Payleven chip and PIN readers are now available for individuals as well as businesses. The news comes hot on the heels of the roll-out of 2 new product features allowing for printed receipts and multiple readers on one account.
Payleven released their chip and PIN reader in February 2013 in the UK, Germany, Italy, The Netherlands, Poland and Brazil. Until now the card readers had only been available for business users however now individuals can also buy the machines. The change has initially been rolled out in the UK with the other markets to follow soon. Individuals will use the machines on the same terms as business users paying £89 for a card reader and a 2.75% transaction fee.
As well as making the machines available for individuals, Payleven are speeding up the approval process. The paper based approval process is being replaced by an online one. This means accounts can now be instantly approved and finalised much more quickly.
Who Are They For?
There are multiple ways for individuals to accept payment which do not require them to buy a card reader and pay a transaction charge so who will use Payleven?
It is clear the individual market is relatively niche. The type of person it is hoped will start using Payleven is someone who regularly sells items in the classifieds or at car boot sales, a person who does quite a number of transaction but doesn’t have a registered business.
Mobile Card Readers
Payleven offer one of several card readers which work with a smartphone or tablet to accept payments. Payments are processed through an app on the mobile device. The Payleven reader connects via Bluetooth to the mobile device.
Payleven’s main two competitors in the UK are SumUp and iZettle. SumUp offer a free ‘chip and sign’ card reader while iZettle offer both ‘chip and sign’ and chip and PIN readers. SumUp’s card reader is for businesses only, while iZettle’s card readers are available for both businesses and individuals. PayPal are also releasing a mobile chip and PIN reader in summer 2013.