For the small, micro or travelling business, card payments used to be outside the realms of possibility. Once confined to a clunky card machine chained to a permanent point of sale, those days have thankfully gone. As demand rose and technology got smarter, so too did the options for accepting card payments on the go.
Whether you’re heading to a trade show, are a labourer out in the field all day or are just looking for a temporary option while you get up and running, here’s our run-down of our favourite mobile payment options for UK small businesses.
This is the most popular option in the UK for mobile payments right now, and mostly because the iZettle offering is a great all-rounder with decent costs. Accepting all major cards, including chip and pin, contactless, magstripe and even Apple and Samsung Pay, it claims to be 25% faster on contactless payments than other providers.
The price of the standalone reader is constantly changing, and subject to special offers, but it usually comes in anywhere between £19-£59 so if you’re not in a hurry you can wait until they have a special deal on and snap one up for a song.
Its strength lies in its flat 1.75% transaction fee, £1 minimum transaction amount and zero set-up or monthly fees with no contracts.
Co-founded by Twitter head honcho, Jack Dorsey, Square is more popular across the pond, but is steadily gaining traction over here.
It comes with a very aesthetically pleasing square (naturally) card reader, which again accepts all major cards and online payment systems. They claim that payments will be available in your account the very next day.
Like iZettle, the transaction fee is 1.75% with no minimum transaction amount. This does, however rise to 2.5% for online, over-the-phone or invoice payments.
It has a pleasing range of add-ons to its app which you can customise to cater to your business. Synch it with your online accounting software, send invoices or even manage your inventory. Clever stuff!
If you already use PayPal, then their mobile payment device is a natural shoe-in. But even if you don’t it has some great features.
Its greatest benefit lies in the fact that the funds will be available to you instantly in your PayPal account, and if you’re already familiar with PayPal’s transaction fees structure, you’ll be pleased to hear it’s exactly the same. Fees are 2.75%, but if you qualify for their merchant rate (by processing over £1500 per month) it will drop. Not the cheapest, but one of the easiest if you primarily use PayPal to take payments elsewhere in your business.
While consumers are much more familiar with a platform like PayPal, Stripe has made a name for itself behind the scenes, too. We use this solution!
Whether you’re looking to bill customers on a recurring basis, set up a marketplace, or simply accept payments, you can do it all with a fully integrated, global platform that can support online and in-person payments. With clear Pay As You Go pricing at 1.4% +20p (for European cards) 2.9%+20p (for non-European cards) it’s certainly an affordable option!
Is one of the most affordable options in this list, SumUp beats the competition by offering a low flat-rate transaction fee of just 1.69%. It accepts all major debit and credit cards. The free app you need to use is basic, but intuitive and streamlined. It’s a great option for businesses that don’t process a huge number of transactions.
Be warned, though, that their list of ‘restricted businesses’ (i.e. ones that they might not trade with) is fairly lengthy and will require an application and special approval. Fortune tellers, cosmetic surgeons and stamp collectors take note!
For more help managing your finances, get in touch with us today to find out what we can do for you.