The headline rate is not the rate
Add every line on the statement, divide by your total card turnover and you have your real effective rate. It is almost always higher than the number you were sold.
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The rate is the
The rate is the
least of it.
Most people switch provider because of a percentage and get caught by everything around it — the four-year term, the separate terminal lease, the PCI fee, the exit charge.
We don’t publish other providers’ rates on this page, because merchant pricing is contract-specific and anything we printed would be wrong for most of the people reading it. What we can do is show you the structural differences, and show you how to read your own bill.
Three ways to take a card payment
Square, set up by us
What we do
Contract
None. Stop whenever you like.
Hardware
Bought outright and yours to keep.
Monthly minimum
None.
PCI compliance fee
None.
Early exit fee
None.
Payouts
Next working day as standard, free.
Rate
Quoted on your own numbers, in writing, before you commit.
Setup & training
On site, by the person who specced it.
Who you ring
A named person, locally.
Traditional merchant services
The alternative
Contract
Commonly 3-4 years, auto-renewing.
Hardware
Usually leased, often on a separate agreement.
Monthly minimum
Common.
PCI compliance fee
Common, charged monthly or annually.
Early exit fee
Common, and can run to the remaining term.
Payouts
Typically next day, sometimes 3 working days.
Rate
Varies widely. Often blended, sometimes interchange-plus.
Setup & training
Varies. Often courier delivery and a manual.
Who you ring
A support line.
App-based readers
The alternative
Contract
None.
Hardware
Bought outright, low cost.
Monthly minimum
None.
PCI compliance fee
None.
Early exit fee
None.
Payouts
Next day, sometimes slower on new accounts.
Rate
Flat published rate, rarely negotiable.
Setup & training
Self-service.
Who you ring
Chat or email support.
Switching
Who are you with now?
Send us a recent statement from any of these and we’ll set our number next to yours, line by line. If you’re better off where you are, we’ll tell you that.
Provider names and logos are the property of their respective owners and are shown to help you identify your current supplier. No affiliation or endorsement is implied.
Read your own statement
Six things worth checking tonight.
You can do all of this without talking to anybody, including us.
Look for a separate hardware agreement
Terminal leases are frequently a second contract with a different company and a different end date. Cancelling the payments side does not always end it.
Find the notice period
Usually 30 to 90 days before the renewal date, in writing. Miss it and most agreements roll for another full term.
Count the fixed monthly charges
PCI fees, minimum monthly service charges, statement fees, non-compliance fees and terminal rental are all common and all add to your effective rate.
Check the non-secure and non-UK bands
Rates for commercial cards, international cards and keyed transactions are often several times the headline consumer debit rate.
Check what happens to the rate after year one
Introductory pricing that steps up on renewal is standard practice. The step-up is in the terms, not the sales email.
Statement review
Send the bill.
Send the bill.
We’ll do the maths.
One recent statement is enough. We work out your real effective rate, show you ours next to it, and tell you what the switch would actually involve.
Free statement review
Two minutes, no obligation, and a person calls you back.
- Itemised in writing before you commit
- A named person, not a call centre
- Nothing submitted to Square until you say so
Or call 0330 520 2791