Is Tide Card Reader better than alternatives?
The closest competitors to Tide Card Reader are currently Revolut Reader and SumUp’s card terminals. Like Tide, they come with a business current account and a range of features for payment acceptance and business banking.
Which is then best? Both Revolut and SumUp offer payment links, QR codes and ecommerce integrations, as well as invoicing. Tide only offers basic email invoices, so if online payments are necessary, you would go for SumUp or Revolut.
Revolut’s banking features are considerably more extensive than SumUp’s. Particularly if cross-border payments are important, Revolut leads with its multi-currency features even on its free plan. Tide is somewhere in between the two with its business account features.
Revolut, on the other hand, does not offer a standalone card machine, only a card reader that has to connect with a phone app. SumUp has an app-based reader, but also a freestanding Solo card terminal that can be purchased with a receipt printer.
What about fees? Revolut offers a low rate and fixed fee for domestic cards (0.8% + 2p) accepted through the card reader and a high fee for other cards (2.6% + 2p). Tide’s fixed fee (1.5%) is lower than SumUp’s (1.69%). So if you process a mix of UK- and foreign-issued cards, Tide is probably cheapest, whereas Revolut could save you money if most of your transactions are with a domestic card.