As most London taxi drivers will know by now, a new Transport for London (TfL) mandate will make it a requirement for all black cabs to accept card and contactless payments from October 2016. Not all drivers are overjoyed by this regulation, but it’s not worth losing any sleep over. We take a look at how to become compliant with minimum costs and hassle.
To meet the requirements, drivers need:
- A chip & PIN and contactless card terminal mounted in the passenger compartment
- A receipt printer mounted in the driver compartment
Drivers can no longer pass on the cost of accepting card payments to the customer, so good rates are now critical. There are plenty of payment providers to choose from, and with tighter margins, good processing rates are worth shopping around for.
One of the first providers to launch a Black Cab-specific bundle is iZettle. A popular mobile payment service provider across Europe, iZettle is used by taxi drivers in several countries, but has introduced a bundle specially designed to meet the requirements of the October 2016 mandate.
What distinguishes iZettle from a traditional mobile terminal using the GPRS phone network, is that iZettle uses app technology on a smartphone in conjunction with a card reader. The reader relies on the processing power of your phone, thereby keeping the hardware costs down.