What is the Cheapest Card Processing Fee in the UK?

By Olivia Johnson - Trusted UK Business Expert

4th of October 2024

3 minute read

Are you a small business owner looking for the most affordable card processing fees in the UK? We’re here to guide you through the best options available. Let us help you save money on every transaction. 

The cheapest card processing fee in the UK is typically offered by SumUp, with rates as low as 1.69% per transaction. Other affordable options include iZettle and Square, which also offer competitive rates without monthly fees. 

Interested in finding out more about these cost-effective solutions? Keep reading to learn about the detailed rates, benefits, and how to choose the best card processor for your business. 

A Business Owner Finding The Cheapest Card Processing Fee In The Uk For Her Business

What is the Cheapest Card Processing Fee UK? 

Finding the cheapest card processing fee in the UK can significantly impact your business’s bottom line. Several providers offer competitive rates, but SumUp, iZettle, and Square stand out for their affordability and simplicity. 

SumUp

SumUp is known for its straightforward pricing and low transaction fees. It charges a flat rate of 1.69% per transaction, making it one of the most affordable options in the UK. There are no monthly fees, which is ideal for small businesses and startups. 

iZettle

iZettle offers competitive pricing with a transaction fee of 1.75%. Similar to SumUp, iZettle does not charge monthly fees, making it a cost-effective solution for businesses that process a high volume of small transactions. 

Square

Square charges a slightly higher transaction fee of 1.75% but compensates with its comprehensive set of features and ease of use. There are no monthly fees, and Square provides additional tools such as inventory management and sales analytics. 

Let’s dive deeper into each of these providers to understand their pricing structures and benefits: 

SumUp 

  • Transaction Fee: 1.69% per transaction 
  • Monthly Fees: None 
  • Features: SumUp offers a range of portable card readers, making it easy to accept payments on the go. The SumUp app provides essential tools for managing transactions and viewing sales data. 
  • Ideal For: Small businesses, market traders, and mobile businesses due to its low fees and portable devices. 

iZettle 

  • Transaction Fee: 1.75% per transaction 
  • Monthly Fees: None 
  • Features: iZettle offers a user-friendly card reader that connects via Bluetooth to your smartphone or tablet. It also provides tools for invoicing, inventory management, and detailed sales reports. 
  • Ideal For: Businesses looking for an all-in-one solution that includes advanced features without the cost of monthly fees. 

Square 

  • Transaction Fee: 1.75% per transaction 
  • Monthly Fees: None 
  • Features: Square’s ecosystem includes a variety of hardware options, from simple card readers to comprehensive POS systems. The Square app offers extensive features like employee management, customer feedback, and detailed analytics. 
  • Ideal For: Businesses needing robust tools and features to manage various aspects of their operations alongside payment processing. 

Comparing the Top Providers 

Here’s a quick comparison to highlight the key aspects of these providers: 

Provider  Transaction Fee  Monthly Fee  Key Features 
SumUp  1.69%  £0  Low fees, portable card readers 
iZettle  1.75%  £0  User-friendly, inventory management 
Square  1.75%  £0  Comprehensive tools, detailed analytics 

What to Consider When Choosing a Card Processor 

When selecting the cheapest card processing option, consider the following: 

  1. Transaction Volume: If you process a high volume of transactions, even small differences in fees can add up. 
  2. Features: Consider what additional features you need, such as invoicing, inventory management, and sales reports. 
  3. Ease of Use: Ensure the card reader and associated app are easy to set up and use. 
  4. Customer Support: Reliable customer support can help you quickly resolve any issues that arise. 

Ready to save on card processing fees? Explore options from SumUp, iZettle, and Square today. Choose the best fit for your business and start processing payments at the lowest cost. 

FAQ 

Are there any hidden fees with these card processors? 

No, providers like SumUp, iZettle, and Square are transparent about their fees. You pay only the per-transaction fee with no monthly charges. 

Can I use these card readers for online payments? 

Yes, all three providers offer solutions for both in-person and online payments, making it easy to manage all your transactions. 

How quickly will I receive funds after a transaction? 

Payment processing times vary, but you can typically expect funds to be deposited into your bank account within 1-3 business days. 

Are these card readers secure? 

Yes, these card readers use secure technology to protect your transactions and customer data, ensuring a safe payment process. 

What if I need help setting up my card reader? 

All these providers offer customer support to assist you with setup and any issues. Check their websites for contact details and support options. 

By understanding the cheapest card processing fees in the UK, you can make an informed decision and find the best solution for your business needs. Save money on every transaction and focus on growing your business!