New pricing model by iZettle reduces transaction fees for UK merchants
Swedish based iZettle, has announced that its new payment structure for transaction fees will mean that once a merchant processes 2000 pounds or more in a month, iZettle will reduce its transaction rate to as low at 1.5% – the fee lowers with increased sales.
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“Smart Rate” is good news for merchants as transaction fees can be costly and are one of many expenses incurred. It may even be a strong enough incentive for merchants to get their sales teams motivated. Director of Destiny Scotland, property management company, Andrew Landsburgh expresses his excitement: “All of our clients pay by card as nobody carries cash anymore. It is crucial for us to keep transaction fees as low as possible as we are keen to maintain a healthy and stable business. We’ve trialled the Smart Rate for a month now; we’re big fans and can already see a difference. I’m definitely looking forward to receiving that money back in our account every month. As every successful entrepreneur knows, every penny counts!”
When it comes to negotiating prices with payment processing companies, merchants, especially the smaller ones, often do not know how much they should be paying and how to negotiate accordingly. While iZettle’s “Smart Rate” seems to be fair, merchants should remember that when choosing a payment provider, they are allowed to talk about rates with companies. Refer to Payment Magnates’ insights for a refresher on how to get the best rates from a payment service provider.