The Lloyds Cardnet mPOS reader has a different set of fees: You generally get lower fees if your business account is with Lloyds Bank, as seen above with the next-day payout fees. We’ve seen quotes of up to £175 in setup fee, £25 minimum monthly service charge and a fixed rate of 1.25% for Visa and Mastercard transactions. If you need next-day settlement, a charge of 81p applies if your business bank account is not with Lloyds, or 21p if you signed up with a Lloyds bank account. Payouts are free if you can wait 3-5 working days to receive them in your bank account. Chargebacks – where a customer disputes a transaction with their bank – incur a fee of £12 each. For example, if you only received enough payments to owe £10 in transaction charges one month, Cardnet adds a further £5 on top. The minimum you can pay in transaction fees a month is £15 (minimum monthly service charge). That is, unless you’re accepting American Express which has a transaction fee of 1.9% (a special Amex contract may be required). Whether domestic, foreign, premium or corporate, all debit cards have a transaction rate of 1.06% while all credit card transactions cost 1.4%. On top of this, you must pay a monthly PCI-DSS fee of £5.50 to cover Cardnet’s payment security standards. The basic software subscription is included in the monthly fee, but you can subscribe to more advanced Clover features if needed. We were only offered a Clover Flex terminal, but other card machines may have a lower monthly cost because they don’t have the same amount of software features as Clover. It has an early termination fee of £100 + VAT if cancelling after 18 months or the monthly terminal rental (£23 + VAT, in our case) x 18 months if cancelling before 18 months. We were only offered a 36-month contract – quite a commitment.
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