Whereas other acquirers charge monthly and annual fees for card processing, the merchant account from Barclaycard Business has no monthly or yearly account fees. You are only paying fees for card machine transactions, chargebacks, refunds and a monthly PCI-DSS compliance charge to Barclaycard. There’s no charge for the paper statements from the bank.
Transaction fees are tailored to the merchant’s needs. The main things that determine the card rates are the transaction value and sales volume. If your average transaction value is low, like £5, your quoted fees would be higher than someone accepting high transaction values like £100. This means cafés and convenience stores, for example, probably won’t find that Takepayments is the right fit. Car dealerships, beauticians, restaurants and independent retail shops would, on the other hand, get competitive fees.
Transaction fees are composed of a variable rate associated with the card type/brand, plus a fixed authorisation fee. Takepayments splits the range of fees into four groups: 1) domestic debit cards, 2) domestic credit cards, 3) business debit cards, and 4) business credit cards. Domestic cards have the lowest rate – as low as 0.28% – while a business/corporate card typically costs 1.8%-2% but can go as high as 2.5% plus the fixed authorisation charge.