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Take Card Payments

15 May

Take Card Payments

by Stephen Dean
in Card Payments
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Zettle vs Stripe vs Contract

When is it right to move to a contract for your card machine?  Maybe you are a new business and wondering about the additional expense a card machine could have on your monthly outgoings.  It definitely gets confusing, so here at Time2Switch we have put together a little breakdown as best as we can to hopefully guide you to the right decision.

So, a Card Machine?

There are so many options for businesses when it comes to taking card payments for a business, a business owner is bombarded by lots of figures, different rates for different cards, costs per transactions, monthly fees, it is to be fair quite confusing because to be honest it isn’t a straight forward arena.  The main reason behind this is the type of business, the types of transactions that the business deals with e.g. card vs cash, whether the card payments taken are credit cards, commercial cards, debit cards etc. all plays a part in the decision and something a business owner should understand but we all have to start somewhere.  It is just a constant headache and so solutions like Zettle and Stripe appeal, they have a simple one rate regardless of transactions, a small or no fee transaction cost and no monthly fees, why wouldn’t you!

 

 

At Time2Switch, we agree, why not!  To be fair, if your business doesn’t take much in card payments then a solution like Zettle makes sense, it actually works out cheaper and we wouldn’t push a payment solution if it wasn’t right for your business.  However, as a guide, it is important to understand when Zettle or Stripe aren’t the right answer for your business.

Zettle vs Stripe vs Time2Switch

So, back to the question, when does it make a difference to your business.  Here at T2S we have given a very simple “like for like” to show when that dial shifts.

Does your business take less than £15k per annum by card a year

If your business takes less than £15k a year on card then purchasing and setting up a Zettle account is probably the best solution for you and here is the reason why:

Cost of Zettle when taking £15k a year on cards
Month123456789101112Total
Monthly Num Txn41.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.67£500.00
Revenue£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£15,000.00
Txn Fee£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£262.50
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£29.00£29.00
Total Month£50.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£21.88£291.50
The cost of using a Zettle terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.75%
No Monthly Fee
Cost of Stripe when taking £15k a year on cards

Cost of Stripe when taking £15k a year on cards

Month123456789101112Total
Monthly Num Txn41.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.67£500.00
Revenue£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£15,000.00
Txn Fee£17.50£17.50£17.50£17.50£17.50£17.50£17.50£17.50£17.50£17.50£17.50£17.50£210.00
Txn Charge£4.17£4.17£4.17£4.17£4.17£4.17£4.17£4.17£4.17£4.17£4.17£4.17£50.00
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£49.00£49.00
Total Month£70.67£21.67£21.67£21.67£21.67£21.67£21.67£21.67£21.67£21.67£21.67£21.67£309.00
The cost of using a Stripe terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.4%
Transaction Charge is 10p
No Monthly Fee
Cost of Time2Switch when taking £15k a year on cards
Month123456789101112Total
Monthly Num Txn41.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.6741.67£500.00
Revenue£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£1,250.00£15,000.00
Txn Fee£7.49£7.49£7.49£7.49£7.49£7.49£7.49£7.49£7.49£7.49£7.49£7.49£89.85
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£240.00
One Off Fee£15.00£15.00
Total Month£42.49£27.49£27.49£27.49£27.49£27.49£27.49£27.49£27.49£27.49£27.49£27.49£344.85
The cost of using a T2S terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 0.599%
Monthly Fee is £20

£20k per annum taken by card a year?

Now this is when the dial shifts, the cost of a contracted payment terminal actually starts to work out cheaper than a “free” option.  Only by £5 a year but if your business is seeing a growth then don’t hang around because it makes sense to switch.

Cost of Zettle when taking £20k a year on cards
Month123456789101112Total
Monthly Num Txn55.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.56£666.67
Revenue£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£20,000.00
Txn Fee£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£350.00
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£29.00£29.00
Total Month£58.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£379.00
The cost of using a Zettle terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.75%
No Monthly Fee
Cost of Stripe when taking £20k a year on cards
Month123456789101112Total
Monthly Num Txn55.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.56£666.67
Revenue£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£20,000.00
Txn Fee£23.33£23.33£23.33£23.33£23.33£23.33£23.33£23.33£23.33£23.33£23.33£23.33£280.00
Txn Charge£5.56£5.56£5.56£5.56£5.56£5.56£5.56£5.56£5.56£5.56£5.56£5.56£66.67
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£49.00£49.00
Total Month£77.89£28.89£28.89£28.89£28.89£28.89£28.89£28.89£28.89£28.89£28.89£28.89£395.67
The cost of using a Stripe terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.4%
Transaction Charge is 10p
No Monthly Fee
Cost of Time2Switch when taking £20k a year on cards
Month123456789101112Total
Monthly Num Txn55.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.5655.56£666.67
Revenue£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£1,666.67£20,000.00
Txn Fee£9.98£9.98£9.98£9.98£9.98£9.98£9.98£9.98£9.98£9.98£9.98£9.98£119.80
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£240.00
One Off Fee£15.00£15.00
Total Month£44.98£29.98£29.98£29.98£29.98£29.98£29.98£29.98£29.98£29.98£29.98£29.98£374.80
The cost of using a T2S terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 0.599%
Monthly Fee is £20

Taking more than £25k per annum by card

Obviously the more payments your business takes on card from now on will only work more in favour of a contracted payment terminal with the difference now being £60 a year.  While it doesnt seem much it all adds up.

Cost of Zettle when taking £25k a year on cards
Month123456789101112Total
Monthly Num Txn69.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.44£833.33
Revenue£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£25,000.00
Txn Fee£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£437.50
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£29.00£29.00
Total Month£65.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£36.46£466.50
The cost of using a Zettle terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.75%
No Monthly Fee
Cost of Stripe when taking £25k a year on cards
Month123456789101112Total
Monthly Num Txn69.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.44£833.33
Revenue£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£25,000.00
Txn Fee£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£29.17£350.00
Txn Charge£6.94£6.94£6.94£6.94£6.94£6.94£6.94£6.94£6.94£6.94£6.94£6.94£83.33
Monthly Fee£-£-£-£-£-£-£-£-£-£-£-£-£-
One Off Fee£49.00£49.00
Total Month£85.11£36.11£36.11£36.11£36.11£36.11£36.11£36.11£36.11£36.11£36.11£36.11£482.33
The cost of using a Stripe terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 1.4%
Transaction Charge is 10p
No Monthly Fee
Cost of Time2Switch when taking £25k a year on cards
Month123456789101112Total
Monthly Num Txn69.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.4469.44£833.33
Revenue£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£2,083.33£25,000.00
Txn Fee£12.48£12.48£12.48£12.48£12.48£12.48£12.48£12.48£12.48£12.48£12.48£12.48£149.75
Txn Charge£-£-£-£-£-£-£-£-£-£-£-£-£-
Monthly Fee£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£20.00£240.00
One Off Fee£15.00£15.00
Total Month£47.48£32.48£32.48£32.48£32.48£32.48£32.48£32.48£32.48£32.48£32.48£32.48£404.75
The cost of using a T2S terminal to take card payments for your business.
Based on average transaction value of £30
Transaction fee is 0.599%
Monthly Fee is £20

Lets jump to £100k per annum taken by card

By the time your business is taking £100k a year on card a year, you will now see a Time2Switch solution saving your business approx. a thousand pound a year!

What does Time2Switch offer?

At Time2Switch we use Elavon as the merchant bank and the Payment Processor is QixPay.  We don’t hide who we partner with, it is always important to know who is involved in running your business.

 

What do you get?

 

  • PAX Terminal
  • WiFi enabled
  • 4G capable – worth talking to us if you do want mobility
  • Ability to take payments by sending a customer a payment link via email or SMS

The Sales Process

We have tried to keep this as simple as possible, the rates are the rates we publish, they will only go down if there is any movement to be had, so we will still ask you about your turnover and the type of business, why?  So, we can make sure our offering is right for you and if we can look to save you more money where we can!

 

We will complete 2 forms, one offline which will cover your overall terminal contract, this will state the monthly cost of the terminal, whether you need it to be 4G enabled, whether you want analytics etc.  However, these add on’s are all at your discretion, no push from us.

 

The 2nd of the forms will be done online, this will show the rates, this is where all of those complicated numbers come in as it will show every card rate under the sun but don’t worry we can talk through those if needs be.  It goes through the Know Your Customer checks, name, address, business address, all of those things you need to complete when dealing with any bank.

 

Then that is it, your application is verified and before you know it, your terminal will be delivered and you will be ready to take payments!

Simple.

  • < £15k on Card
    • Zettle
      • Lets be honest go with a competitor, just keep an eye on the amount you take and switch when it makes sense.
    • Go with competitor
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  • ~ £20k on Card
    • Time2Switch
      • It is in the balance so why not go with a company that looks after you!                                                                                                                                   
    • Contact Us
  • > £25k on Card
    • Time2Switch
      • Definitely makes sense to be on contract!                                                                                                                                                                                              
    • Contact Us
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