MTI Launch New Card Payment Solution For UK & Ireland
MTI is now helping its clients across the UK & Ireland generate more diverse revenues with its purpose built card payment solution for taxi and private hire operators.
Now the MTI card payment system allows taxi and private hire fleets the chance to earn additional revenue by providing safe, reliable and convenient point-of-sale debit and credit card facilities – including contactless payments.
Available either as a fully integrated add-on to existing MTI cab dispatch systems, or as an entirely standalone option, the MTI solution offers operators total flexibility in the transaction fees they apply.
They can flex pricing based on time of year, demand and other factors.
A fully certified system with merchant acquiring services via First Data, one of the world’s largest payment services companies, the solution utilises Ingenico payment terminals to facilitate the acceptance of all major debit and credit cards, including contactless: Google Wallet and Apple Pay.
Cash payments are expected to fall, and according to the Payments Council‘s UK Payments Markets 2016 report by 2021 14.5 billion debit card payments will overtake the forecasted 13 billion cash payments. It also states that by 2025, credit debit and charge cards will surge by 52% because of the popularity of contactless payment methods.
Of course, a taxi journey paid by cash will always be limited by the amount of cash the passenger has in their wallet/purse. So it’s no surprise to learn that in many cities the average taxi fare paid by card is often as much as 40% higher than a cash fare – mainly because customers will be more relaxed about travelling further.
The MTI card payment solution is a straightforward installation, and has already launched in London.
The regulator, Transport for London has mandated all taxis to be able to process cards on a point of sale basis, with fixed payment devices in the back of the cab for convenience.
Whilst not many regulating authorities mandate the specifics of the in-cab solution, it seems likely that card acceptance in-vehicle will increase.
Drivers are able to control the MTI payment terminal via a simple Android tablet, or smartphone, making installation simple.
If a fleet already uses the MTI dispatch system in its vehicles, then adding the payment terminal and receipt printed is relatively straightforward too.
Unique to the MTI solution is the level of control that the fleet operator maintains over pricing and data.
Malcolm Paice, COO for MTI commented: “There are a number of ‘off-the-shelf’ payment solutions available, but the fleets who take those solutions have the transaction fees dictated to them by the payment providers.
“It means they can increase those fees and there is often no flexibility to negotiate rates on certain card types.
“What’s more, passenger data is a key part of IP for fleet operators, and that is increasingly a vitally important aspect to their business.
“Having a third party own that data means that really, the fleet operator does not ‘own’ their customers at all, and all the key information is in the hand of their payments provider.
“With the MTI solution a fleet can generate more cashless sales without relinquishing that control.”
For more information on the MTI card payment solution please contact: enquiries@MTI-uk.com.