Price comparison for card readers
We all know that card readers and electronic transactions are now an important part of business. No one wants to miss a payment because they don’t have a card reader. Most card readers also integrate nicely with your business website. So essentially you have no excuse not to be available to your potential customers twenty-four seven. As consultants for SumUp we have put together a handy comparison guide to the pricing of similar card reader options for you. So you can make an informed choice and purchase the best option for your business circumstances.
On the Isle of Man the main payment gateway options available to us are:
SumUp Card Reader + Free Online Store + Free Invoicing Software
Device Price: From £19
No Contract, No Monthly Fee, Per Transaction Fee Only @ 1.69%. Which equates to approximately 16p per £10.
PayPal Connect with iZettle Card Reader.
2.29% + 0.09% per transaction fee.
iZettle Owned by PayPal
No Monthly Contract
Device Price: From £29
Per Transaction Fee 1.75% or 2.5%. Which equates to approximately 17p or 25p per £10.
myPOS Card Reader: From £29
Per Transaction Fee 1.69% + 0.05 per transaction.
Other Cards/Commercial transactions 2.89% + 0.05 per transaction fee.
Optimus Pay On Island/UK.
Financial Cost: Contact Company Directly.
Cabpay For Taxi Drivers.
Fee per transaction using cabpay from 1.99% +10p per transaction. Which equates to approximately 29p per £10.
Device Price: From £49.99.
Worldpay Online electronic payments, per transaction or monthly fee pricing.
From £19/pm. Or, 2.9% per transaction fee. Which equates to approximately 29p per £10.
What do we use for our business?
We use SumUp for our own business payments. We are able to accept all card and payment types, send payment links via email and/or sms or QR code. We also use their free invoicing software which is being expanded on this year to include much more features. So, hopefully we will have one piece of software that reconciles everything we do financially online and in person. Even though we create websites ourselves. We do use the free online store which all SumUp clients receive. We use this purely for our SumUp products, to see an example of what your store might look like check us out here.
With regard to GDPR and security compliance when taking financial transactions
The Sumup payment gateway uses very high security standards to protect your transactions from unauthorized access by third parties, SumUp operates in accordance with the highest card payment industry security standards:
PCI-DSS (Payment Card Industry Data Security Standard) is the highest data security standard used in the credit card industry concerning data transfer and data storage.
SSl (Secure Socket Layer) and TLS (Transport Layer Security) are ‘encryption protocols’ that protect data that is transmitted over the internet. We are using 256-bit encryption, the highest possible level currently available.
SumUp device encrypts all the information as it reads the card, no unencrypted data is ever stored on both the card reader and your smartphone/tablet during the transaction process.
Taking the onus off you as a business when it comes to compliance, its taken care off. One less thing to worry about!
See if you are a restricted business HERE.
FAQs
Find answers to the most frequently asked SumUp questions.
Sumup is a payment processing company which empowers over three million people world wide, with low cost, secure mobile payment processing solutions.
A SumUp card reader is a mobile device which securely processes your customers payments for you. The available models are the SumUp Air which works along with the SumUp App which is available for both android and apple users, and a wifi or internet connection. The card reader connects to your phone or tablet via a bluetooth connection. The SumUp 3G and the NEW SumUp solo work as standalone devices. They each have a built in sim card. So, do not need to connect to your phone. The data used is at no cost at all to the user.
When you purchase a SumUp device you will be prompted to signup and create an account. Here you will enter your personal and/or business details. Also the bank account details where you would like your money to be transferred to. Once someone pays you, the money will immediately go into your SumUp account. From there 2-3 days later it will be automatically transferred into your chosen bank account.
Once someone pays you, the money will immediately go into your SumUp account. From there 2-3 days later it will be automatically transferred into your chosen bank account.
SumUp has no monthly contract or fees. So, you will only ever be charged per transaction. The current per transaction processing fee is 1.69% fee for all swipe, chip, and contactless card payments. This works out at approx. 16p per £10.00.
If you need help setting up your device or your Free online store from SumUp. Download your free guides HERE.
