Which provider to choose?
If you receive many small amounts (below £10), it’s cheapest to go for an option with just a fixed percentage rate per transaction, i.e. SumUp or Zettle. All other options incur a fixed fee on top of a percentage rate, which makes the overall fee too high for low transaction values.
Other cost-saving options are Revolut with its low domestic rate and Monzo with its free instant bank transfers.
Revolut and Monzo business account holders benefit from easy access to payment links from a banking app, so they’re ideal if you want a business account too.
Square, SumUp and Zettle also let you easily send and copy links through a mobile app, rather than having to log into a web portal on a computer. Their links can typically be used on social media like WhatsApp, Messenger, Facebook, emails, texts and anywhere else you want to get paid online.
With Square and SumUp, you can even print QR codes for specific links to display on your premises.
If cash flow is important, Revolut’s settlement takes just one day whereas PayPal.Me receives transactions directly in an online account. Monzo’s direct bank payments settle immediately. With SumUp Business Account and its debit card (free), you receive funds within 24 hours.