, about 20% of merchants don’t offer any electronic payment method. These are usually local businesses handling small transactions, like a bakery or a café for example. These businesses prefer to be paid in cash due to transaction costs. We have solutions ideally suited to the reality of their business, with very affordable fixed rates and low rental fees.”

Why seek the advice of an expert?

“Technologies and habits are changing faster than ever before: payments can be made by debit or credit card, via contactless, by email, smartphone or smart watch, in a physical store or online, and so forth. Offering the right payment methods, that are both easy and secure, has become a major challenge. You also need to deal with a hybrid situation, handling both cash and digital payments. Our experts will help you determine your needs and the best way to meet them, remotely or in your store.”

Which payment solution should you choose? Three key questions 

Fixed or mobile terminal?

“When choosing your payment terminal, one of the first questions you’ll need to answer is what type of device you need. Do you need a fixed terminal that will always stay in the same place, like on the counter of a retail business or in a medical office? Or is a mobile terminal more suited to your business, like in a restaurant, where you need to be able to move from table to table? Maybe you’re regularly on the road. In this case, you’ll need a solution that you can use on the go.”

What volumes and payment types?

“How many transactions do you expect on average per day? For larger transaction volumes, we can offer you some very user-friendly systems that integrate directly into your cash register. Also, ask yourself if your customers tend to use a debit card, as they often do in a local business, or a credit card, which tends to be the case for people when travelling. The answer to these questions will determine not only the ideal device for your business but also the most suitable contract.”

Buy or rent? And how much will it cost?

“Once you’ve determined which terminal you want, you’ll need to decide whether to rent or buy it, and of course the latter works out cheaper over the long term. There are different formulas, which our expert will present to you: do you prefer a rate that varies according to your transaction volume, or a rate that is fixed regardless of the number of payments? Another possibility is that you already have a terminal and want to keep it, but you want to change contracts. That’s also possible. Whatever your situation, we’ll help you make a tailored choice that will benefit your business.”