The following mPOS mobile payment solutions allow businesses to accept credit cards without the monthly charges and rental device fees normally associated with credit card processing solutions. In no particular order please find the top 7 payment solution providers in the UK.
iZettle 2.75% to 1.5% with smart pricing. (Card reader £49.17p + VAT) iOS + Android apps
The more you sell, the less you pay. Smart Rate automatically reduces your transaction fees based on your monthly sales – starting at 2.75% and dropping to as little as 1.50% per transaction.
To date, iZettle has had $108.9m funding raised.
Barclaycard Anywhere 2.6% (Card reader £60 +VAT) iOS + Android apps
PayPal Here 2.75% (Card reader £58.29p +VAT) iOS + Android apps
Intuit Pay 2.75% (Card reader £79 + VAT) iOS + Android apps
WorldPay Zinc 2.75% to 1.95% (Card reader £66.63p + VAT) iOS + Android apps
SumUp 1.95% (Card reader PIN+ £65.83p + VAT Not currently available in UK at time of writing) iOS + Android apps
To date, SumUp has had $20m funding raised.
SumUp have the cheapest starting fee of 1.95% per transaction. If you have monthly sales of over £12,840, iZettle has the lowest fee of 1.50%. Payleven has the cheapest chip and pin card reader, closely followed by iZettle.
All of the above mobile payment solution providers have iOS and Android apps available to download for free. Sadly none of them have a Windows Phone app. (Hint, hint)
When SumUp finally release their chip and pin device in the UK (Not available as of 01.08.2014) it will make them the most attractive and cost effective mobile payment solution for Start-ups and SME businesses looking to accept credit cards.
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