How to accept payments over the phone 2021

How much does it cost to accept payments over the phone?

The pricing structures for virtual terminals and the exact prices vary between different providers. Some merchant service providers offer their virtual terminal service with no monthly fees, with just a flat percentage fee applied to each transaction you accept.

This pricing style is more common among payment facilitators. Square, for example, only charges 2.5% of each transaction, while SumUp’s fees are 2.95% + 25p by sale.

Other providers – usually traditional merchant account providers – charge a monthly fee, plus a transaction fee. Worldpay’s service, for example, is € 9.95 (excluding VAT) per month, while the Sage Pay virtual terminal incurs a monthly fee of £ 15 (excluding VAT).

Sometimes these monthly fees include a fixed amount of “ free ” transactions – with Handepay for example, you will pay € 9.99 per month, which allows you 200 transactions during this period. Any sales you make over this limit are billed at a flat rate of 10 hours by occurrence.

Other suppliers, such as Pay Pal, apply a significantly different “moving” price scale. In addition to a fixed monthly fee of £ 20PayPal’s per transaction rates are based on your company’s overall sales volume.

If this volume is less than £ 1,500 in card payments per month, you will pay 3.4% + 20p per transaction. Until £ 6,000, these fees fall to 2.9% + 20p, while companies take between £ 6,000 and £ 15,000 in the volume of the card will pay 2.4% + 20p.

Companies raking to the top of £ 15,000 in card payments are looking for the best deal, PayPal’s fee for this medium is only 1.9% + 20p.

This is the price information out of the way. And as you’ve seen, virtual terminals are like Orwell’s animals – not all are created equal. So which one is best suited to the unique requirements of your business?

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