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.
Find answers to the most frequently asked SumUp questions.