Roqqett Blog

Did you know that over 75% of Britons use online banking services, with the majority accessing their money via mobile banking apps? Based on this very juicy information, we decided to interview a group of existing Roqqett customers to discuss why they chose Roqqett for Business, and drill into the benefits they’ve seen so far. Here are the 3 main reasons why these growing businesses still choose Roqqett over other payment methods. 

Roqqett:

1. Allows them to keep more of their money
2. Helps them have more control over their income
3. Gives them greater reliability than a card reader

Let’s elaborate shall we?

1. Keep more of what's yours

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Cards are great, your customers always have them with them. Do you know what else they always have? Their phone! There’s no need to pay expensive card fees when you could keep more of your money. Some businesses lose almost half of their profit due to cards. Shocking but there is a good reason, let me explain.

Why do cards charge such high fees? Are they greedy faceless corporates? Actually, no - as much as it would fit the nemesis profile! The problem is that the card network is based on tech from the 1960s and there are sometimes up to 11 companies assisting in each transaction who all need to get paid. The card system is so well embedded into our economy that changing it would cause mayhem. Have a look at this graph to see what I mean by traditional card companies eating 40% of your profits...

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Now take a look at this rough cost breakdown. You can see who’s the clear winner in helping you keep most of your profits...

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Challenger card companies (the new kids on the block trying to automate more of the process) are better but that's still about 20% of your profit.

We need a new system built from the ground up for the modern day shopper. That’s exactly what Roqqett is. Each Roqqett transaction has only 2 profit takers - Roqqett and the company we use to interface with the banks (MoneyHub). There are no other people involved and therefore nobody else needing a cut of the profits. We just wiped out 75% of the cost and passed those savings back to you. After all, if you do well and grow, we do well and grow. Symbiotic.

Key takeaways:

• Cards use an old technology that needs a lot of companies involved to process a payment
• The more companies involved, the more people wanting a cut
• Roqqett has only two companies meaning much lower fees
• Roqqett allows you to keep more of your profit

2. Take control of your income

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I’m sure you’re aware that it takes about 24-48 hours for a card payment to clear, sometimes weeks. Although fast clearing options exist and allow you to receive payments the next day, there is usually a charge for this privilege (or it’s woven into your fees). 

Businesses who rely on the cash flow can fall into problems while waiting for the money to arrive. This may be frustrating but organising 11 different companies to clear a payment isn’t a quick or easy task.

We recently spoke to the owner of a bar who said they struggle through busy periods due to delayed card payments (don’t mention bank holidays to them!). They are often in a position where they need to buy more stock without having received the cash flow from the stock they’ve already sold.

This is where Roqqett saves the day. Roqqett allows you to take payments instantly. ‘How?’ you ask, instead of dealing with 11 different companies, Roqqett connects customers directly with businesses. This means no more waiting around or delayed payments. By removing the middle men and having consumers authorise their own payments (no card machines) the risk of fraud is greatly reduced. Win-win.

Key takeaways:

• Old card tech is extremely slow, you can be waiting days for a payment to arrive 
• Roqqett is built on new tech that connects you directly with customers giving you instant payments
• Roqqett payments are significantly safer from a fraud perspective‍

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3. It’s good to be dependable

Finally, our customers love Roqqett because it’s simple and unbelievably seamless. All you need is the app. We’ve noticed that a lot of businesses struggle with unreliable card readers. Whether they keep losing connection, run out of battery or have poor signal, there is a lot of unpredictability. So why use them when there is a better alternative? 

See, Roqqett is special because the app generates a QR code allowing anyone with a smartphone to scan and pay you instantly. By taking away the need for any external device we minimise the amount of problems you may run into when taking a payment. The best part is, your customer doesn’t need anything but their UK banking app on their phone to pay you. 

Alternatively, you have the option to print your own QR code then ask your customers to scan it and enter the amount owed. A payment confirmation screen will appear on their phone which they show you as a digital receipt, see example below. Roqqett will also send your phone a notification that the payments completed just in case you want to double check. 

Want to see that in action? Try it out yourself by donating £1 to our chosen charity - Common Seas. Simply Tap "Pay £1.00" if you are viewing this on your mobile. Otherwise you can scan the QR code with your phone camera.

Key takeaways:

• Businesses find card machines temperamental 
• Roqqett doesn’t need any external device
• You can print out your QR code so you don’t even need your phone

I hope you have found these learnings from our customers helpful. Just remember, if you’d also like to keep more of your money, get more control over your payments or introduce a little extra faith in your hardware, Roqqett might be for you.

Want to find out more about Roqqett for business?

‍Sign up here.