Singapore Expats

For the life of me I can't find out who supplies the service or the little machine in a store that swipes the credit card. I'm about to start my own retail business and would like to find out where or who I can get credit card processing from. I've tried DBS and Citibank but all are no help. Can anyone point me the way....its probably very simple but I don't know which category to look under in the Yellow Pages either. merchant payment solutions?

Hi GadgetGirl,
I work for one of those companies you named above (not supposed to say which one, since this is a personal message rather than official communication from the company. Plus, I don't want to get flamed by every Tom, Dick & Harry that ever had a problem with their credit card! ).
Anyway, you 'can' just buy swipe card readers at, for example, Sim Lim square or the internet but that doesn't get you anywhere, assuming your intentions are honest.
In order for you to process card transactions, you need to establish a business relationship with an 'Acquiring' bank. They 'acquire' transactions from you (e.g. when a shopper uses his/her card in your business, the swipe terminal sends the details to this bank, which in turn sends it to the shopper's bank (Called the 'Issuing' bank because that is the bank wich Issues the card to the shopper). The Issuing bank then authorises (or not!) the purchase and sends the reply back to the Acquiring bank, and then to your terminal.) If the transaction is approved, the issuing bank will then credit your account at the acquiring bank, and debit the shopper's account.
When you establish this acquiring relationship, the bank themselves will provide the terminal. Very surprised that DBS, Citibank weren't interested. Try walking into a business similar to your own, and ask them who is their Acquirer.
Hope this helps. Let me know.

Try NETS first. Since NETS is not a credit card, they are less sticky with giving you a machine to swipe. Credit card machines are prone to fraud. So, you can start with NETS.... then work your way to other bank.
To get credit card swipe machine, you may have to go to the bank where you hold your company current account. Talk to the branch manager, that's the person that is possibly most helpful to you.
Good luck.
Bizcatalyst

bizcatalyst wrote:Credit card machines are prone to fraud

Oooohhhh, pleeeeezzze!

Try these... I just called to check not too long ago.

1) Nets - Jasmine 90690822
Call her and she can send u an application form with all the details/info. Takes about 2 weeks for the paperwork and installation. u can open a corporate acc with any bank. Transaction fees is based on 0.55% of sales. Mthly subsc fees is $60. One time installation is $40.

2) Credit Cards - Charges are slightly different for diff banks. Go to the respective bank's website and look for "merchant card sales" or something along the same line. Otherwise, u can always call the main line and they can redirect u accordingly.

OCBC - Transaction fees = 2% of sales. Annual rental $480. Annual maint $2k. $600 deposit (refundable). Need to open corporate account with OCBC. Contact - Gigg 91861204

DBS - Transaction fees = 3% of sales. Annual rental $360. Paper roll $2 each. $200 deposit (refundable). One time installation $200. Can open corporate acc with any bank. Contact - 68786542

UOB - Transaction fees = 3% of sales. Annual rental $360. Paper roll free. $300 deposit (refundable). One time installation $100. Can open corporate acc with any bank. Contact - 63556850

Between DBS & UOB, one of them offers different plans. I can't recall which Bank. Call and check it out. Also reconfirm with the Bank the timing it requires from application to installation, usually between 10-14 days. Depending on your turnovers and long term plans, u should be able to work out which one is more cost efficient.

Hope this helps.



Cheers!