The ability to quickly and efficiently process transactions on the move is becoming increasingly important across a variety of different industries.
From plumbers taking part-payments for materials to taxi drivers accepting credit cards, the need for a convenient field service online payment solution has never been more important, as it means getting paid on-time and without fuss – meaning cash-flow doesn’t become an issue and the books can be balanced accordingly.
But with so many different options available, as a small business owner it can be something of a minefield choosing the right online payment platform.
With that in mind, we’ve decided to weigh up some of the most popular solutions out there to point you in the right direction:
With over 300,000 customers in the UK, Worldpay allows your SMB to take card payments via a handheld mobile terminal – it’s a great all-round solution which can be used at a till, during field service visits to customers or on the shop floor.
The virtual Worldpay terminal also allows your business to take payments over the phone. Customers can even pay via email thanks to the useful “Pay By Link” option. In terms of pricing, Worldpay is flexible in that it operates on a “pay as you go” basis – your business simply pays a percentage on each transaction (typically in the region of 2%).
- Lots of payment options
- 24/7 customer service
- Easy to set up
- PAYG method can prove costly when processing lots of transactions
- Startups, tradesmen, eCommerce, restaurants, retail
SumUp is designed to make payment processing simple. There are no monthly costs and transaction fees are just 1.95% per card. Access to iOS and Android apps, online dashboards and telephone support is all free, with payouts to your business bank account taking 3-5 days.
Taking payments on the go will currently set you back £29 for a handheld card reader, with additional card readers (if required) bumping up the cost.
- No contract period
- Easy to set up
- Available on a variety of platforms
- No in-app invoicing
- Startups, restaurants/takeaways, tradesmen
2-minutes videos: Watch how Sumup and commusoft work together:
Stripe bases its user model on “simple and transparent pricing”, which in theory means you’ll always have a good idea of what you’ll be paying out on each transaction.
The good news is that it’s marginally less than many of their competitors at just 1.4% plus 20p per sale. With no setup fees, monthly contracts or hidden costs, it’s a great entry-level online payment solution for all types of businesses.
The dispute management features mean that disputes resolved in your favour won’t incur any fees, and your payments will arrive in the company bank account on a 7-day rolling basis.
- Large variety of payment methods
- Great for tourist-centric businesses (low European card transaction fees)
- Hundreds of ‘out-of-the-box features’
- Good accounting integration
- Failed direct debit payments incur fees
- Can be difficult to implement for novices
- Cafes, holiday resorts, eCommerce platforms
The beauty of iZettle is its scalability. Whether you’re a street food vendor looking to increase sales by offering card payments or a store owner intent on implementing barcode scanners, receipt printers and cash registers into your premises, iZettle offers it all.
The company claims to be able to help the average small business owner to increase business by at least 15% each year without having to be tied down to monthly fees or contracts.
With an option to access cash from future sales to help expand your business - paid back via a slight increase in card transaction fees - it’s easy to see where the attraction lies.
- Perfect for companies of all sizes
- Enables businesses to easily take contactless payments
- Operates a cash-access feature to fund your business
- Some users report transaction limits
- Accessing future cash from sales can affect profits
Suitable for Almost everyone – especially new businesses
As one of the forerunners of merchant payments, PayPal is ubiquitous with almost anyone who has ever bought or sold something online.
As such, it’s one of the most compatible payment gateways and can be used as an outright transaction solution or as an extra payment method online, and increasingly in store.
Many service vendors are beginning to offer PayPal mobile payments as a means of securely moving and managing money, as the simple app and familiarity among customers promotes trust.
- One of the world’s largest online payment platforms
- Ubiquitous among most customers
- Conveniently implemented into any business
- Large transaction fees
- Administration can be difficult
Implementing an online payment solution into your business
When it comes to choosing an online payment platform, perhaps the biggest consideration any small-medium enterprise should make is whether it can integrate with your job management or your accounting software currently in place.
For example, let’s imagine your currently uses a job management software. If your online payment solution doesn’t sync with your accounting package or job management software, you’ll find yourself spending considerable amounts of time inputting sales orders and generating invoices – and let’s face it, this could be time much more wisely spent.
Thankfully, there’s a solution at hand. Commusoft offers a range of integrations between online payment solution like SumUp, Stripe and Worldpay; and accounting packages like Sage, Quickbooks and Xero. This means automatic invoice or payment generation and an easier way of keeping track of finances, regardless of where your payments are coming from.