Taking card payments is a choice between three routes: a phone with tap to pay, a reader paired to a phone, or a standalone terminal. All three run on an account whose rate runs from 0.79% to 1.75% on published UK figures. The fourth variable, and the one buyers ignore, is when the money actually arrives.
Settlement is part of the price
Most UK providers settle the next working day as standard, and several sell faster settlement as a feature. Lopay structures its whole account ladder around it, pricing three tiers by how quickly a business wants its money. For a business with tight weekly cash flow, a day of settlement can be worth more than a tenth of a percentage point.
Choosing the route
Phone only if your sales are small and contactless. A paired reader if you need chip and PIN but trade from a counter. A standalone terminal if you trade away from wifi or hand the machine to customers. The published hardware step between those is 11 pounds to 179 pounds, which is small against a year of transaction fees.
What to check on the first statement
That the rate charged is the rate quoted, that no authorisation or minimum monthly charge appeared unannounced, and that the settlement dates match what you were told. Providers publish fee schedules separately from pricing pages, and the first statement is where the two are reconciled for the only time that matters.
Questions people ask about taking card payments
How long until card payments reach my account?
Next working day is standard at most UK providers. Faster settlement is sold as a feature by several, and Lopay prices its account tiers around exactly that.
What is the simplest way to start taking card payments?
Tap to pay on a supported phone, which needs no hardware. It is contactless only, so a reader becomes necessary as soon as you take larger sales.
What should I check on my first merchant statement?
The rate charged against the rate quoted, any authorisation or minimum monthly charges, and the settlement dates. That reconciliation is the only real test of a quote.