Several UK providers advertise no contract card machines, and on this shelf the claim is generally true of the app based providers: SumUp, Zettle, Square, myPOS, Lopay and Tide sell hardware outright on rolling accounts. What you give up is the lower rate that a term usually buys, which is a real trade rather than a trick.
What no contract actually means
No minimum term and no early termination charge on the account. You still have an agreement, the provider can still close the account under its terms, and the hardware you bought is certified to that provider and worthless elsewhere. So switching is free of penalty and not free of cost: you buy a new reader, from 11 pounds plus VAT upward.
What a term buys
A lower percentage, usually. Elavon's rented plans print roughly 0.99% against 1.75% on its no fee entry plan. On high volume that is worth far more than the flexibility. On low volume it is not, which is why the rolling accounts dominate among small businesses and the termed ones among larger ones.
Rates on rolling accounts
Published in-person rates without a term run from 0.79% at Lopay's Essential account to 1.75% at Zettle and Square, several with a fixed pence element. Those are the numbers to beat when a salesperson offers a lower rate in exchange for a two or three year commitment, and having them written down changes the conversation.
Questions people ask about no contract card machine
Which card machines have no contract?
The app based providers on this shelf sell hardware outright on rolling accounts with no minimum term: SumUp, Zettle, Square, myPOS, Lopay and Tide's pay as you go column among them.
Is a no contract card machine more expensive?
Usually a little, in rate. A term generally buys a lower percentage, so a rolling account trades price for flexibility. Below roughly 2,000 pounds a month of card takings the rolling account is normally still cheaper overall.
Can I leave a no contract card machine account at any time?
Yes, without an early termination charge. The hardware stays certified to that provider, so switching means buying a new reader.