I’ve had this personal thing going on for years. Why, I thought, should a retailer pay to accept credit cards? Surely the credit card companies should be paying the retailer! – Huge cash-flow in their interest earning accounts; unsettled balance earnings from the end customer and they want to charge the poor old retailer as well. The retailer surely acts as their salesman.
Seems the tide is turning. . . at last.
I’ve kept an eye on Square (the one that initially gave me hope) and i-Zettle for a while. Their technology was not initially up to speed with chip ‘n pin and relied on the good old chip ‘n signature.
Another step change and another entrant (Payleven) gave us the chip ‘n pin security we Brits craved for.
I needed to do some comparisons of these products for a Client so thought I’d share my broad-brush findings with all. The field was narrowed to the two I’d bumped into who now utilised chip ‘n pin.
- Payleven – Owned by the Sammwer brothers Rocket Internet Payleven is funded by leading European & American venture capital firms.
- i-Zettle AB – Co-founded in 2010 by Jacob de Geer (CEO) is based in Stockholm, Sweden.
I drafted up a quick matrix and reached out a couple of times to each for information.
My initial conclusions from my experiences / features –
- Better, more methods, and open longer customer support.
- Seem to credit you faster and with all of monies owed to you.
- Volume tapering of percentage charge makes for cheaper transactions.
- Seem to credit monies on par for time but have some sort of cap for how much gets credited to your account depending on if you are a Limited Company or Sole trader. (It all gets there in the end – their info)
Check them out yourselves and have a look at my matrix. They are both pretty well balanced.
I welcome them into an arena that has needed a shake up for many years – thank you Square, i-Zettle and Payleven.
*** PLEASE NOTE THESE ARE MY OWN PERSONAL FINDINGS ***