Yesterday, the Financial Times profiled Worldpay and their new payment system, called Zinc, aimed a small businesses. FT said that the “pay-as-you-go” system offered by Worldpay takes a page from mobile phone industry book and is a good fit for small businesses that don’t take a huge volume of payments.
Sound familiar? That’s because we’ve been doing it for a while.
Is Worldpay Zinc a Good Deal?
The Times’ article doesn’t say how much Worldpay actually costs, but a little digging reveals that transaction fees are “from 1.95% to 2.75% per card payment,” depending on your pricing plan (how those pricing plan differs isn’t clear from the Worldpay website).
And you’ll have to pay £40 to get the chip-and-PIN keypad when you sign up, too.
How does that compare to our prices? First of all, you don’t have to drop that £40 on a keypad, as SmartTrade can do everything you need to take a payment directly from your mobile. No need to pay for more stuff, carry additional things around, or worry about breaking something expensive when you’re on the go.
And our transaction fees for subscribers are only 2.15% + 20p. If you’re a non-subscriber? 2.7% + 20p. So we beat Worldpay on price in two different ways. No card reader, and fewer transaction fees.
We even make it easy to pass the transaction fee onto the customer with a tap of a button, so it’s like having no transaction fees at all. And what’s better than that?
Just a Better Deal
Worldpay has the right idea: let people take card payments with their mobile on a pay-as-you-go basis that doesn’t require expensive monthly contracts. But they’re missing a couple crucial pieces that SmartTrade provides: better prices and the freedom of not having a card reader.
It was a good try, but we beat them to it.