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The temporary Business Energy Support Scheme (TBESS) Explained

The proposal for the temporary Business Energy Support Scheme or TBESS that was outlined in yesterday’s budget was warmly welcomed by business owners up and down the country. Approval from the E.U. must be granted before the TBESS scheme can be rolled out. An estimated timeframe of five/ six weeks has been given by the government.

The main goal of the scheme is to keep as many businesses as possible from going into liquidation and prevent employee layoffs. The scheme is on the verge of being operational as soon as November once legislation is through the Dáil and Seanad and the Revenue’s systems are up and running to administer. One other potential stumbling block is that the scheme requires clearance from the European Union as state aid rules mean that there is a cap on the amount of support a government can provide to any one business.

The Big Loss of Accepting Cash Only - Keeping Up With Consumer Demand

As we continue toward a more technology-dependent future, we as business owners need to move along with it. One of the inevitable and ever-changing technologies that will affect every business are the various methods of payment that are either being transformed or brought to market month on month. These innovative and long-standing payment methods such as credit card, debit card, contactless, and mobile payments methods allow us all to transact with a broad demographic on a national and international level.

Payment methods are becoming more and more seamless, removing friction for the consumer and allowing for faster and more improved payment processing. As always there is a need for companies to keep with technology trends when it comes to serving their customers. Customers will tend to embrace new technology quickly – Companies who do not embrace new payment technologies risk missing out on sales and new revenue streams.

Pendulum Light Bulbs Image - Keeping up with Payment Technology

The Covid-19 pandemic is causing uncertainty and disruption around the world. IOCsaves priorities are to protect people and ensure business continuity and service for our clients.

Since the beginning of the crisis, we have been closely monitoring the situation and taking action to mitigate the effects of the pandemic. We remain by our clients’ sides, helping them navigate these unprecedented times. As IOCsave has always had our clients concerns as a driver in creating a long term supportive, emphatic relationship with the client as the central focus, coupled with the lowest card fees available. In this time, we are not going to forget our core values, which has always made a difference in how we have interacted with clients, compared to competitors.

Due to the unprecedented challenges facing the business sector in Ireland – and following representations to Worldpay – IOCsave are pleased to inform all their clients that the minimum monthly fees payable in April and May will be credited back in each of the following month. This is upwards of a €50-00 cost that our clients will NOT have to bear. We are happy to be able to facilitate this gesture and shows with more than just words, of our commitment to you our clients.

Finally, please stay safe and well and those close to you. Together we will get through these present testing times and life will resume normality.

Any queries of present or new clients do not forget we are open and happy to hear from you on, 01-2548883.

Best wishes! :-)

We are living in a digital age where instant gratification and ease of use are of high priority. There are 4.5 million active debit cards in Ireland, with 54% of Irish debit card owners using contactless payments. And yet, just 5,000 Irish businesses currently offer contactless payments.

The way of the future is to pay for things with contactless and non-cash forms of transactions, utilizing our devices and electronic technology. It’s already a core feature of our everyday lives, and it’s more important than ever to keep up.

Business owners and brands must keep up the pace with expectations and ever-changing demands of retail and service culture where payment methods and revenue model landscapes are ever-changing. Millennials are reaching a peak point in their lives where their careers and spending are at their highest. They’re actively adopting new forms of technology and they are changing the way we purchase. SME’s and digital payment methods need to keep pace with technology and digital payment methods in order to retain customers and continue to grow their business.

Firstly, everyone deserves our concerns with the present Coronavirus “pandemic” (hopefully it will not officially become one!). Besides the good advice on, remaining two meters from other people, sneezing into your elbow etc, increased use of card payments can prove another means of non-transmission.

*We are advised by the WHO to take the precautionary steps of Wash your hands frequently

Regularly and thoroughly clean your hands with an alcohol-based hand rub or wash them with soap and water. Why? Washing your hands with soap and water or using alcohol-based hand rub kills viruses that may be on your hands.

Maintain social distancing: Maintain at least 1 metre (3 feet) distance between yourself and anyone who is coughing or sneezing. Why? When someone coughs or sneezes, they spray small liquid droplets from their nose or mouth which may contain virus. If you are too close, you can breathe in the droplets, including the COVID-19 virus if the person coughing has the disease.

Avoid touching eyes, nose and mouth: Why? Hands touch many surfaces and can pick up viruses. Once contaminated, hands can transfer the virus to your eyes, nose or mouth. From there, the virus can enter your body and can make you sick.

Practice respiratory hygiene. Make sure you, and the people around you, follow good respiratory hygiene. This means covering your mouth and nose with your bent elbow or tissue when you cough or sneeze. Then dispose of the used tissue immediately. Why? Droplets spread virus. By following good respiratory hygiene, you protect the people around you from viruses such as cold, flu and COVID-19.

While observing all the above is rational means to lessen transmission, as the virus can be transmitted by body to body contact, and minimising cash transactions could provide another means to prevent transmission.

If you’ve ever considered using credit card debt to start a business, there are a few considerations to be made. Although all credit cards come with debt, interest fees, and possible annual or miscellaneous fees, there are significant benefits to utilizing your card to get everything off the ground. A credit card is an effective borrowing tool to get your business off the ground.

Credit Card Debt - Business Funding

How important are merchant services to my business?

The evolution of technology and culture is waiting for no one - Merchant services included...

So, with digital making our lives more convenient and more connected - companies and brands need to keep up with technology and culture to cater for customer expectations.

If your company is unable to accept forms of payment that your customer has become accustomed to, you lose out on sales. That's it.

If you plan on catering to the 4.5 million active credit and debit cards in Ireland, you're going to need a merchant service provider, or payment processor, to help you to securely and reliably manage your transactions.

man at bakery counter - considering card payment terminals

This section of your business plan summarizes the structure of your business and is the life blood of your company. Without the proper management and budgeting set in place, your business could falter and ultimately close. The financial section of your business plan is imperative to not only everyday management but will also play a crucial role in any business loan or valuation assessment.

Keep a few guidelines in mind when organizing your financial strategies into your business plan.

We Are Secure, Reliable, and Low Cost

IOC Save was created to help Irish SME's to save money on credit and debit car transaction fees. As Ireland's largest independent Merchant Service Provider, our number one goal has always been to provide the cheapest and highest quality credit and debit card machines in Ireland.

Partnering with 'World Pay' who are the largest payment processor in the world, we provide a selection of the most secure and reliable credit and debit card terminals available. We provide all device types needed including counter top machines, eCommerce POS systems, and portable card machines.

IOC Save are proud to represent Irish SME's, reducing payment processing costs by up to 40% for local and national businesses across the country.

Conducting a Merchant Services Cost Saving Analysis

When it comes to accepting credit and debit cards at your premises or online - the demand for the facility is apparent. When it comes to getting the best services and price to accept credit and debit cards, it can take some attention to detail. It may be time to conduct a Merchant Services Cost Saving Analysis.

Conduct a cost saving analysis

Debit Card Rate Change

Whats happening?

Card payments transaction fees, predominantly governed by Visa and Mastercard, are about to undergo significant change in the structure of how fees are charged, and this will affect all merchants currently accepting debit cards for their goods and services.

Card Processing Fees Historically

Merchants have been charged a flat rate fee for debit card processing (e.g €0.40 per transaction, regardless the value of the transaction.) In comparison, credit cards have been charged at a (pro rata) percentage of the card transactions (e.g. 1.95% of the value of the transaction.) From January 1st 2016, Visa and Mastercard will change from charging a flat rate for debit cards and implement a percentage fee for debit card transactions.

Where is All My Money Going?

We’ve talked about it before – One of the most important success factors of any business is funding and cash flow! Perhaps you’ve set in place the perfect plan of action for your business - Sales are good (but more sales are always helpful), and expenses are kept to the absolute essentials.

You’re doing well but there’s always room for improvement. Additional cash flow would help you to take things to the next level…

But to create more sales you may require additional marketing budget, or maybe even brand-new products or services! That’s just not an option right now. So, you’re forced to look a little deeper to find that extra cash. Cash that will make a real difference to your business…

That’s easier said, than done…

But luckily, every now and then there’s that very rare occasion when the answer just lands square on your lap. Perhaps in an article written by a helpful merchant services company that just happened to be right on time…

excited man cheapest terminal card fees

About IOCsave

We offer the most competitive rates in Ireland, our customer service is second to none, plus, the most important reason... We take care of your payments leaving you to take care of your business.

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