Transaction fees depend on your estimated business turnover, type of business and card type. Most Elavon card machines advertise fees from 0.99%-1% for chip and PIN or contactless payments, but the reality is more likely between 2%-3.75%, according to some reports. A fixed transaction fee in the region of 10p-20p is also applied to all transactions.
Additional costs apply to American Express acceptance, should you choose this option. Keyed transactions cost more than in-person payments, and then you pay a monthly fee for the online payment method being used.
You can expect many extra fees in your account, which may not all be communicated at sign-up. There will be annual and/or monthly charges for PCI-DSS compliance, SIM card charges for 3G connectivity and a minimum monthly service charge if an agreed minimum in card processing fees was not reached that month.
Monthly paper statements with an account summary cost at least £3 each, but you can opt to view these details for free in an online portal to avoid this. Chargebacks incur an admin fee of at least £25, and there may also be charges for things like card authorisations, terminal installations and refunds.
Standard payouts that take several working days are free, but there is an option to settle card payments in your bank account the following day (probably for an extra cost).
Don’t want a long-term contract? The MobileMerchant reader is purchased upfront for £29 + VAT without subsequent fixed monthly fees. Transaction fees are also fixed from 1.75%. Given the lack of commitment and miscellaneous costs associated with MobileMerchant, it is the least intimidating card payment service from Elavon.