The BFA has outlined more of the advantages of its exclusive partnership with Santander and Elavon Merchant Card Services.
In addition to the benefits of signing up with Santander previously outlined, BFA members signing up to Elavon Merchant Card services will receive discounted credit card and terminal transaction fees and will not pay merchant card service or setup fees. Members signing up to both Santander and Elavon will be able to greatly improve their cash flow as payments from credit cards will reach their accounts the following day rather than in the usual three days.
Santander offer a hassle-free switching service. By calling 0800 068 6698 and quoting the membership campaign code (which is being sent to all members) Santander will begin the process and take care of the transfer of all standing orders and direct debits. And because of the acquisition of Alliance and Leicester members will also be able to bank through the Post Office network.
Speaking to Professional Florist, Paul Drabble, who heads up the BFA’s Skills Academy and is also a non-executive director of the BFA board, said: “As a result of the BFA workshops in Autumn last year we decided one of the key objectives was improving members’ financial performance. This broke down to factors such as cash flow, cost savings and efficiencies and, as a result of the workshops, we probably saved members several thousand pounds on things like utilities. But banking and credit card costs were also a big factor. Over 70% of transactions are on credit card these days and businesses have to pay a commission rate to their supplier. Many were also paying high banking fees.
“So what we identified as a result of this was a set of credit card and banking terms that would be ideal for florists and, through that process, we spoke to the high street banks with a view to negotiating preferred terms for membership. As a result of that, Santander was elected to be the preferred partner for BFA members and Elavon, merchant card company, the preferred partner for merchant card services. The full package of benefits will be launched in March.”