Released in June 2011, iZettle opens doors of opportunity for start-ups and entrepreneurs to accept card payments through budget-friendly card reader and application.
As you go through this iZettle review, you can make an informed purchase decision if it is the right payment choice for your business. It is one of the best credit card readers, available in the market and you can accept payments through credit cards as you opt for it.
What is iZettle
iZettle is one of the most popular European card payment processing services which allows businesses as well as individuals to accept card payments. In addition to this, it also offers backend services that help the end-user for creating a virtual store.
Moreover, it allows you to view the transaction history as well as analyzing the sales. One of the most prominent reasons why it is the number one choice of startups for making payments is because it comes with minimal startup costs.
Besides this, it does not involve any monthly contracts and the end-user has to pay a specific transaction on every sale. It is possible to download the app free of cost. Besides this, it has high compatibility with tablets, android and iOS smartphones.
Review iZettle Features
iZettle Reader is the latest model of iZettle which comes with a bunch of features.
- Connection through BlueTooth
- Battery life for 8 hours
- Charging through the dock and USB cable
- Elegant and simple design
- Easy to use, fast, and stable
- Accepting magstripe, contactless, pin and chip payments.
- Transactions through contactless cards.
With iZettle reader, you can accept payments with Apple Pay, Diners Club, JCB< Visa Electron, V Pay, Maestro, American Express, Visa, MasterCard.
iZettle Fees Review
At present, iZettle charges a flat rate of 1.75%. As you opt for this product, you get enrolled in the basic service of the “Go” plan by default.
You can also consider upgrading to the “Go Plus” plan where you need to pay an extra £20 every month. Apart from this, you will get extra reports, additional customer service hours, as well as a lifetime warranty. For invoicing, you will be charged with 2.5% of the total amount of transactions. Your client and the market will receive notifications once the invoice is paid.
Limits and deposit schedules
Once you have processed the payment through iZettle, it is possible to take out payouts within 2-3 business days. However, the availability of funds depends on two primary factors which include
- Whether you have accepted the payment via magstripe card or a chip card
- The means for approval of the payment – Touch ID or PIC code of the customer.
Hence, if the transaction is processed on Monday, it will be available to the bank account on Thursday or Wednesday. However, if you process the transactions on Friday, you will receive it on Wednesday or Tuesday.
Businesses will receive a maximum daily payout of £500,000 if the payment was made through chip cards. On the other hand, for magstripe and signature transactions, the maximum daily payout is £200,000. Moreover, iZettle offers you options to opt for weekly, daily, or monthly payments which depend on how you are managing the cash flow.
How to start with iZettle
Setting up the iZettle for accepting payments is simple, easy, and fast. If you have the card reader, it is possible to get the whole system ready for accepting payments in less than one hour. Here are some of the steps; you need to follow for accepting payments via iZettle:
- At first, you need to buy the card reader from the official website of iZettle. The device will reach your doorsteps within a period of three to five business days.
- Now, you require downloading the iZettle application from the App Store or Google Play.
- In the next step, you need to create the iZettle account by visiting into iZettle website and signing up, while using the personal details.
- Here, you require connecting the bank account to the iZettle account. iZettle makes sure that the signup procedure is secure and your information is highly protected.
- Now, you require connecting the iZettle reader to the application through the Bluetooth.
After the card reader is connected, the bank account has been synchronized and the application is working, you can start processing payments.
iZettle app
The iZettle app for both Android and iOS is easy to use, even if you do not have in-depth technical knowledge. It boasts of an easy to navigate, clean and simple layout. The menus have been displayed here.
After you have followed the above-mentioned steps for starting with the iZettle account, you will be taken to the product page where you need to put the inventory and start creating your store in the iZettle application.
It is possible to create different product listings easily as it allows you to upload the product description, picture, price, and name from the phone directly. In addition to this, it allows the options for adding different variants for the products, which include color, size as well as differentiating attributes.
All you need is a few minutes to update each product. Hence, even if you have large inventories, you can create stores just in one day. After the creation of the store and the addition of products, you can start to make sales in the application. Once the sales are completed, you can find the transaction history via the Transaction screen. It is possible to view the monthly and daily transactions through the Reporting feature.
Pros
- Faster and hassle-free payments
- Easy and fair pricing
- Beginner-friendly
- Easy to use
- Long-lasting battery
Cons
- Accounts might get suspended due to several reasons such as regulatory problems or merchant protection
- Lower transaction limits for the private accounts
The iZettle card payment terminal contributes to being a suitable choice for the majority of sectors and traders. It has turned out to be the prime choice of a plethora of merchants which include street vendors, retailers, barbers, taxi drivers, hairdressers, restaurants, pubs, and coffee shops, etc.
You can also use it for receiving payments in car boot sales, pop-ups, markets and trade fairs. Though this credit card reader is used by a plethora of sole traders, the application has options for limitless staff accounts along with restricted permissions.