As seen above, myPOS adds a fixed fee (7p) to their two fixed rates, whereas the others only have one fixed percentage rate even for foreign, premium or business cards.
Although these fees are the same for everyone by default, a monthly turnover above £10k-£16k may qualify you to ask for lower, custom rates.
Since there is no contractual commitment, you can accept as few or many transactions as needed, and avoid charges when you stop accepting cards.
A few other costs may apply to certain transactions, in particular chargebacks (£0-£30) and refunds (typically, the original transaction fee is retained).
Fees are customisable with a rental contract
With a rental contract from a payment service provider or acquirer, transaction fees depend on your sales volume, contract length, business type (high-risk businesses get higher fees) and types of cards accepted. Based on these things, you get a custom quote before signing up.
The transaction fees can be blended or in an ‘interchange plus plus’ format. The latter reflects the true cost of a card transaction, because it charges the exact fees of card networks (e.g. Visa, Mastercard), card issuer (cardholder’s bank) and acquiring bank that processes the payment (e.g. Worldpay, Barclaycard), plus a markup of your chosen payment service provider.
The card issuer and card network fees vary depending on the exact card being processed, whereas the acquirer and payment service provider fees are determined at sign-up when assessing your predicted turnover and business type.
>> Learn more about Interchange Plus Plus pricing here
Blended fees simplify the true cost of the interchange plus pricing by ‘blending’ these costs into more general fixed fees and rates that apply to a broader umbrella of transactions. Blended pricing may be preferred if you want more predictable fees, but it may not be the cheapest option overall.