AIBU to ask other business owners the cheapest way to accept card payments?

[FluffyGoalXXXDX]

We are a small business who accept card payments over the phone (rather than face to face). We usually only accept one or two payments a month totalling about £500..

We currently use Worldpay and pay about £60 per month for our virtual terminal.
Due to the fact that we have had to close business due to Corona Virus, we are looking at ways of reducing costs.

Are there any cheaper ways of accepting card payments than Worldpay for when we eventually restart business after lockdown?

Any recommendations would be gratefully received.

Can you try PayPal rather than a card?

Approach your bank and see what they offer we pay a lot less than £60 per terminal a month and 16p on each debit card and a percentage that I can't remember on credit cards. We are currently with Lloyd's, but have been with HSBC in the past.

Try one of the pay-as-you-go card readers - the ones I have used have been PayPal, iZettle and SumUp. You don't pay a monthly charge - you just pay a fixed percentage of each transaction. Usually 1.75% - 2.75% which, if you're only taking £500/month on cards, sounds like a good deal for you.

Or you could do it via PayPal invoice - you still pay the % charge but you don't need the card reader.

Thank you all. I didn't expect such a quick response! I will look into all of these ideas.

I use izettle. You pay an upfront cost for the terminal, I think I paid about £30 at the time and then there is a charge of 2.5% for every transaction, there is no monthly charge. It connects to an app on your phone and there is an option to take payment away from the terminal, I think it sends a link for payment to your client but I haven’t used that option.