Verifone told us they manage the card processing, i.e. your merchant account. This means the above card transaction fees are decided by Verifone, so you do not need to deal with a different card processor unless you also want to accept American Express. To accept Amex, you need to get a separate merchant account from American Express.
There is no setup fee with Verifone. According to the sales rep, you only pay the monthly fee and transaction fees, nothing else. If you decide to end the contract prematurely, you have to pay an early termination fee equivalent to the remaining costs of the contract. When ending the contract after the full term, you only need to give 90 days’ notice to cancel the contract any time – this does not incur a termination fee.
Other merchant service providers will have different fees and packages. It’s always a good idea to request quotes from multiple providers to get an idea of which is the best deal for your particular business. Some will have minimum monthly turnover requirements, meaning a fee applies if sales are not reaching a certain threshold. Some will have setup fees, service costs and other charges, but perhaps also more included in their packages.
If you can buy the card machine upfront, the price would be in the multiple hundreds of pounds, and then you would still need to connect it with a card processing contract and pay for ongoing services.