Choosing the right payment solution for your business is crucial for running a successful company. Whether you operate an online store or a physical shop, you need a reliable and cost-effective payment solution to manage your transactions. However, with so many different payment solutions available on the market, it can be challenging to determine which one is the best fit for you.
In this article, we will explore how you can compare various payment solutions for small business owners and select one that suits your business.
1. Overview of Different Payment Solutions
Before you can start comparing payment solutions, you need an overview of the different types available. The most common types of payment solutions include card payments, mobile payments, and invoicing.
Card payments are the most prevalent option for small business owners, allowing your customers to pay with their credit or debit cards online or in-store. Mobile payments are also popular, enabling customers to pay using their mobile devices. Invoicing is another option that works well for businesses that want to send invoices to their customers.
- 2. Comparison of Features and Prices
Once you have an overview of the various types of payment solutions available, it's time to start comparing the features and prices of the different options. Some of the key features you should consider include:
-
Security: Features like encryption and fraud prevention are essential to safeguard your business and your customers.
-
Integration: If you use an e-commerce platform or other software, you need a payment solution that can integrate with your existing systems.
-
Customer Support: Reliable and helpful customer support is crucial for addressing any issues or questions that may arise.
-
Fees: The fees can differ among various payment solutions, and it's crucial to choose an option that is cost-effective for your business.
When comparing the prices of different payment solutions, it's important to examine the various fees associated with each option. Transaction fees, monthly fees, and setup fees are just a few of the charges that may be involved. Make sure you understand how each fee works and its cost to accurately compare the different payment solutions.
The same applies to features. Ensure you understand which features are included in each payment solution and how they work. Consider which features are most important for your business and choose a solution that meets your needs.
Consider which type of payment solution is most suitable for your business. If you run a physical store, a card payment solution might be the best option. If you sell products online, you may need an e-commerce solution with integrated payment processing.
Finally, review the ratings and feedback for the various payment solutions. There are numerous review sites and forums where you can see what other business owners think about the different options. Reading reviews and ratings can provide you with a clear understanding of which solutions perform well and which do not.
- 3. Popular In-Store Solutions
Below, we will compare the pricing of some of the most popular payment solutions on the market, including Zettle, Nets, Swedbank Pay, Yabie, and Surfpay.
Zettle:
-
Card payment: 1.85% per transaction
-
Cash register: 299 SEK per month
-
Initial cost for hardware terminal: 199-1999 SEK depending on the type of terminal purchased
Zettle is one of the most well-known payment solutions on the market. In addition to card payments, they also offer a cash register and hardware terminals. Prices vary depending on the type of hardware terminal purchased, but card payments are charged at 1.85% per transaction.
Nets:
-
Card payment: 0,75% + 0,35 kr per transaction
-
Terminal: from 99 SEK per month
-
Commitment period: 36 months
Nets is another popular payment solution that provides card payments and terminals. Their pricing includes a fixed fee of 0.75% plus a transaction fee of 0.35 kr per transaction. They also offer a terminal starting at 99 kr per month, with a commitment period of 36 months.
Verifone:
-
Card payments: from 1,49% per transaction
-
Terminal: from 199 SEK per month
-
Monthly fee: 99 SEK
-
Commitment period: from 36 months
Verifone provides a payment solution with a transaction fee of 1.49%. The terminal costs 199 SEK per month, and you can subscribe to a cash register for 99 SEK per month. The commitment period is 36 months.
Yabie:
-
Card payments: from 0,99% per transaction
-
Cash register: from 359 SEK per month
Yabie is a payment solution designed for businesses and restaurants. They provide card payment services and a cash register at a fixed price starting from 359 SEK per month. The card payment fees vary based on the transaction amount, with an initial fee of 0.99% per transaction.
Surfpay:
-
Card payments: 1,29% per transaction
-
No monthly fees for payments
-
Option to subscribe to a cloud-based cash register for 149 SEK/month, with no commitment period
-
It is also possible to send payment links for online sales.
Surfpay is another payment solution available in the market, offering card payments at a fixed rate of 1.29% per transaction. Unlike the other payment solutions in this comparison, Surfpay does not charge any monthly fees or require a commitment period.
Surfpay is a Tap-to-pay solution, which transforms your mobile phone into a card reader for contactless payments (physical cards from Visa, Mastercard, and Discover, as well as digital cards in ApplePay, GooglePay, and SamsungPay).
You can also easily activate Swish and Klarna to offer your customers various payment methods.
Ultimately, the choice of payment solution depends on your specific needs as a business owner. While price is an important consideration, it's also crucial to evaluate the features and tools offered, as well as customer support and ease of use.
For smaller businesses, Yabie and Surfpay can be appealing options as they offer lower initial costs and simpler pricing without monthly fees or commitment periods. Zettle is also a popular payment solution with a wide user base and a cash register that can be useful for certain businesses.
Nets and Verifone have longer commitment periods, but they also provide terminals for businesses that require them.
No matter which payment solution you choose, it's important to take the time to research and compare different options to find the one that best suits your business needs.
In summary
Choosing the right payment solution is crucial for running a successful business. By comparing various payment solutions, along with their features and prices, you can find an option that meets your needs. Consider which type of payment solution is most suitable for your business and read reviews and ratings of the different options before making a decision.
We hope these tips have been helpful and that you feel more informed about how to choose the right payment solution for your business. If you have any questions or need assistance in selecting a payment solution, please don't hesitate to contact us, and we will be happy to help.
If you're interested in accepting card payments quickly and easily on your mobile device (both iPhone and Android), you can download the Surfpay app today and register your business. There are no monthly fees, just a 1.29% charge per transaction.
You can create a Surfpay merchant account directly on the website or by downloading the app from any App Store.
