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.
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?
- Input the Transaction Amount.
- Present the QR code/pay link to the customer.
- The customer scans/follows the link.
- 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.