Merchant Services

How Much Do Merchant Services Cost?

How much do merchant services cost? Well, the answer depends on which provider you use.

Could you save over 90% on your merchant service charges? Read on to find out…

How much are you paying for your merchant services?

When last did you take a closer look at your merchant services bill?

Sure, there will always be transaction charges (providers need to make their money, of course). But how much are you being charged per transaction? And, more worryingly, what other charges are you incurring?

In the merchant payment world, there are three basic merchant services charges you can expect:

  1. The cost of the terminal, which is variable but competitive
  2. Cost of interchange, which is fixed by EEC law to 0.3 (with the exception of Amex)
  3. The commission charged on transactions, which is the amount paid to the introducer

So, what are all those other charges labelled as ‘miscellaneous’? You may not even be aware that you’re being charged:

  • An electronic authorisation fee charged per transaction
  • Payment Card Industry (PCI) compliance charges
  • Terminal rental
  • Business dashboard to draw up invoices and statements

Let’s do the math on how much merchant services cost

If you were to use the provider we compared with (at 100 transactions per day) your monthly charges would include:

  • Electronic authorisation fee – £139.50 per month
  • PCI compliance charges – £12 per month
  • Terminal rental – £23.95 month
  • Business dashboard to draw up invoices and statements £4.99 per month

These charges add up to £180.44 per month = £2165.28 per year

Now, let’s compare these charges to our Smarter Business Merchant Services offering:

  • Electronic authorisation fee – £0 per month
  • PCI compliance charges – £0 per month
  • Terminal rental – £12 per month
  • Business dashboard to draw up invoices and statements -£0 per month

These charges add up to £12 per month = £144 per year

This is a saving of 90%! 

So, aside from massive savings, what makes Smarter Business’ merchant services different?

  • No premium card charges
  • Next-day payment at no extra charge
  • No authorisation fees No minimum monthly fee
  • No signup or setup fees
  • Digital signup – no hard copies required
  • No PCI compliance fees
  • Free customer portal to draw up invoices and statements
  • Already in contract? We’ll outweigh cost whilst still saving you money
  • 24/7 Support Desk and phone support
  • Faulty terminal? We’ll replace it the next day!
  • Create additional revenue with Direct Currency Conversion

How our retail merchant services work

  1. Send us your latest card processing statement
  2. We’ll submit this to our supplier to obtain a price comparison for you
  3. We’ll then present you with the price offered along with the necessary paperwork should you decide to proceed
  4. We’ll take your completed paperwork and communicate with the supplier
  5. You’ll then receive an email from our supplier requiring an e-signature to finalise your contract
  6. The terminal is then posted to you with set-up and operational instructions
  7. We follow up with a courtesy call to ensure you are trading smoothly

Download our Merchant Services Guide