Frequently Asked Questions
What do Modern World Business Solutions do?
Modern World Business Solutions was founded in 2017 with the core objective of offering an unseen level of customer service in the card payments sector. In an industry that has been tainted by unwanted sales calls and a lack of customer care, Modern Worlds' ethos of high levels of customer service combined with unrivalled transactional rates makes us an extremely popular proposition for any new business looking for merchant services and a suitable card reader.
Why should I choose Modern World Business Solutions for my Merchant Services?
We at Modern World Business Solutions pride ourselves on offering a service that is tailored for each merchant specifically. We are not a company that is interested in the race to the bottom by offering merchant rates that are not sustainable for the service provider to maintain the levels of service that are required. We are a focused company that wants to offer longevity in what we offer, for that there must be value delivered at all ends of the business. We sell in an ethical way which will mean the merchant completely understands every aspect of the contractual arrangement before signature. This extra time that is given at the front end is invaluable to the merchant and for us at Modern World Business Solutions.
What is Merchant Services?
Merchant services, Chip and Pin, Card reader, card terminal, credit card machine, you would have heard these phrases before. Merchant services are the sector that describes acquiring banks that are commissioned between a merchant (a business) and a consumer (the public) to take Visa and MasterCard payments in their business. It can be seen as a minefield as there are so many charges associated with taking these payments. Our job at Modern World Business Solutions is to break all these charges down so that you feel safe in our hands.
Why should I get a card reader through Modern World Business Solutions?
Well…. You shouldn’t! Not if it’s not right for your business. Sounds bizarre to us to say this on an open forum, but this answer should encapsulate the ethos that we want the best for your business. We will take the time to come and meet with you, if we believe that we can genuinely help you and the solution we can offer is the correct one, then we are 100% the right partner for this. If we feel as though there is a better solution in the marketplace for you and your business, we will always advise you.
What businesses do you supply with Card Terminals?
We will supply E-commerce, hospitality, retail, and the service sector and even have links to process high risk merchants. A high risk merchant would be anyone who takes a deposit or provides a void in time between transacting and delivering a product or service. We would welcome your inquiry so that we could provide you with some friendly advice if required.
What is the right Card Machine for my business?
There are several different types of card payment terminals that are suitable for different types of businesses. Your business might need a portable terminal, it might need a GPRS or a WiFi terminal or it might need a fixed payment terminal that sits on the counter. Whatever the type of payment terminal we can supply it for you and explain the pros and cons of each one. We supply all major terminal manufacturers including Verifone, PAX, and Ingenico so, you can be safe in the knowledge that we are supplying the latest technology on the market.
What are the costs involved in getting a Card Reader for my business?
For us at Modern World Business Solutions understanding your costs is critical in any relationship that we enter. The standard response we receive from a merchant is “what are your lowest rates” it's our responsibility and business ethos to tailor a rate card for you specifically with all the charges transparent and prominent. There are other charges to consider when choosing your merchant services provider such as, PCI compliance, Auth fees, CNP fees, MMSC fees, terminal rental, you must understand all the fees for you to transact and not just the processing rates that are being offered to you.
What support do I get for my hardware?
We supply a technical support number on all our payment terminals so that you have a number to call immediately if you are experiencing problems with your hardware. We also back this up with a Modern World SLA that we will supply you a replacement terminal if you have a manufacturer's hardware warranty problem that is reported before 2pm the next working day.
How long are the contracts for the hardware?
An important bit of information to understand. Your terminal will be on a lease agreement. This means you will be liable for the duration of the contract after you have agreed and signed it. We as a company make sure you fully understand your obligations by making this clear to you, something which you need to look for when working with alternative suppliers. Contract length can be negotiated between 18 and 48 months (about 4 years).
How long will it take to receive my money from my Card Reader?
Our standard settlement is T+3 which means that you will have the funds in your bank account in 3 days from the date of the batch submission. There are also options with certain acquirers that we could place you with who will settle your account the very next day.
What happens if my Card Reader stops working, or breaks?
If your payment terminal breaks or stops working, we will send a replacement card reader out to you the next working day, provided this has been raised with us before 2pm. Of course, if your machine is damaged through misuse, you will be charged, but we can still dispatch within 1 working day. We aim to keep your downtime down to a minimum.
How long will it take for my business to receive the Card Reader?
Under promise, over deliver that is our motto! – it usually takes anywhere from 1 week to 10 days for you to start transacting with your new card machine after we have processed your application fully. We will keep you in the loop through your application. We must know of any time limitations on your application so that we can manage your expectations efficiently.
Who do Modern World Business Solutions acquire through?
Modern World Business Solutions are a registered ISO for AIB bank. AIB is our partner of choice, however, we have access to 5 acquiring banks, so if we feel as though a different acquirer is a better fit for your business, we will discuss this with you in your consultation. Each acquirer we have different benefits. We will always place the most suited acquirer to your business.
Do Modern World Business Solutions offer high risk merchant accounts?
Yes. We here at Modern World Business Solutions can place high risk merchant services accounts for pretty much any type of business. We have a unique network of acquirers who will look at high risk businesses. These applications are slower to complete, and we require more information than usual, but we are confident that we can get you a merchant account for most things if it’s legal!
Do Modern World Business Solutions offer E-Commerce merchant accounts?
Yes! E-commerce is a growing area of our business, and we welcome all inquiries for a merchant account. We can also supply the gateway for your MID. We work and integrate with hundreds of gateways, so even if you have a business that has already been acquired, the chances are we can supply you with a new MID and start saving you money immediately.
Mobile Card Machines
How do I know if a mobile machine is for me?
If your business takes payments at a table, or you must take the terminal to the customer then a portable or mobile card machine is the best fit for your business. As long as you have the correct connectivity.
How do I know if I need WiFi or GPRS?
If you have a strong WIFI connection in your premises and you will not need to take the terminal out of reach, then we would recommend that WIFI is the connection of choice. Some terminals have dual communication with GPRS so if you go out of reach the GPRS will kick in – please ask about these. If you do not have WIFI in your building but a good mobile reception, then GPRS might be the right choice.
Do I need a segregated WiFi connection for my mobile terminal?
We would always recommend that the WIFI that you connect your payment terminals to is dedicated just for this purpose, this will make taking payments quicker and will help ensure that the network does not slow at busy times.
What is the battery life like on your mobile card machines?
Our mobile card machines are known for their impressive battery life. Once fully charged the battery life with expected usage is 8 hours. These are easily chargeable, and each terminal comes with a charging cable as standard.
What types of businesses usually use a mobile card machine?
Mobile payment terminals are usually used by a whole host of business types. Hospitality businesses such as Bars, pubs, clubs, sports clubs, and restaurants, and leisure businesses such as football clubs, bowling alleys, and Golf clubs all go through to retail businesses. A mobile payment terminal does work for all business types.
Is there a contract for mobile payment terminal?
We do things to suit the merchant at Modern World Business Solutions, you will have the option of how long you wish to sign in for and the costs will be laid out clearly with each contract length that we propose. We will only sign you into contracts that you are fully aware of.
Are your payment terminals fully supported?
Yes – all our mobile payment terminals are fully supported by our dedicated technical support lines which are open 7am – 11pm 7 days a week.
What happens if our mobile terminal breaks?
If your mobile payment terminal breaks due to a manufacturer's fault, we offer a 24-hour swap-out service as standard. However, please note that if you break your terminal by dropping it then our warranty does not cover this, and you would be expected to pay for the repair.
How much does a mobile payment terminal cost?
This one is a variable for so many reasons, contract length, terminal type, Sim included, and many other things that we will find out with you before we give you a monthly price for your terminal rental. But to give you an idea the rental could be from £15.00 to £28.00 per month.
Portable Card Machines
How do I know if a portable payment terminal is for me?
Portable terminals are perfect for venues that do not have an extensive reach within the building. They rely on a signal from the base that is plugged into the Ethernet, so if you need to move around lots within your building then a mobile might be a better fit. However, if you run a business that is serving clients at a counter then a portable terminal might be the correct solution for you. With fast transaction speed and a base to ensure battery life is always retained, a portable terminal is perfect for busy hospitality venues.
How is a portable terminal connected?
A portable payment terminal is connected through a base that is connected through Ethernet. The terminal then sits on the base and can be connected via either Bluetooth, GPRS, or WiFi. The hand unit can be removed to up to 100 meters in some cases from the base to process transactions.
What is the battery life like on your portable card machines?
The battery life of a portable terminal is around 8 hours; however, the beauty of portable devices is that they sit on a recharging base when not in use. So theoretically it should never run out of battery.
What types of businesses usually use a portable card machine?
Any business that serves at a counter usually uses a portable payment terminal. Usually, a business has busy periods so that the terminal can be placed back to gain charge in-between. Also, businesses do not have to take the device too far from the connected base unit.
Is there a contract for a portable terminal?
We can assist you with issuing you the contract length that you feel comfortable with. But you will have to sign into a rental agreement of some description.
Are your payment terminals fully supported?
Yes – all our portable payment terminals are fully supported by our dedicated technical support lines which are open 7am – 11pm 7 days a week.
What happens if our portable payment terminal breaks?
If your mobile payment terminal breaks due to a manufacturer's fault, we offer a 24-hour swap-out service as standard. However, please note that if you break your terminal by dropping it then our warranty does not cover this, and you would be expected to pay for the repair.
How much does a portable payment terminal cost?
Our portable payment terminals range in costs depending on the one that you choose, to give you an idea they range from £15.00 per month to £30.00 per month.
Fixed Card Machines
How do I know if a fixed payment terminal is for me?
If your business is a busy store that is driven by an EPOS system to which your clients visit the till to make a payment or have connectivity issues, then a fixed terminal is probably the correct solution for you. A fixed solution negates any reception issues and if you have a secure internet connection will keep you processing fast and securely. We at Modern World work with the leading providers of fixed payment terminals. The datasheets and specs of the leading 3 can be seen here.
How is a fixed terminal connected?
The fixed payment terminals are connected by either being wired directly into the EPOS system, a router, or directly into the telephone line, however, this method is slowly being phased out. So, it is vital that you have a stable internet connection for a fixed payment terminal.
What is the battery life like on your fixed card machines?
A fixed payment terminal is usually powered by electricity and plugged into the mains therefore does not require a battery.
What types of businesses usually use a fixed card machine?
You will often see fixed payment terminals in businesses with high footfall such as retail stores or supermarkets. This is because of integration into EPOS systems and the connectivity strength of being plugged directly into the router.
Is there a contract for a fixed payments terminal?
We can assist you with issuing you the contract length that you feel comfortable with. But you will have to sign into a rental agreement of some description.
Are your payment terminals fully supported?
Yes – all our fixed payment terminals are fully supported by our dedicated technical support lines which are open 7am – 11pm 7 days a week.
What happens if our fixed payment terminal breaks?
If your fixed payment terminal breaks due to manufacturers' fault, we offer a 24-hour swap-out service as standard. However, please note that if you break your terminal by dropping it then our warranty does not cover this, and you would be expected to pay for the repair.
How much does a fixed payment terminal cost?
Our fixed payment terminal range in costs depending on the one that you choose, to give you an idea they range from £15.00 per month to £30.00 per month.
E-Commerce Payment Gateways
What is a payment gateway?
An E-Commerce payment gateway is used to take payments online via your website. It can be seen as having a credit card terminal on your website. The E-Commerce account will link to your merchant account to process the fees and automatically deposit the funds into your bank account. We have some of the cheapest rates in the UK so you can be online and sell within 24 hours.
How does an E-Commerce Gateway work?
Once a customer clicks the “Checkout” or “Pay Now” buttons you will be sent to an order form to fill out your shipping details. This will be followed by a payment form upon which the consumer will input their credit/debit card details. Upon confirming the purchase our gateway will ping the consumers' bank to see if sufficient funds are in the account and then ping back to the payment gateway to approve or deny the purchase. This will then be followed by a confirmation email or receipt upon purchased goods.
How easy is it to setup a payment gateway?
To set up your payment gateway you will probably need to contact a developer. We do have a website development team in-house who can help you with this. We will supply you with instructions which they can follow. For those who are a little more tech-savvy, we have several pre-built integrations with several of the world’s most popular E-Commerce platforms such as WooCommerce, Shopify, and several more.
Is the payment gateway secure?
100%! All transactions are processed by secure servers. We never store sensitive information or your customers' card details. Like your card processing the banks and gateways are all PCI compliant.
What are the costs involved for a payment gateway?
The costs for your payment gateway are separate from those of your acquiring, so your acquiring fees will be in addition to your gateway fees. Look at your payment gateway as the vehicle for your acquirer to be able to process payments on your website. The two costs that you will likely receive for your gateway fees are the rental payment per month, plus a pence per transaction fee – this is usually anything from 10p – 30p depending on the type of business.
What acquirer can I use for my payment gateway?
Sometimes, for higher risk payment gateways the gateway is dictated by the acquirer. Most high risk acquirers have their own gateway that you must implement so it removes the choice. However, for low-risk businesses, we have partnerships with several agnostic gateways that can house most major acquirers. Below is a list of some of the main acquirers that we can support:
Why should I not just use Stripe?
Stripe is a fantastic option for micro-merchants that are just setting out in the world of E-Commerce payments. Stripe is a fantastic payments company that offers the gateway and the acquiring in one product. However, the % that the attribute per transaction is a little more expensive than finding your acquirer and gateway relationship. However, the support and technology that Stripe offers are perfect for Micro merchants and companies that need a solution set up quickly.
What is 3DS Secure?
3DS is a security protocol used to authenticate users. This provides an extra layer of protection for payment card transactions in card-not-present scenarios. It was designed to allow a cardholder to authenticate its identity to prevent payment fraud, stymie unauthorized transactions, and reduce chargebacks.
How long does it take to setup a payment gateway?
The implementation of your payment gateway is down to your own website developer, so usually, this is a quick process to get all set up. We would say this is a day’s work for a competent web developer at most. However – the thing that takes the time is getting set up with a merchant account that sits on your E-Commerce gateway, it's important that you allow yourself time to get this all set up.
Can I get a payment gateway for my high risk business?
YES! – We can help you find a high risk gateway for your business. If you have a high risk business, then the chances are that you will not be approved with a tier-one named acquirer. This means we would have to use our relationships with alternative banks to find you a solution, once we have you a solution this will dictate the gateway that you can use for your business to accept payments.
What is a chargeback?
A chargeback is when a consumer or someone that has purchased something through your gateway has questioned the transaction with their bank as not being legitimate and that they want their money back. This could be because they believe it to be fraudulent, it could be for lack of service or goods that haven’t shown up. Whatever the reason this is NOT a good thing for acquirers, and they constantly monitor the level of chargebacks a business receives. If that percentage goes over 1% then the acquirer will look at ways to part ways with the merchant in usual cases.
Who supports the gateway?
Depending on the gateway that you implement they all have service levels attributed to them. Most gateways have a technical support line that you can call at any time and ask for support on. You will also have a team here at MWBS that can offer a basic level of support.
Does it come with reporting?
Each gateway that you choose will come with its reporting portal. This is where you can look at all historic transactions and get vital information such as what has been approved and what has not been, along with transactional reporting to give you management information.
How do I pay for my E-Commerce Gateway?
Modern World Business Solutions will set up a GoCardless link to collect E-Commerce fees. We will also give you an invoice once a month that outlines the number of transactions in the period that has been invoiced.
Virtual Terminal
What is a virtual terminal, and the MWBS merchant panel?
The Modern World merchant panel is software that we have developed in-house that we give to all merchants that sign up to us either directly or through our partner network their very own virtual terminal at no monthly rental costs.
What costs are involved in a virtual terminal?
The usual costs involved on a virtual terminal would be a monthly rental cost and then a click fee for every transaction that has been processed through the virtual terminal – this will be outlaid to you on your acquiring contracts and when and if you choose to utilise the virtual terminal on the MWBS platform.
How do I connect to my virtual terminal?
Virtual terminals and the Modern World merchant panel are web-based; therefore, you do need a 4G or internet connection to be able to take payments via a virtual terminal.
What is a MOTO payment?
A MOTO (Mail Order / Telephone Order) is a reference to a payment that has not had the cardholder present when the transaction has been processed.
How quick is it to setup a virtual terminal?
With the Modern World Merchant Panel, you are automatically set up once your merchant account is granted. You will simply have to agree to the costs per click on the virtual terminal and then your account will be activated, and you will almost immediately be able to take payments.
How secure is a phone payment?
Our virtual terminals are already equipped and waiting jammed packed with all the latest security settings to help you combat the world of fraudulent phone payments. Below are two extra layers of security that are added.
This information helps the banks identify the card user is a genuine one.
All of our virtual terminal options are PCI compliant also.
What are my options if a virtual terminal isn't for me?
At Modern World, we can help you with whatever type of payments you need to accept if a virtual terminal isn’t for you.
What card payments can I accept with my virtual terminal?
Your virtual terminal will be able to accept all the major card issuers including – Visa, Mastercard, American Express, and others that you will need to register with beforehand.
Why should I choose Modern World Business Solutions for my virtual terminal?
Simple – we are the best! But besides that, there are many reasons why you should pick us to look after your virtual terminal payments. We are innovators and disruptors, putting this simply, you will likely get more than you bargained for when compared against your peers. A good example would be the merchant panel that we offer to all merchants for no extra cost! – Our service is on point, and we like to make people happy with cost-effective solutions tailored to their business. This is why you should use Modern World Business Solutions for your virtual terminal.
Pay by Link
What is a pay by link?
A pay by link is a secure link that can be sent via email or SMS to your customer enabling them to make a secure payment.
What is the connectivity for a pay by link?
Pay by link is usually sent via a virtual terminal or a web-based merchant panel, therefore internet connectivity is vital for you to be able to raise the pay by link from most platforms.
How do I send a pay by link?
Pay by link is sent directly from either your Modern World merchant panel or your third-party virtual terminal. You simply put the email or contact number of the person you want to send the link to, and the amount and press send. You will then get a report on when the payment has been made.
Is a pay by link payment secure?
Yes – a pay by link is a very secure way of taking a payment, with added security of 3DS.
What costs are involved in sending a pay by link?
The usual acquiring fees are applied to a pay by link payment. However, you may have additional fees such as a click fee each time the link is opened and SMS batch fees if you are sending your links by SMS message.
Can I brand my pay by link page?
Sure – We can brand your pay by link page with whatever logo that you would like, we can also change the colours of your payment page.
Can I put a pay by link on my invoices?
It depends on what invoicing software you are using to send your invoices, however with our new merchant panel you can send invoices directly from the panel that includes a pay by link on the invoice. Our invoicing also integrates directly with Xero and QuickBooks accounting software.
Can I keep track of my transactions?
Yes, there is a designated area on our merchant platform that delivers reports on all transactions that are sent via the merchant panel. This area will tell you what has been opened, paid, and what has not been. You can also send reminders from here.
Is there a setup fee for pay by link?
There is not usually a setup fee for pay by link services. Unless your business needs a high risk merchant account and then there may be set up fees for this.
What cards will I be able to accept with pay by link?
Pay by links will accept all the major card issuers such as Visa, Mastercard, and American Express. Other issuers are supported also.
Will my high risk business get accepted for pay by link?
Yes, your high risk business is possible to be accepted for a pay by link – the main part of getting approval is to get accepted for your high-risk merchant account first, we can then implement the pay by link software for you on your merchant panel.
High risk merchant account
How long will it take to setup my high risk merchant account?
This is a ‘how long is a piece of string’ question I am afraid, we consider high risk merchant accounts to be a managed solution. This means that there is lots of back-and-forth communications to deal with when opening an account. This might take 2 weeks, or it might take 2 months depending on the complexity of your business.
Is a high risk merchant account expensive?
Transactional fees for a high risk merchant account are more expensive than those of a usual high street business account, the rate will reflect the risk of the business. This could be anywhere between 1% to as high as 10%!
Is there a setup fee for a high risk merchant account?
Yes – because of the labour time that goes into getting your business accepted for a high risk merchant account there is a setup fee that we apply. This is between £495.00 and £995.00 + vat BUT is only payable once we have you an offer from a bank that you have accepted.
What is the Rolling Reserve that I have been offered on my high risk merchant account?
A rolling reserve is usually a condition applied to a high risk merchant account; it is where the acquirer withholds a % of your funds for a set period of days to negate any chargeback risk that there might be to your business. This is usually a negotiable condition if your account is managed correctly.
Are the set up fees refundable if we do not use the account?
No - all high risk bank account set up fees and monthly charges are NOT refundable, therefore it is vital you fully take the time to understand your schedule of fees before you enter into any agreements.
When will I get paid from my high risk merchant account?
This is all negotiated through the application process, but the most likely scenario is that you would get paid weekly settlements from your high risk merchant account. Sometimes you will also be paid in arrears too.
Will I be settled in full by my high risk merchant account?
No – most high risk merchant account acquirers will offer you what is known as NET settlement. This means the bank will deduct their % from the transactions before they settle the funds for you.
Am I guaranteed to get accepted for a high risk merchant account?
No – I am afraid not. We are in the hands of underwriters, so although we are experienced in where to place your business there is still a possibility that your application is not accepted – this is why we only charge when an offer letter has been accepted.
What documents do I need to provide to get accepted for a high risk merchant account?
Each business type will dictate a different set of documents. But a rule of thumb to get started with your high-risk merchant account application would be the below:
Any other required documents will be asked for in the underwriting process.
Will my startup business be able to get a high risk merchant account?
We can help any business with a high risk merchant account, but there will be more due diligence for start-up businesses. It will always help if you have a full cash flow forecast and business plan with the proof of funds to start your business with. Acquiring banks do not mind taking risks on start-up businesses – they just want to see that you have been serious enough with your planning.
Will a high risk merchant account integrate into my website?
We work with several different high risk providers that all have their gateways as well as agnostic gateways that have integrations into different shopping carts. HOWEVER – there are some website platforms that high risk merchant accounts will not integrate into. The likes of self-serve web building platforms like WIX are usually problematic to get a high risk merchant account to integrate into – Please check with us first before putting forward your application.
What currencies can I accept with my high risk merchant account?
Our acquirers will take payments in different currencies, mainly in GBP and EURO but we will also accept USD if it is not the main currency that you transact in.
My business is abroad - can I still open a high risk merchant account?
Sure – our relationships will allow us to help any business that is registered within Europe. Unfortunately, if your business is registered outside of Europe, we are not able to help. YOU CAN be registered in Europe and trade in a country outside the EU, however.
Do I have to be a limited company to open a high risk merchant account?
Nope – you can be a sole trader and apply for a high risk merchant account as long as all your paperwork is stacking up about the application you are submitting.
EPOS
What is an EPOS system?
EPOS system or (electronic point of sale) is software for use in predominantly hospitality, leisure, or retail sectors to assist businesses in the speed of service and the control of their stock. EPOS systems also deliver important management information to enable you to get a grip on your business.
What does an EPOS system cost?
We have a wide variety of EPOS systems available at Modern World Business Solutions. They all have different license costs attributed to them and are all available on different hardware types. The USP of us here at Modern World Business Solutions is that we are a broker with several options. We can create the exact package that will suit your business requirements.
Can I integrate my payments to my EPOS?
Yes – all our EPOS systems can integrate with our payment providers and our collection of payment devices also. Being able to try all our epos software together with the payment devices that integrate is a big plus for customers looking for the right solution.
Where does the order print to?
Most of our EPOS has the option to split the printing between Wet and dry tickets, this allows you to divert tickets to the bar or the kitchen or keep them all together on one ticket. We can give you a demo of how these EPOS platforms work.
Can my waiter have a mini EPOS that speaks with the till?
Yes – most of the modern-day EPOS systems have Waiter mode so that the waiter or waitress can take orders at the table and send the order back to the bar or kitchen. This speeds up service and offers efficiency within the business.
What's the best EPOS system for my business?
We like to do things a little differently at Modern World Business Solutions, we will not shove one type of EPOS System down your throat, we will work with you to identify the best product for your requirements.
Do EPOS systems give me reports?
Yes – All of our EPOS systems have portals and dashboards that deliver all your important management information and keep you up to date with vital information to keep your business operating and optimum levels. You can look at your EPOS system as an extra staff member as it delivers you essential information daily.
What is the connectivity required for EPOS?
All our EPOS needs to be connected via WIFI or a LAN connection, the same applies for the printers – Whilst most EPOS systems need to be connected to transact, some work offline for up to 30 days so if you had any connectivity problems the EPOS will still synchronise with the reporting and stock management.
What support do I get for EPOS?
All our EPOS brands offer fantastic support levels, but again this is tailored to each independent merchant. We can offer light support of full 24/7 support, all of this is discussed when putting together your EPOS package at Modern World Business solutions.
Who supports the EPOS?
Our EPOS is supported by software providers. You will have a direct line into the most suitable support team for your EPOS. However, we at Modern World will be on hand to help you with any additional support on hardware and other issues.
What does EPOS stand for?
EPOS stands for Electronic Point of Sale.
What businesses usually need an EPOS system?
You will most likely see EPOS systems behind the bars or counters of hospitality or retail stores, restaurants, pubs, clubs, and bars, coffee shops, and bistros would be ideal candidates to get set up with an EPOS system. Also, all retail stores that have an emphasis on stock reporting and speed of service would benefit from an EPOS System.
How long is the contract on my EPOS system?
We have lots of different options for our EPOS Systems at Modern World Business Solutions, we can offer you contract length as short as a 30 day rolling contract or we can build you something that fits and put you into a 48 month contract – whatever you feel comfortable with is the contract length that you should sign into.
Does my EPOS system help with stock control?
Yes! – this is one MAJOR benefit to all EPOS systems and should be implemented by any user of EPOS systems, especially in the world of hospitality, managing your stock can all be done through your EPOS system. So much so that your EPOS can even be programmed to send purchase orders to your suppliers once a product is running low enough to reorder. Now that is efficiency!
How long does it take to set my EPOS system up?
If you just need EPOS without the payment element, then we can set you up within a week usually, if you need it quicker it is always worth a quick conversation to see if we can support you. If you require payments, then we need to put you forward for a MID – this sometimes takes a week to 10 days to get approved. But we can always get your EPOS populated whilst we are waiting for the payments.
Will my EPOS system have table ordering?
Most of our EPOS systems also now have table ordering apps that integrate. The recent pandemic has sped up the inevitable need for self-ordering and table ordering whether stand-alone or integrated is here to stay. We also have developed our table ordering software called Tapldoo that our partners and merchants can either have stand-alone or they can integrate into the EPOS system Smart Volution.
Is there a setup fee for my EPOS system?
There is no setup fee for our EPOS systems as we can set you all up remotely, however, if you would like either an engineer to visit to set you up or like us to build your menu for you then a setup fee would apply.
Who sets up the menu on my new EPOS system?
All our EPOS systems are user-friendly – so you can add the menu yourself. After training of course. But if you want to get it set up super quick and would like us to build your menu for you then we can do this for you also – a set up fee will apply.
Do I get training on my new EPOS system?
Yes of course – we will ensure that you are given adequate training by the team most suited for your new EPOS system before you are left to your own devices to start using it. The team will support you until you are comfortable to be left to operate it alone.
Merchant Cash Advance
What might you expect to pay back on a Merchant Cash Advance? And how does it work?
Because of the nature of Merchant Cash Advances, they can be seen to be an expensive way of borrowing, having said that they do offer the most flexible payment plans. Ordinarily, the factor rate can get to around 1.3 although this does fluctuate depending on the creditworthiness of a merchant. – what this means is that to work out your total amount repayable you need to multiply the loan amount by 1.3 – for example if you borrow £10,000 you would x this by 1.3 to get a repayment of £13000.
This £13000 will be payable over the agreed time frame, usually over 12 months at an agreed rate per transaction. This might be 10% or 15% per transaction until the loan is fully repaid.
How much can I borrow?
A merchant can usually borrow an average of the last 12 months yearly card turnover for their Merchant Cash Advance.
How quick can I get my funds?
Once an application for your Merchant Cash Advance is in, it is usually turned around very quickly. If accepted, we would expect to have you funded within a week.
What documents do I need to get together?
The documents that you need to get together to put forward your application are listed below.
- Directors ID
- 12 months acquiring statements
- 3 months bank statements
- Proof of business address
- Proof of director’s address
Once you have these documents in hand, you could fill out our API-driven application form below which puts your application straight into the queue!
How do I know I'm getting the best deal for my Merchant Cash Advance?
Just like all our products at Modern World Business Solutions we work as a direct but agnostic brokerage. This means that we have multiple lenders that we search on your behalf before depositing your application with the best fit for you as a business. We will always discuss your options with you and work with you to choose the best fit from the collection of offers you have for your Merchant Cash Advance.
Is there a minimum I can borrow and any other criteria?
Yes – We can only apply for £5,000 as a minimum Merchant Cash Advance and £200,000 as a maximum, your business must also have been trading for 6 months as a minimum for you to qualify for a Merchant Cash Advance.
High Risk Business Bank Account
What sectors can you support?
We can open bank accounts for all types of businesses that are deemed high risk. See the list below for the most popular ones:
- Crypto bank account
- Gaming bank account
- Gambling bank account
- Adult website bank account
- Travel bank account
- Vape bank account
- CBD bank account
How much will a high-risk bank account cost me?
High risk bank accounts do incur charges that are unlike your usual bank account, there will be a set up fee that is payable and transactional charges per every piece of activity through the account in usual cases. It’s our job to source you the best possible deal regarding those fees that are payable.
What details will you need from me?
With high risk bank accounts, we can get you to the pre-approval stage by simply filling out the form below. Once approved in principle we will let you know and ask you for the KYC and documentation that the bank has requested. This will usually be a proof of address, proof of ID, the corporation details or certificates of the business, and any licenses required to operate your business.
When do I have to pay?
You only pay for your high risk bank account when the account has been approved and the offer letter has been issued and accepted by you.
Are the set up fees refundable if we do not use the account?
No - all high risk bank account set up fees and monthly charges are NOT refundable, therefore it's vital you fully take the time to understand your schedule of fees before you enter into any agreements.
How long will it take for me to get set up with a high risk bank account?
Depending on the risk profile of your business we should be expected to get your account up and running in anything between 3 days and 3 weeks. The lower-risk accounts are opened pretty much immediately. High risk bank accounts do take a little more due diligence.
Will I be able to send and receive money like usual?
Yes, the functionality of your high risk bank account will remain the same as your standard high street bank. The only difference is there will be a charge associated with this activity.
Will I have a debit card?
Yes – most high risk banks will issue you with a debit card supported by Visa or Mastercard for you to be able to operate with as normal.
Will I have access to online banking?
Yes, most high risk banks will issue you with their own app or online banking for you to be able to control your funds.
Will my merchant services be able to pay into the high-risk bank account?
Sure – all our merchant services providers will settle into the high risk bank accounts that we can obtain for you.
Great - sounds just like what I need - how do I apply?
You can apply for a high risk bank account simply by here and we can start the process for you today!
Web Design
How long will it take to make my website?
All our websites are built in-house from scratch, so the duration it takes is down to many variables, such as do you want us to write your content? How many pages do you have? Do you need a logo design? All this information is gathered when we do our fact-finding, and we will then give you a completion date for you to assess as to whether it works for you.
How much will my website cost?
Again, this is down to lots of variables, such as the type of website it is that you need any extra services you require. All our services are bespoke, so a price is given to you once we understand the level of service and product that you require. We will give you two prices, one price that you can pay upfront or a monthly price over a fixed term, this is a monthly commitment but with zero upfront cost, allowing you to get your dream website for no capital outlay.
Will I have control on the look and feel?
Sure – we will work with you closely to find the right look and feel for your website, your input is critical for you to end up with the website that performs in line with your expectations.
Will you support my website?
We can support your website for you with no problem, this is a separate agreement but if you choose to pay monthly for your website, we can roll the support cost in for you. – this will give you peace of mind that someone is always on hand to fix or adjust your website when required.
Will you host my website?
Yes – We can do it if you would like us to. Alternatively, if you would like to host elsewhere you are free to do this also. We can also roll the hosting fees into your monthly cost.
What type of website do I need?
We will work with you to identify the type of website that will work for your business. We will give you different options and price points and discuss what it is you want from your website. Websites are designed with the results in mind. So, making sure that we have the mission statement aligned with the build from day one is imperative.
What language or platform do you build your websites on?
We are lucky enough to have an incredibly talented team here at Modern World which can work in most languages or build on most platforms, our preferred platform for websites is WordPress, however, we can build in PHP, Bespoke JavaScript, or even build you a Shopify site if required.
What happens if I agree to pay monthly but renege on my payments?
When you agree to pay monthly you are signing a legal finance agreement with our chosen finance house. You are NOT signing an agreement with Modern World Business Solutions. You must maintain the payments for the duration of the contract. If you do not, then the usual procedure that any finance company would use to recover a debt would commence including debt collection and CCJs. So please think hard and carefully about signing a monthly agreement.
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