Earlier this year, we reviewed mobile point of sale (mPOS) system iZettle, investigating the ease of use, transaction costs and security.
Now it’s time to dig into iZettle’s pricing in more detail and see how it stacks up against three of the biggest names in the mPOS market.
To see how much you could save on your payment processing, jump over to our comparison engine and pop in a few details about your business. Most people can save up to 40% on their current deal!
How much does iZettle charge?
First, a quick recap on iZettle’s pricing. If you want to use iZettle, there are two costs to think about. The initial terminal cost and the recurring costs.
Pretty simple, right? You buy the terminal outright then pay card transaction fees on every transaction you process. No monthly fees, no setup fees, a free app and free support from iZettle. Simple.
iZettle’s transaction fees are based on your monthly card turnovers and they move in relation to your monthly card revenue. More specifically, the lower your turnover, the higher iZettles fees and vice versa.
iZettle’s fees range from 2.75 percent for monthly card turnovers below £2,015 down to just 1 percent for monthly card turnovers above £39,693.
While iZettle doesn’t publish the actual breakpoints, they do have a calculator on their website, which allows you to calculate the exact transaction fee for any monthly card turnover. Check it out here.
We ran some example turnover figures through the calculator. Here are the transaction fee values we were quoted and the monthly processing charge you’d receive.
|Monthly card turnover||Transaction fee rate||Monthly processing charge|
Although iZettle’s fee structure is more complex than competing fixed fee mPOS systems, the sliding fee scale is actually a big plus point. By decreasing its rates as your turnover increases, iZettle stays cost-effective for longer.
So, that’s how much iZettle charges for its service. Now it’s time to see how it stacks up against its competitors.
So is iZettle worth it?
iZettle is a great choice for microbusinesses, small businesses, entrepreneurs and market traders. If you need a simple and robust POS with the flexibility of taking payments on the move, it’s is definitely an option to consider.
Compared to other mPOS systems, iZettle obviously has its advantages and disadvantages. Its terminal costs are pretty low and the sliding fee scale keeps the system competitive as your business grows.
While its transaction fees aren’t super competitive at the low end, it delivers huge savings over other mPOS systems once you start processing over £5,000 per month.
For a full review of the iZettle mPOS, read our recent blog post iZettle POS Review 2017. And if you’re already sold on the idea, take advantage of our special terminal offer and pick up a brand new card reader for £25 + VAT.