By
Matt Di Vincere (Chief Editor)
Last Edited Sep 05, 2023
Here at Money Transfer Comparison we are experts on everything to do with international fx payments. With that in mind, we bring our comparison expertise to compare online payment systems in the UK. In this guide, we’ll look at the pros and cons of each payment gateway and compare the costs for accepting both domestic and international card payments. Ultimately, we’ll provide a data-backed answer to which payment gateway is cheapest.
Top Five Online Payment Systems for your Small Business
Below, you’ll find a list of the top five online payment systems for your small business. This list has been compiled based on credibility, security, cost, and the overall quality of the online payment processing systems available to UK businesses. First and foremost, we prioritise the fees charged by each provider as the primary determining factor. Additionally, we consider the payment methods they accept and the overall quality of their solutions, which includes factors like customer service, PCI compliance, and ease of integration.
Square (Our #1 Choice!)
Square has long been known as one of the leading point-of-sale software and hardware providers, so it comes as no surprise they’re looking to crack online payment processing as well. Being a little late to the party, Square has launched with some very tidy packages, including a completely free entry-level plan that only sees you pay when transactions are made. Just like Shopify, square is looking to become your complete online solution, including things like web hosting and website design. With Square’s free plan, you can use the online store builder to create, design and launch your site completely for free. The only cost you’ll encounter is when you make a sale at either 1.4% / 2.5% + 25p per transaction.
If you also opt for Square as your point-of-sale provider then integration across the two is seamless – allowing you to manage stock levels across both online and in-store orders, view sales history and manage buyer information.
Square Fees
Set-up Fees: None at all.
Transaction Fees: 1.4% + 25p for UK cards and 2.5% + 25p for non-UK cards
Subscription Fees: None at all.
| European Card | Non-European Card | |
| Transaction Fee | 1.4%+25p | 2.9%+25p |
The above fees are the standard pricing pan for SMEs. If your business processes a high volume of payments, you may be eligible for a custom pricing plan. Speak to the Square sales team to learn more. As you progress through the Square online plans you don’t actually receive any tangible benefits to your online payment gateway, except for premium which sees a lower fixed fee charged per transaction (15p instead of 25p). The additional features you can benefit from as you progress through the packages relate to other areas, such as a custom domain beginning on the Premium Plan and improved video uploading capabilities on the Professional Plan.
Square – Our Take
Square has drastically streamlined its pricing by removing different plans and scrapping monthly subscription fees on its payment gateway solution. Instead, it’s now a simple 1.4% +25p on UK cards and 2.5% +25p on non-UK cards. Even cheaper than the 1.9% and 2.9% they used to charge on UK and international cards respectively. With this in mind, we think these are very reasonable fees for accepted card payments from the UK, Europe and Rest of World. With a fixed 25p payment fee added to the percentage charged, the only instance the new fee structure will not work in your favour is if you sell low-value goods or services (roughly under £40).
If you’ve traditionally sold face-to-face and are looking for an online solution then Square proves a very solid bet. Managing your in-store POS with the same provider as your online payment gateway saves a lot of time and hassle.
The completely free package comes with unlimited bandwidth and a free SSL certificate. Having a secure SSL connection will help power your eCommerce sales by enabling customers to checkout directly on your domain.
| Advantages | Disadvantages |
|
|
Sign up with Square
Runner-Up: SagePay / Opayo
Opayo, formerly SagePay, is a payments processing service now owned by the Elavon Group. With around 300 employees, the UK payment service provider originally started its journey known as Protx before it was acquired by Sage. The company’s size is of a similar ilk to the top money transfer providers we recommend on money transfer comparison. Unlike the other multinational companies operating in the online payments processing industry, Opayo operates solely in the UK and Ireland.
With an office in Newcastle, Opayo’s UK-based team is available day and night. You can reach out to them on the phone, via email, or through social media. Customer Service is a core part of Opayo’s offering. The firm boasts an impressive 4.6 / 5 TrustScore on TrustPilot from over 5,000 customer reviews (as of September 2023), with customers regularly praising the excellent and helpful service. They are Trustpilot’s highest-rated payment provider, and whilst there’s been a recent name change, the service is identical.
The firm has been operating for almost two decades, providing the necessary payment tools to help businesses grow. Packages are well defined and the company is trusted by its 50,000+ customers. Every year, Opayo’s payment gateway processes around £40bn worth of card payments for over 50,000 merchants, across online and in-person.
Opayo Fees
Set-up Fees: None
Transaction Fees: It’s not clear on Opayo’s website what the exact transaction fees are for online payment processing, but they ‘start at 1.99%’ on the no-monthly fee account and ‘start at 0.99%’ on the paid monthly account, subject to card turnover.
Subscription Fees: In a bid to simplify their offering, there are now just two packages available through Opaya, including a newly added no-fee monthly account.
Pay as you go – No free transactions – 1.99% or more transaction fee + ‘12p gateway click fee’ – Free fraud screening tools – 24/7 support | Always open – £25 monthly fee – 350 free transactions – 0.99% or more transaction fee – No gateway click fee – Free fraud screening tools – 24/7 support |
Opayo – Our Take
The firm may have moved from Sage to Elavon in 2019 but with hundreds of 5* customer reviews in 2022/23 it clearly hasn’t impacted the service offering at the heart of the business.
Opayo can work with any acquirer so if you have an existing merchant account there’s no need to switch. But if you’re new to taking payments, then equally Opayo can get you set up with your own merchant account from scratch.
The subscription plans are now clearly separated between a free monthly account and a paid £25 monthly fee account. One thing we don’t like is the 12p ‘gateway access fee’ – it’s not a particularly common charge and adds an unwelcome extra charge on the basic plan. One thing we really like is the 350 free transactions on the paid monthly account – if you process at least this volume of payments a month then the monthly fee will easily pay for itself. Shopify & Square both have monthly packages of greater value that still attract higher transaction fees.
With all that being said, we haven’t been able to identify the exact transaction fees involved with the plans from Opayo’s website – they simply mention the ‘starting at’ prices which we assume are only available to businesses processing a high volume/value of card turnover.. Looking at the overall solution, given the excellent 24/7 customer service and fast response times, customers appear unanimously happy with what they pay for Opayo’s payment processing services.
| Advantages | Disadvantages |
|
|
Stripe
Stripe has been one of the hottest fintechs to have launched in the 21st century. Companies from around the world, no matter the size, use Stripe to accept multiple payment methods for their online sales. As a payment juggernaut, Stripe is certified to the very highest industry standards, has obtained regulatory licences around the world and invests in securing their payment infrastructure with world-class security experts.
The sheer volume of online payment methods for small business that Stripe provides is impressive. They understand that payment behaviour is different in every country so if you have international customers then Stripe can be a very good option – allowing your customers to use their preferred payment method, and improve the conversion of your checkout experience. In total, Stripe supports over 135 currencies and offers a unified payment gateway for credit cards, online wallets, bank transfers, and more.
Stripe recommends the most commonly used online payment methods by region so you can judge what suits you business best:
Source: www.stripe.com/gb/payments/payment-methods-guide
It’s not just one-off payment acceptance that Stripe offers either. For businesses who offer a subscription service – such as wine delivery for example – then Stripe can help you with this too.
Stripe’s competitive pricing is only slightly more expensive than Square for UK cards and works out a little cheaper for processing cards from the EU. They are substantially more expensive for processing non-EU international credit cards.
Stripe Fees
Set-up Fees: None
Transaction Fees:
- 1.4% + £0.20 for UK cards
- 2.5% + £0.20 for cards in EEA
- 3.54% + £0.20 for non-EEA cards outside the UK
An additional 2% is charged if currency conversion is required, i.e. customers opts to pay in their own currency.
Subscription Fees: No setup fees, monthly fees, or hidden fees.
Stripe is unique as it actively separates the transaction fee between UK, European and non-European cards. Worldpay offers cheaper transaction fees on debit cards vs credit cards but you don’t know what your customer would prefer to pay with. If you’re a UK business only selling in your jurisdiction then you do know that you’ll be paying 1.5% + £0.20. A very reasonable fee – the only cheaper option on a free account is the 1.4% + £0.25 fee charged by Stripe. Custom plans are also possible for large scale enterprises.
Stripe – Our Take
If you already have an eCommerce website, perhaps built with WordPress or any of the other major web builders, then you’ll struggle to find a better solution than Stripe. Whilst Shopify and Square aim to cover you for all your eCommerce needs, Stripe focuses purely on online payment processing and it does this brilliantly.
In a recent study, conducted by an analyst firm that interviewed Stripe customers, businesses accounted for an increase in revenues of 6.7% with Stripe. Overall, firms saw on average a 24% reduction in the cost of operations and an 81% reduction in unplanned outages for their payment software.
Brexit has forced Stripe to increase its fees for processing cards from the EEA – 1.4% to 2.5% – but with a + £0.20 fixed charge this is still slightly cheaper than the 2.5% + £0.25 charged by Square. Where it really gets more expensive than square, however, is for processing international cards. As of September 2023 the stripe fee for processing international cards outside the EEA is 3.25% + £0.20, considerably more than Square who charge the same fees as they do for European cards. However, if you’re a UK only business that wants the cheapest online payment gateway in the UK, then look no further than Stripe.
| Advantages | Disadvantages |
|
|
Sign up with Stripe
Worldpay
Set-up Fees: None
Transaction Fees: Dependent on package but the FIS / Worldpay website is rather opaque when it comes to fees.
On the eCommerce-only plan, transactions are charged at a market-leading 1.3% + 20p for processing Visa & Mastercard personal cards from the UK. However, AMEX and corporate cards from the UK are charged at a considerably higher 2.9% + 20p. International cards aren’t referenced but we’d assume they’re charged at a similar level to UK AMEX cards.
Subscription Fees: Dependent on package. Free for the eCommerce plan and £19.95 for the Simplicity Payment Gateway plan, which is to process payments via a physical card machine.
| Worldpay eCommerce | Simplicity Payment Gateway | |
| Transaction Fees | 1.3% + 20p (Visa + Mastercard personal cards) 2.9% + 20p (AMEX + any corporate card) | 1.5% (Visa + Mastercard personal cards) 2.9% + 20p (AMEX + any corporate card) |
| Monthly Fees | None | £19.95 monthly gateway fee |
Worldpay – Our Take
As far as sheer experience and magnitude of operation, you’ll struggle to beat Worldpay. As the number one global acquirer, the firm manages $1.7 trillion of payment volumes annually. If you opt for the Worldpay checkout experience, PCI compliance is completely handled for you, fraud checks are conducted, and payments are routed via only the fastest and most secure networks.
A transaction fee of 1.3%+ 20p is a market-leading proposition, but be aware this is only when the customer pays with a personal Visa or Mastercard. Other card networks are charged 2.9% +20p, as are all corporate cards, regardless of the network. So whether or not Worldpay works out cheaper is highly dependent on how your customers are paying. If you’re an established business, you should be able to review data from your existing card sales and make an informed decision as to the cheapest option for you.
If you’re selling outside of the UK then Worldpay has a global reach, operating in over 40 countries and handling over 120 currencies. What’s more Worldpay does not charge you to accept payments in foreign currencies. However, we don’t like the fact that Worldpay does not advertise its international processing fees.
| Advantages | Disadvantages |
|
|
Sign up with WorldPay
Shopify
Shopify deserves a spot in our top 5 as, in addition to an online payment gateway, it provides a complete solution for all your online selling needs. Shopify payments are included as part of your overall Shopify plan which provides you with so much more than just the online payment gateway. Whatever plan you opt for you’ll receive an ecommerce website and blog that you can manage with Shopify. Meaning you can build your complete online store, including a smooth checkout experience and accepting payments online for your small business. The online payment processing element that is included in your Shopify plan is called Shopify payments and it’s actually powered by Stripe, so you’re safe in the knowledge it has a world-leading payment processor behind it.
If you’re an online-only business then Shopify is almost always a great fit. Shopify Payments not only allows credit and debit card payments but accelerated checkout payment methods such as Apple Pay, Google Pay and Shopify Pay (Shopify’s own one-click checkout for repeat customers). Over the last year, Shopify Payments has processed over $16.6 billion globally.
Source: www.shopify.co.uk/payments
Shopify Fees
The Shopify plan that you opt for not only influences your payment gateway fees but also the benefits you receive through Shopify overall, such as things like the number of locations you can manage stock.
Set-up Fees: None
Transaction Fees: Dependent on package but even the most expensive package only matches the pay as you go option from Square.
Subscription Fees: Monthly, varies depending on package.
| Basic Shopify | Shopify | Advanced Shopify | |
| Transaction Fee | UK: 2% + £0.25 International: 3.1% + £0.25 | UK: 1.7% + £0.25 International: 2.7% + £0.25 | UK: 1.5% + £0.25 International: 2.5% + £0.25 |
| Monthly Fee | £25 | £65 | £344 |
Shopify – Our Take
Shopify has lowered the processing fee it charges as a % but has increased the per transaction fee from 20p to 25p. Businesses making high value sales will probably appreciate this, but those making frequent, low value sales may find better deals elsewhere. The international card fees on the Shopify basic account are higher with Shopify than they are with Stripe but do come in lower if you opt for the advanced package. Overall, despite lowering their payment fees, they are still above average. It’s the additional value that Shopify adds which is the winner here. One thing to watch out for is that if you run your online store through Shopify but use a different payment gateway, say Worldpay for example, then Shopify will levy additional fees.
On the basic Shopify plan, Shopify charges an extra 2% per transaction, on the usual Shopify plan it’s an extra 1% and on the Advanced Shopify plan it’s an additional 0.5%. It’s a clever tactic as it makes using an alternative payment gateway very expensive on a shopify hosted website. SMEs using the basic or normal shopify plan will almost certainly want to ensure they’re also using Shopify payments to get the cheapest online payment processing available to their situation, i.e. they’ve opted for Shopify as their website provider. And after all, why shouldn’t they, as it’s included as part of the Shopify plan anyway. To get cheaper payment processing fees, it’s better to use a different web host.
| Advantages | Disadvantages |
|
|
Sign up with Shopify
Cheapest Online Payment Gateway UK
There’s only one way to choose a winner here and that’s to do an online payment gateway price comparison, although cheapest rates don’t always mean better service. Summarising the fees we have already discussed per online payment gateway provider we can see:
| Monthly Fees | Transaction Fees | |
| Stripe | None | 1.4% + £0.20 for UK cards 2.9% + £0.20 for non-UK cards |
| Opayo | £25 to access lower transaction fees | Starting at 0.99%* |
| Worldpay | None for eCommerce package | 1.3% + £0.20 for UK personal Visa & Mastercards 2.9% + £0.20 for UK AMEX cards & corporate cards |
| Shopify | Starting at £25 | 2% + £0.25 on basic plan, as low as 1.5% + £0.25 on Shopify’s Advanced plan |
| Square | None | 1.4% + £0.25 on UK cards, 2.5% + £0.25 on non-UK cards |
*Opayo transaction fees are opaque and simply presented as ‘starting at’ so 0.99% is unlikely to be accessible to SMEse.
UK Winner – Square
Taking into account processing fees for all types of UK cards and international cards, Square is the winner of the cheapest payment gateway in the UK. The 1.4% transaction fee is on par with Stripe but the £0.25 fixed fee per transaction is just a shade more expensive than Stripe’s £0.20. Where they are substantially cheaper, however, is for processing non-UK cards. Square charges 2.5% + £0.25, whereas Stripe charges 2.9% + £0.20. Worldpay charges an even better 1.3% + 20p for personal Visas & Mastercards from the UK, but corporate cards and AMEX are charged at 2.9% + 20p, even when they’re issued in the UK. Worldpay does not advertise their international fees but we would assume they also start at 2.9% + 20p and up. Taking all of this into account, Square is the cheapest overall online payment gateway for businesses who make sales in the UK & abroad.
What’s particularly impressive is that Square offers these low fees through a pay as you go, no monthly fee subscription. Beating the rates of even paid monthly subscription plans from some of their competitors.
If you’re an SME that makes sales abroad, Square is most likely going to be your cheapest option. Large corporate customers will want to explore customisable plans from a range of providers.
Sign up with Square
Cheapest Online Payment Processing for UK-only Customers- Stripe
If we’re talking specifically for UK-based transactions then either Stripe or Worldpay is likely going to be the cheapest online payment processing company for entry-level businesses. The fact Stripe has no subscription fees and a slightly lower fixed fee for UK card transactions than Square, means Stripe just edges it between the two of these fintechs. The more established Worldpay is also going to be a very good option if the majority of your customers use personal cards which are either Visa or Mastercard. Just remember that even sole traders and SMEs can have a ‘corporate card’ so be sure to conduct an analysis of your existing card sales data if you want to find the cheapest option for your business. Ultimately, Stripe just takes the award in this category as its pricing is simple and fixed at the same rate for any type of UK card. Worldpay leaves a little to the unknown.
Shopify deserves a special mention for customers looking for a complete eCommerce solution, including web hosting and web design. Shopify’s standard plans start from just £25 p/m and incorporate Shopify Payments, which are in turn powered by Stripe so remains a very strong product in its own right.
Sign up with Stripe
Unknown Quantity – Cheapest Online Payment Gateway UK? Opayo
Technically, Opayo presents the cheapest transaction fee through their £25 paid monthly account. The Opayo website states ‘Starting at 0.99%’, which is the lowest advertised rate that can be found online. However, the big premise here is that it is ‘based on card turnover’. Other providers choose to present their standard tariff which most SMEs will access and then state something along the lines of ‘customisable plans available for large enterprises’. Therefore, it’s perfectly possible the likes of Square and Stripe can beat Opayo’s rates for businesses with high card turnover volumes.
With that being said, there are thousands of positive reviews that can be found online for Opayo, and large enterprises will at least want to include Opayo in any tender or price comparison they conduct. UK businesses are likely to appreciate the UK-based support team that is available 24/7 and won’t mind that Opayo only operates throughout the UK & Ireland. Its parent company Elavon is also a well-trusted payment processor.
Dealing Directly with Customers who Pay to Your Bank from Abroad?
If you are dealing directly with customers abroad in high-value transactions that can’t be made via debit or credit card in a POS system, but rather pay through a direct bank deposit, then you should consider using a UK multi-currency virtual bank account as provided by the best foreign exchange companies. This account will enable you to receive money in multiple currencies and pay an ULTRA-tight exchange rate margin and no other fees.
Multi-Currency Account Fees
- Set-up Fees: None
- Transaction Fees: None
- Subscription Fees: None
- Foreign Exchange Rate Markup Fees: As low as 0.15% for large volumes (read the best exchange rate for bank transfers article to learn more). Not more than 1.5% per transfer even with the worst company of its kind, making this a cheaper way than any online payment gateway in UK, hence the best way to receive large international transfers from abroad.
Multi Currency Accounts – Our Take
Whether you choose a company like WorldFirst that specialises in ultra-low margins and specifically caters to online businesses, a currency broker type of company like Moneycorp whose added value in the professional support it can provide, or Wise – one of the largest online money transfer systems in the world, you will not be disappointed with how much saving they’ll show compared to your bank or payment gateway provider. It’s true that these solutions are only applicable for a limited number of businesses whose customers are happy to pay via a bank transfer (mainly B2B), but we strongly believe that over time they will integrate with more and more payment systems and be able to help more businesses reduce their foreign exchange fees.
| Advantages | Disadvantages |
|
|
New: Revolut, the revolutionary currency exchange platform, offers Payment Gateway solutions as well. MoneyTransferComparison also reviewed Genome, a new multi-currency platform that offers a payment gateway functionality.
Final Word – Best Online Payment Gateway for Small Business in the UK
After a thorough online payment systems comparison, it’s clear that the online payment processing industry is dominated by larger players than those involved in the money transfer industry. This doesn’t appear to be at the detriment to customers though as low fees and multiple online payment methods are available on the market. When Stripe entered the market for online payment solutions just over 10 years ago it disrupted the industry sufficiently to see all of the major providers deliver a strong solution, with multiple plans that include cheap, entry-level packages. Stripe suggests the best payment methods for online businesses, based on their location, and provides the cheapest online payment gateway in the UK.
Square, under their Square eCommerce offering, also offers a no-fee subscription which only sees you paying when an online payment is processed, and at 1.4% / 2.5% it is the overall cheapest payment gateway in the UK. For this reason, alongside its strong reputation for being a true tech disruptor that supports SMEs, we’ve determined Square to be the best online payment gateway in the UK too.
Articles you might be interested in:
Business Foreign Exchange
Discover the potential benefits of dedicated corporate FX services for international transactions. Gain a brief overview of top business FX services and uncover tips for maximizing the advantages of using a corporate foreign exchange specialist.
How FX Hedging Works?
Learn about the five pillars of a successful currency hedging strategy, explore instruments like forward contracts, limit orders, and stop-loss orders, and discover top companies for hedging currency risk.
Currency Forwards Contracts
Discover how forward contracts allow individuals and businesses to secure exchange rates for future transactions. Delve into the popularity, pros and cons, and common questions surrounding forwards. Gain valuable insight on the best and most accessible specialists for booking forward contracts.
FX Options for Hedging
Learn about the process of buying and selling FX options, different hedging strategies, and various types available. Discover recommended platforms for purchasing FX options and learn how they can be used for speculative gains or hedging against currency movements.
FX Swaps
Learn about FX swaps, their distinctions from FX forwards, and their suitability for short-term currency solutions. Discover top providers of FX swaps for small and medium-sized businesses.
FX Limit Orders
The benefits and risks of using foreign exchange (FX) limit orders for businesses seeking to hedge their positions in the FX market without venturing into the costlier and more regulated options market. Explore the top brokers for purchasing FX limit orders, learn the distinctions between limit orders and stop-loss orders, and gain insight through real-life examples.
FX Payment Automation
Explore the transformative impact of automation on the payment industry. Fintech startups such as Airwallex and Kantox are at the forefront, offering cost reduction and competitive exchange rates, challenging traditional financial players. As AI advancements replace white-collar professionals, the article examines how payment automation has the potential to revolutionize international commerce.
The Best Online Payment Gateway Systems in the UK
A comprehensive comparison of the top five online payment gateways for small businesses in the UK. Evaluating factors such as fees, credibility, security, cost, and overall quality, the author presents a detailed analysis of each payment gateway.
FX Risk Management
With the increasing importance of exchange rates and the rise of ecommerce, SMEs and corporations face heightened risks. The article explores key elements of currency management, such as currency mapping, streamlining accounts through treasury management, and developing an effective FX strategy.
How to Invoice International Clients from UK
Navigate the complexities of invoicing international clients with this comprehensive guide tailored for UK businesses. We offer practical tips and information to ensure successful invoicing while complying with current legislation and best practices.
Best Global Payroll Services
Discover the top global payroll services for 2023 in this comprehensive analysis, designed to assist businesses of all sizes with their international hiring and payment needs.
Best Employer of Record Services
Employer of Record (EOR) services for hiring employees abroad without a local entity. It compares EORs to freelancers/contractors and introduces top providers like Papaya Global, Deel, and Remote.com.
Paying The ATO From Abroad
Discover the tax obligations for Australians working overseas, highlighting potential high fees with ATO’s suggested payment methods. The content recommends the efficient, cost-effective OFX for ATO payments from abroad, offering direct debit payments and seamless reconciliation using your PRN, making it an affordable, user-friendly solution for managing overseas tax obligations.
As an expert in the field of international fx payments and online payment systems, it's evident that the author, Matt Di Vincere, possesses a deep understanding of the subject matter. The article provides a comprehensive comparison of the top online payment gateways for small businesses in the UK, covering various aspects such as fees, security, credibility, and overall quality. The author demonstrates expertise by delving into specific details about each payment system, analyzing their pros and cons, and presenting data-backed insights.
Now, let's break down the concepts and information used in the article:
-
Square:
- Overview: Square is positioned as a leading point-of-sale software and hardware provider expanding into online payment processing. It offers a free entry-level plan with transparent and straightforward pricing.
- Fees: Transaction fees for UK cards are 1.4% + 25p, and for non-UK cards, it's 2.5% + 25p. The article emphasizes the simplicity of Square's fee structure and its affordability.
-
Opayo (formerly SagePay):
- Overview: Opayo is highlighted as a UK-based payment processing service with a strong emphasis on customer service. It has been in operation for almost two decades and processes a significant volume of card payments.
- Fees: Opayo's transaction fees start at 1.99%, and it offers a range of subscription plans, including a no-fee monthly account and a paid monthly account with additional benefits.
-
Stripe:
- Overview: Stripe is recognized as a fintech giant offering a wide range of payment methods for online sales. It supports over 135 currencies and provides solutions for both one-off and subscription-based payments.
- Fees: Transaction fees vary based on the type of card and location. For UK cards, it's 1.4% + £0.20, for cards in the EEA, it's 2.5% + £0.20, and for non-EEA cards outside the UK, it's 3.54% + £0.20. The article notes Stripe's competitive pricing and its focus on online payment processing.
-
Worldpay:
- Overview: Worldpay is presented as a global acquirer with a vast operation, managing trillions of dollars in payment volumes annually. It offers market-leading transaction fees for personal Visa and Mastercard payments.
- Fees: Transaction fees for the eCommerce-only plan are 1.3% + 20p for personal Visa and Mastercard, while AMEX and corporate cards are charged at 2.9% + 20p.
-
Shopify:
- Overview: Shopify is recognized for providing a complete eCommerce solution, including web hosting and design. Its online payment processing component, Shopify Payments, is powered by Stripe.
- Fees: Transaction fees vary based on the Shopify plan, ranging from 2% + £0.25 to 1.5% + £0.25. The article notes that Shopify has lowered its processing fees but increased the per transaction fee.
-
Cheapest Online Payment Gateway in the UK:
- Conclusion: The article concludes that Square is the winner for the cheapest online payment gateway in the UK. It highlights Square's simple fee structure, affordability, and the absence of monthly subscription fees.
-
Additional Information:
- The article touches on multi-currency virtual bank accounts for businesses dealing with customers abroad, mentioning companies like WorldFirst, Moneycorp, and Wise as options.
In summary, the author's expertise is demonstrated through a thorough analysis of each online payment system, considering various factors that are crucial for small businesses in the UK. The inclusion of specific fees, features, and comparisons adds credibility to the information provided.
