Ambitious Accept aims to double client base

Accept Cards, based in Halifax, is a broker for businesses to get them the lowest rates for processing the credit and debit card payments they receive.

Set up three years ago by directors Richard Bradley and Mark Pearson, it acts as an independent price comparison service for customers ranging from sole traders to large companies across the country.

It plans to increase the number of applications it handles from 80 to 200 applications a month and recruit more staff to cope with the demand.

Mr Bradley said that most businesses automatically process credit and debit cards through their own banks without realising they could shop around.

Banks typically charge between 2.25 per cent and 2.5 per cent for processing credit card transactions and around 30p for debit card transactions.

But he added that for firms with a turnover of 1m or more, even a two per cent charge is too high.

Accept Cards, which does not charge for its service, claims to typically save firms between 30 per cent and 40 per cent by finding the best deal, rather than going through their bank, with charges as low as 1.17 per cent in some cases.

Mr Bradley said: "The quality of enquiries we have received has really improved in the last 12 months.

"People have got quotes from their own banks to arrange card processing but they are finding that we can save them 30 or 40 per cent in set up and processing costs."

He added: "Cheques will be disappearing soon and more and more people are thinking about alternative ways of taking payments from customers.

"There is a lot more interest and knowledge as far as our customers are concerned with looking for a better deal."

The company, which employs nine people, has customers all over the UK but it has a strong base in Halifax.

Mr Bradley said: "Customers range from people starting up cafes and restaurants, who are new to card processing, to those who have been taking cards for many years – people who are paying too much and want to review their costs."

One of the big growth areas for the firm, which currently has a turnover of 135,000, is expected to centre around mobile card processing technology for businesses such as plumbers and mobile hairdressers, who are currently only able to accept cash and cheques from their customers.

Mr Bradley said: "We have been talking to one or two technology and IT companies to research the growth of mobile technologies to accept payments.

"We're seeing that as a large growth area over the next two years. We want to make these systems more accessible for these types of businesses."

Mr Bradley and Mr Pearson said they set up Accept Cards after spotting a niche in the market and stepping in to offer independent advice using over 20 years' experience of working in the card acceptance industry

"We always knew there was the potential in this sector because there wasn't anyone really offering true independent advice to businesses in this area," said Mr Bradley.

"A lot of businesses aren't aware what costs are involved and need someone like us to help them get the best deal."

In September 2009, the company joined forces with the Forum of Private Businesses to offer firms access to the lowest processing rates for taking payments by credit and debit card.

Mr Bradley said: "From our research we have established that over 90 per cent of their members are currently paying too much for this service.

"We are seeing a big increase in the number of people they are referring over to us."

The rise and rise of plastic

Spending on plastic increased to 360bn in 2008, with over 65 per cent of retail transactions completed by card.

The average person holds four cards and more than 140 million credit and debit payment cards are currently in circulation.

According to the most recent figures from the UK Cards Association, over 46 million adults (94 per cent) of the adult population, held either a debit, credit or ATM-only card issued by a bank or building society in 2008.

Over 38 million adults used their card regularly at least once a month to make purchases in the UK.

There were 168.7 million cards in issue – 66.1 million credit cards, 6.4 million charge cards, 76.3 million debit cards, 19.4 million ATM-only cards and 0.4 million cheque guarantee cards.