Compare Credit Card Processing Providers for the Best Prices

Tuesday, June 26th, 2018

If you process more than £10,000 in credit card sales annually, then leasing a traditional terminal to accept and process transactions is likely your most cost-effective option.

If you process much smaller amounts each year, then mobile point-of-sale (POS) devices may be less expensive options. With a mobile POS, you don’t have to take on a lengthy lease contract or pay minimum monthly fees. These devices are reasonably priced and work easily by tapping into mobile networks or Bluetooth via smartphones and tablets. Compare credit card processing providers here to find out what works best for your business.

Check Out and Compare Credit Card Processing Providers

iZettle

Launched in Sweden in 2011, iZettle is a social payments company that offers simple, user-friendly services. Its credit card processing services are available to small businesses in Sweden, Norway, Denmark, Finland, The United Kingdom, Germany, France, Spain, Netherlands, Italy, Mexico and Brazil. It accepts chip and PIN, as well as contactless payments, like Apple Pay. MasterCard, Visa, American Express, JCB, and Diners are accepted.

When using iZettle, there are transaction limits of £5,000 per transaction and £500,000 daily. The maximum daily settlement is £500,000 and funds settle in three days.

iZettle charges no set-up or monthly fees, and transactions fees are only charged when you receive money. The cost per transaction is 1.75%. Merchants interested in after-hours support and additional reporting can purchase a premium package for £20 per month.

SumUp

Since launching in 2012, SumUp has expanded globally. Some of Its shareholders include American Express, BBVA Ventures, and Groupon. Since it merged with Payleven in 2016, together they have processed more than EUR 1 billion of transactions. Additionally, SumUp is an authorised as a Payment Institution by the Financial Conduct Authority (FCA) and is Europay, MasterCard, and Visa (EMV), and PCI-DSS certified.

SumUp accepts chip and PIN payments and cards, including MasterCard, Visa, and American Express. There are no transaction limits or minimum monthly charges. SumUp charges 1.69% per transaction and funds are settled within three and six days.

Paya Mobile

Established in 2010, Paya Mobile offers a full multi-channel service, including in-person, telephone, online, and email link card acceptance. It is a chip and PIN device that accepts MasterCard and Visa. There are no transaction limits or minimum monthly charges. There is an upfront cost of £79.00 (+VAT), and the rate you pay is based on your weekly card turnover. Funds are settled within four and nine business days.

SmartTrade

Founded in 2013 to make it easier for small businesses to go completely paperless, SmartTrade is a mobile app that allows you to take payments without a card reader or merchant account. It is a free downloadable smartphone app that also integrates into accounting software. MasterCard, Visa, and American Express are accepted.

When using SmartTrade, there is a minimum £1.25 limit. There is no maximum limit. There are no upfront costs or monthly charges, and the cost per transaction is 2.15% plus 20p, which can be surcharged to your customer with an in-app one touch option. Funds are settled in seven days.

Larger merchants can save money by signing up for either the business or enterprise packages. The business package, which allows for as many as 15 users, costs £26.99 per month with transaction rates of 1.85% plus 20p. The enterprise package, which accommodates up to 50 users, costs £89.99 per month with transaction rates of 1.75% plus 20p. You do not need to sign a contract for these services.