The Better Alternative to a Card Payment as a Sole Trader

Reduced transaction fees with minimal monthly payments, with no chargeback risk for a sole trader 

A Card Payment Costs Both Parties

If you’re accepting card payments from your customers you’ll know the costly fees that are involved, the average of which can be seen below:

Transaction Fees – 1-3%

Merchant Account Fees – £5-£15 per month

Card Machine Purchase – £20-£80 plus setup costs

Monthly Service Fees – £10-£20 per month

Chargebacks – £10-£20

TrustistTransfer eliminates a lot of these charges by offering a payment collection service on your mobile phone, removing the need for a card machine. Chargeback risks are massively reduced and with the safety of Open Banking, the potential for fraud is almost non existent. 

With TrustistTransfer, transaction fees are less than 1% across all packages, meaning you’re saving money which can be reinvested into your business. 

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How TrustistTransfer Works

What Can Open Banking do For a Sole Trader?

With TrustistTransfer, you can collect payments easier than ever by using your mobile device, face-to-face using a unique QR code or pay link using Open Banking. Completely removing the need for PDQ machines and credit/debit cards entirely, creating a more streamline, efficient process.

How Easy is it?

  1. Input the Transaction Amount.
  2. Present the QR code/pay link to the customer.
  3. The customer scans/follows the link.
  4. The customer makes the payment.

All with more security and less time than a card payment!

How Can a Sole Trader Benefit?

Open Banking is a more secure way for a sole trader to collect payments and for consumers to make payments. The popularity of this payment method is rising due to reduced transaction fees, reduced fraud and no chargeback risk – it’s the best alternative to a card payment! 

The Benefits For You And Your Customer:

  • Easy to Use – A customer only has to give permission once with Open Banking, then they can easily pay, without the hassle of making a card payment or entering their bank details.
  • Reduced Transaction Fees – By using TrustistTransfer and Open Banking you can experience reduced transaction fees allowing you to save more of your money to invest back into your business.
  • Repeat Customers – Offering your customers the right payment methods is more important than ever, and can bring you a step ahead of the competition. Providing easy payment methods for your customers is guaranteed to increase the chances of them coming back to your business time and time again.
  • Faster Transactions – With Faster Payments enabled, Open Banking allows customers to set up regular fixed payments instantly. This is very appealing to merchants looking for the quickest payment option to avoid the 7-day wait often enforced by banks.
  • A Safer Option – Customers using Open Banking feel more secure using a familiar option for payment – their own bank account and details. Merchants are more secure too as they can avoid the risk of chargebacks associated with making a card payment.
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Start Using the Better Alternative to a Card Payment

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