You also agree to a ‘monthly minimum service charge’, which is the minimum amount that Paymentsense requires in transaction fees on a monthly basis. If this amount is, say, £24.95 and your month’s card processing fees are only £20, then Paymentsense will bill you £24.95. If your processing fees are £30 for the month, then £30 will be charged. In essence, your monthly card processing fees will amount to at least £24.95 even when you’re accepting few – or no – card payments for the month.
The monthly card machine rental price depends on the terminal model. Usually, a mobile terminal is more expensive, while portable and stationary models cost less. Integration with POS software does not cost anything, according to the website. There is no setup fee for the card machine, but you do pay extra for the 24-hour replacement service, should this be part of your agreement.
Chargeback fees apply (we’ve seen £28 quoted per chargeback) as well as PCI-DSS compliance (card security standard) that incurs a monthly service charge. If you don’t complete the necessary PCI-DSS paperwork in time, non-compliance fees will also apply.
There are many other fees to pay, which you should ask about before signing up. For example, some users mention a surprise annual fee, charges for performance reports and receipt rolls, and costs from third-party providers. All these fees typically add up to at least £70-£80 monthly excluding transaction charges.
In contrast with in-person payments, the monthly cost of the virtual terminal, payment links and online gateway are disclosed openly on the website.
If you transact for less than £50k annually, you pay £9.95/month on a monthly contract or £8.30/month on an annual contract. A higher turnover of up to £250k per year costs £14.95/month with a monthly plan or £12.45/month on an annual plan. Processing up to £1.2m annually costs £19.95/month on a monthly plan or £16.60/month with yearly commitment. Other costs apply depending on your online solution, which are only disclosed when talking to Paymentsense.