Compare Payment Service Providers, Tool
Use the DTI's free diagnostic tool to calculate the cost of specific
options and find out if this electronic payment method is right for
you.
In order to use the diagnostic tool and save the results for a future
visit you will need to register here
. If you would rather just try the tool without registering you can
use the username: emeansbusiness and password: client
here .
The main costs are listed below, however, they are not relevant to
all products ( the diagnostic tool will work this out for you):
- Setup Cost: ranges between £50 and £250, if applicable £120 is the
average.
- Annual Cost: normally around £150 but often not applicable.
- Monthly: The most standard charge especially from acquiring banks,
around £10-25.
- PSP: Can be a commission of as little as 1% but often about £10
per month or 3-4%.
- Transaction Charge: 2.79% for an established business but up to
4-5% otherwise.
- Bond: dependant on exposure level but is often negotiated down.
Example Costs
| |
Set-up |
Recurring Costs |
Charges |
| Acquiring bank† |
£200 |
£10 |
2 - 3.35% per credit card transaction |
| |
|
|
£0.25 - £0.35 per debit card transaction |
| Worldpay ‡ |
£100 |
£160 (annual) |
4.5% credit cards, £0.50 debit cards |
| Protx ± |
£0 |
£20 |
£0.10 per transaction (for over 1000 transactions per quarter) |
† Acquiring bank(Requires the services of a Payment Service Provider)
‡ Bureau
± PSP (needs Acquiring bank)
|
