How to avoid transaction fees for your business when accepting card payments
I thought I'd share a quick tip on how to accept card payments without being charged a penny in transaction fees!
I was using the PayPal card reader which let me accept card payments and Apple Pay payments but took a percentage of each sale plus a set rate (pence... but it all adds up over the month/year with increasing amounts of people paying by card instead of cash!)
I stumbled across this method by chance... it works through a new bank that works solely through an app. The bank is called Monzo. The app itself is great! It's pretty much just another debit card/current account which categorises your spending and lets you set budgets etc. It's also really good for sending money between friends with an account and has features such as "bill-splitting", account freezing for when you lose it and joint accounts. The card is a funky orange colour too! I think you need to be invited to open an account, but using this link will let you sign up!
Anyway... you can apply for a card through the Monzo website/app. You just register through the app, upload a picture of your driving license or passport and record yourself saying a message on the screen for verification. The card then comes in a few days and you can set it all up straight away and transfer money to it to top it up as they don't have any high street banks to deposit cash. You can pay using contactless and it works with Apple Pay.
SO... to accept payments? There's no official feature that is allocated for businesses, but I found a way where people without a Monzo Card can send you money using their bank cards. This gave me the idea of using it in my sports injury clinic. When you have set up your account, you get the link to send to a friend that owes you money - for free! So I have bookmarked this on my office laptop.
The link can be found at Account > (click your name at the top) > Just below your name will be a link that looks something like Monzo.Me/ArunGray and there you go! Just send that to your customer, or open it on your computer, tell them how much to send you and let them enter their bank details and send you the money. You'll receive it instantly and not pay a single penny in transaction fees!!
OFFER: For the whole of December, Monzo will give you ￡10 just for signing up and opening an account here! Even if you don't use it for your business... it's a great bank to use!
I don't work for Monzo and I'm not on any sort of commission, I've just saved loads of money avoiding PayPal fees and thought I'd share.
Share this post and tag anyone who might benefit... small businesses, sole traders or larger!
Let me know what you think!!