Taxi card payments – How to take cashless payments in your cab
Tips / 28.03.2022
Taxi businesses used to be primarily cash-driven, but then card payments came on the scene and this changed everything. Whether you hop into an iconic black cab in London or a private hire vehicle, passengers these days are much more tech-savvy and require ease and convenience in payments, whichever service they opt for. This includes taxi services.
So, if you’re wondering about what seems to be a complex world of card payments for taxi drivers, keep reading and get up to speed!
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Is accepting card payments mandatory for taxis?
Recognising the need for card payments in all walks of life, including the taxi industry, in 2016 it became mandatory for taxis operating within London to accept card payments – whether contactless, Chip&PIN, or magstripe.
This is regulated by Transport for London (TfL) which requires that a pre-approved taxi card machine is installed on the passenger side of the taxi that can print receipts upon the request of the customer.
Taxi drivers are also required to display stickers showing they do, in fact, accept contactless and card payments in their vehicles. Therefore, if you’re wondering do London taxis take credit cards and do black cabs take cards, the short and quick answer is “yes”.
While this is not the case for taxi operators outside of London, it’s still worth noting that card payments in the UK are expected to rise to 91% in 2028 as opposed to payments made in cash.
Therefore, every taxi driver should opt for a card reader or POS terminal in their cab, not only to comply with the law but also to cater to a growing, card-based clientele.
How can a taxi accept card payments?
Accepting a prepaid, debit, or credit card in your vehicle is as easy as 1-2-3!
Your customer has three options: to swipe their card through a magnetic stripe reader, insert the chip of the card and enter their PIN or hover or tap their card over the POS machine and the process of “communication” is started.
How an Edinburgh black cab driver chose myPOS
– Learn how Joe Robbins runs his taxi business
– See his views on the industry
– Discover how myPOS helps him
This means that all the parties involved in the payment process will start communicating with each other, determining whether the customer has sufficient funds in their account and depositing this into the taxi driver’s merchant account. In just a matter of seconds, you’ve received the payment.
What are your options?
The card reader which you choose for your taxi cab needs to be a mobile one. This means being able to cover various distances while still being connected to the Internet in order to communicate with the payment parties involved.
Ultimately, though, the type of credit card reader you choose for your taxi business will depend on your location of operations. So, without further ado, here’s a brief breakdown of some of the best card machines for your taxi business, whether you operate within London or outside the city.
What’s the best card machine for a taxi in London?
The best card machine for your business is one that is completely portable and can provide a constant connection to the internet with no additional cables and hardware.
As it is a must-have in London to have a payment terminal to issue printed receipts to customers, myPOS offers you two great options to choose from: the myPOS Combo and the myPOS Carbon devices.
Let’s look at each one.
The myPOS Combo is a traditional POS terminal that issues receipts. It has a sturdy chassis, which is great for a taxi environment, and a durable keypad. In addition, its long-lasting battery life means you can use it all day or all night without worrying about powering up the device and having it power down on you when you need it most.
Meanwhile, the myPOS Carbon device is a payment terminal that’s powered by Android and while it also issues paper receipts, and is shock-, water- and dust-resistant, it gives you access to smart apps you can use to help you run your business smoother.
What’s the best card payment machine for a taxi outside London?
Without the requirement to print physical receipts, taxi drivers operating outside of London can benefit from a more affordable alternative.
The myPOS Go device, for example, issues digital receipts that can be sent to a client via SMS or email. It’s a small and lightweight portable card reader, but it certainly packs a punch with payments acceptance because it is fast and durable.
So, what do all these devices have in common?
- You get instant settlement of funds. Yes, it’s all done in real-time.
- You can access your funds from your free multi-currency merchant account and free Visa business card.
- All devices mentioned above accept contactless, Chip&PIN, and magstripe payments.
- You can run your business on the go with the myPOS app.
- You get a free DATA SIM card for Internet connectivity throughout the EEA.
- You’ll get 24/7 support from us, whenever you may need it.
- And you get an entire ecosystem of payment solutions from one place!
Accept all types of payments with a taxi card reader
– Don’t miss on a cashless cliientele
– Enjoy instant settlement of funds
– Issue paper or digital receipts swiftly
At myPOS, we believe in giving our taxi merchants all the tools they need from one platform to help them optimise their business.
If you were wondering whether you can pay by card in a taxi, we hope this blog post has answered your question!
While it’s mandatory for taxi drivers in London to accept card payments, this is not yet the norm throughout the UK. However, that does not mean that there won’t be increasing demand for these payment types soon and it’s best to be prepared.
If you operate in London, it’s best to opt for a smart or traditional POS device that prints receipts, while if you’re a cab driver outside of London, opt for a more affordable terminal.
Disclaimer: Please be aware that the contents of this article and the myPOS Blog, in general, should not be interpreted as legal, monetary, tax, or any other kind of professional advice. You should always seek to consult with a professional before taking action, since the particulars of your situation may materially differ from other cases.
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