iZettle has this week announced that it will be dropping transaction fees for small UK businesses processing over £2000 in orders a month, as well as cutting its standard 2.75% transaction fee to as little as 1.5% for other users.
The new iZettle rate reductions apply to all cards, and the savings are automatically calculated by the iZettle system. Any transactions which need to be refunded to businesses are processed and returned at the end of every month.
“iZettle is a new way of running and growing your business – using only a free app, a secure card reader and analytics that help you keep track of your business, every step of the way.”- “Card or cash? Use your smartphone or tablet to take both kinds of payments. Best of all, iZettle works great wherever your business takes you.”
Benefits for Small Businesses
iZettle’s decision to drop transaction fees for small businesses processing over £2000 in orders each month is a significant move. This initiative is designed to support small businesses by reducing their operational costs, thereby allowing them to reinvest the savings into other areas of their business. For instance, a small café processing £3000 in card payments monthly would save approximately £82.50 in transaction fees under the new rate, which could be used for marketing, inventory, or staff training.
Moreover, the reduction of the standard transaction fee to as low as 1.5% for other users makes iZettle a competitive option for businesses of all sizes. This is particularly beneficial for startups and small enterprises that operate on tight margins. By lowering the cost of accepting card payments, iZettle is making it easier for these businesses to offer flexible payment options to their customers, which can enhance customer satisfaction and loyalty.
Advanced Analytics Tools
In addition to the fee reductions, iZettle is also offering free analytics tools to its customers. These tools are designed to provide businesses with valuable insights into their sales patterns, customer behavior, and overall performance. For example, a retail store can use iZettle’s analytics to identify peak shopping times, best-selling products, and customer demographics. This information can then be used to optimize inventory management, tailor marketing strategies, and improve customer service.
The analytics tools set iZettle apart from its competitors within Europe. While many payment processing services offer basic transaction reports, iZettle’s comprehensive analytics provide a deeper understanding of business operations. This can be particularly advantageous for small businesses that may not have the resources to invest in separate analytics software.
Furthermore, iZettle’s system is designed to be user-friendly, ensuring that even business owners with limited technical expertise can easily access and interpret their data. This democratization of data analytics empowers small businesses to make informed decisions that drive growth and profitability.
For more information on the new iZettle rates, jump over to the iZettle website for details.
Source: Tech Crunch : Intomobile
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