Mobile payment service iZettle, which enables businesses to take card payments via an iPhone or Android smartphone, is dropping its transaction fees for UK businesses that take over £2,000 a month.
Rates will fall from the company’s standard 2.75% transaction fee to as little as 1.5%, depending on the total amount processed. The rate reduction applies to all types of card payment.
Jacob de Geer, co-founder and CEO at iZettle, said “We see a great take-up on our Chip & PIN reader from small businesses processing high volumes of sales and we are extremely excited to be the first to bring this type of pricing model to these merchants. Our users don’t have to do anything to take advantage of the new pricing as Smart Rate kicks in as soon as your payment levels go over £2,000.”
iZettle is EMV (Europay, MasterCard and Visa) approved, compliant with the Payment Card Industry Data Security Standard (PCI DSS) and regulated by Sweden’s Financial Supervisory Authority.
We spoke to iZettle CEO Jacob de Geer at Mobile World Congress last year. You can listen to the interview (which starts after around 12 minutes) via the built-in audio player below.
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