Receiving payment from your customers is top priority for any business, so it makes sense to make that process as simple as possible.
The slightest hold-up or complication could result in a cancelled transaction and a lost sale.
Thankfully there are a whole host of systems out there to ensure this process is made as smooth and effortless as possible.
But which is the best one for your business?
We have highlighted a few examples here to help navigate your way through the advantages and disadvantages. They all have individual fees and transaction charges, but they can change, so it’s best to check their websites for up-to-date charging information.
Opaya (formerly Sage Pay)
As expected, this system integrates with Sage accounting software. It has a selection of fixed payment plans and offers 24-hour customer support. But it doesn’t have a mobile app and there is a three-month cancellation notice period on some accounts.
Simple, secure and well-known, PayPal Here allows card and contactless payments, including Apple Pay and Android Pay. Everything is managed within an app and the system offers good support. But its high profile makes it a target for fraud and you can find accounts are locked if activity is deemed suspicious.
Stripe is a simple system and offers customised billing plans as well as links to third-party integrations. It uses 135 different currencies and there are no monthly fees. However, you can be charged £15 for disputed transactions. Stripe also holds onto money for longer than its competitors. It is to protect them from fraud, but this may be an issue.
SumUp offers two card readers and a point-of-sale system that can be used remotely. There is a fixed transaction rate and no contract, but there is no support on Sundays or nights.
With WorldPay you can choose your equipment and pricing plan – there are specialist small business packages available. The system works with card providers in 130 different countries, using 116 currencies and offers 24-hour UK customer support. However, it can be expensive. There are monthly as well as transaction fees. The opt-out process is also reported to be tricky.
Zettle offers a range of eCommerce functions as well as a payment system. It has the ability to generate sales reports and can do inventory management and track staff performance. It has no contract. However, if anything goes wrong, support is only available 9am-5pm Monday to Friday.
This system can be set up immediately and tried free for 14 days. It offers eCommerce as well as payment facilities. But it does have steep chargeback fees of £10. Also, your account can be frozen if activity is deemed suspicious.
To use Square, you have to set up an account and buy a reader. The service includes analytics as well as inventory and location management. However, it doesn’t accept smartphone payments and the transaction fee can be high.
Adyen can allow you to take payments online and in-person and there is no monthly fee, no set-up or application fees and no early termination fee. But its transaction fees mean it can be expensive for businesses with low sales volumes and it is not really recommended for brand-new start-ups.
This is easy to set up, offers eCommerce and phone payments and comes with a virtual terminal. It has a good fraud detection system built in and can integrate with QuickBooks. However, some users have reported being overcharged and delays in payments.
We hope this has shed some light on the payment systems available, but if you want to discuss your options further, get in touch with us.