Mobile payments company iZettle unveiled a new pricing model that will see transaction fees dropping for British small businesses who take over £2,000 a month. Under the deal, iZettle has cut its standard 2.75% transaction fee to as little as 1.5% for users.
The more sales customers take using iZettle, the lower their transaction fee. For instance, a plumber taking £5,000 a month pays 1.92% in transaction fees whereas a coffee shop that takes £13,000 or above pays 1.5%. The rate reduction applies to all cards and the Smart Rate is automatically calculated by iZettle who send the cost savings back to the customer at the end of every month.
The new service comes on the heels of iZettle’s Chip & PIN solution and its free analytics software, effectively making the company a one-stop shop for merchants’ payment needs. Now SMEs of all shapes and sizes have access to a suite of tools that help them to manage payments, spot sales opportunities and grow their business.