You are here because you’ve heard that Revolut card reader charges the lowest transaction fee and you want to find out if it’s true.
Short answer: Yes, it’s true. Long answer: Here’s the complete review.
As a merchant, a card reader is an essential investment. But they come with one downside – transaction fees.
Readers and payment gateways typically charge a percentage of the transaction cost along with a fixed fee. These costs can quickly add up, especially for a business that has low margin and high volume.
Depending on the reader and platform you choose, your transaction fees can lie anywhere between 1.5% and 3% and the fixed fees on transactions lie between £0.10 and £0.50 per transaction.
Quick verdict:
If you want to minimize transaction charges, the Revolut card reader is easy to carry, looks sleek, and charges only 0.8% with a fixed fee of £0.02 per transaction for domestic cards.
That’s the lowest fee of all card readers we have seen.
However, to use Revolut, you’ll need a Revolut business account, which will cost extra, depending on the kind of account you open.
There are different plans and we’ll discuss them in this article (don’t worry, there’s a free plan as well).
What is the Revolut Card Reader
It’s a sleek and stylish wireless card reader that can help small businesses accept payments through the Revolut Business app.
It’s pretty new in the market (launched in 2022) and lets you accept payments through chip-based and contactless cards including Visa, MasterCard, and Maestro.
It also accepts mobile payments such as Google Pay, Apple Pay, and Samsung Pay.
The Revolut card reader costs £49 and you don’t need a paid subscription for it to work. It fits the palm of your hand and can be taken anywhere. It works wirelessly and accepts payments in under 3 seconds.
It’s easy to connect the Revolut card reader to your smartphone using Bluetooth. Once connected, you can accept payments on the go.
If you have to accept payments at various locations such as business events, markets, trade exhibitions, etc., this can be the perfect tool for you.
When you connect the Revolut card reader to the Revolut business app, you can handle transactions and track sales.
How Much Do You Have to Pay to Use Revolut?
As mentioned earlier, the device will cost you £49, which isn’t the cheapest but it’s also not the most expensive.
Prices of card readers lie somewhere between £19 and £79, which means the Revolut card reader comes at a pretty fair price.
For in-person transactions, it will cost you 0.8% + £0.02 for domestic UK cards and 2.6% + £0.02 for international and commercial cards.
And for online transactions, it will cost you 1% + £0.20 for UK consumer cards and 2.8% + £0.20 for international and commercial cards.
There are four business plans and the Basic one starts for free. The other plans will need a monthly or annual subscription but it will save money in the long run.
Pros and Cons
Pros 👍
- Lowest rates for in-person domestic transactions
- Portable device
- Easy to setup
- Connects wirelessly through Bluetooth
- Currently supports 36 currencies
Cons 👎
- Basic functionality, doesn’t support advanced features like inventory management
- Limited reporting and no in-depth sales analysis
- Not standalone, needs to be wirelessly connected to a smartphone
Key Features of the Revolut Card Reader
Let’s understand all the prominent features of Revolut.
Payment Methods
Revolut accepts contactless as well as chip payments for all major card companies. And for mobile payments, it uses Apple Pay, Google Pay, and Samsung Pay.
Multiple Currencies
Revolut supports 36 currencies for holding and exchanging so you can manage money in your preferred markets. With multiple currency support, you can get paid from anywhere in the world.
Easy Integration
Revolute can easily integrate with several platforms. Some of the most popular platforms are Zoho Books, Zapier, Sage, and WooCommerce.
Fraud Prevention
Revolut flags high-risk transactions and lets you know about them. This helps merchants detect scams and stop them before they cause any harm. Also, it keeps accounts secure with the help of passcode and biometrics.
Long Lasting Battery
The Revolut card reader can accept payments all day long without the need for a recharge. If it gives a low battery indication, just charge it with a simple charger.
Easy to Carry
Revolut card reader is a small and stylish device that can be carried anywhere. If you want to receive payments on the go, Revolut can be a good choice.
Easy to Use
It’s easy to connect the card reader to the Revolut Business app. Once connected, you can start accepting payments.
Accepting Payments
To start accepting payments, you need to have a Revolut Business account. Once you set up an account on your phone, you can link it with your card reader.
You can accept payments using chip cards, contactless cards, Apple Pay, Samsung Pay, Google Pay, and QR codes.
You can create QR codes in no time to accept payments on the go. QR code payments are contactless and the customer can scan the code to make an in-person payment.
Here’s how you can start taking payments.
1. Link your card reader with your Revolut Business account on your smartphone using Bluetooth.
2. Set up a catalogue in the app. Once you’re ready to make a sale, select the items that were sold and it will show you the payment screen.
3. Select the preferred payment method of the customer. It could be a chip or PIN card. Or it could be a mobile payment. Pick the right method from the options.
4. Let the customer authorize the transaction. Once it’s complete, you’ll see an update on the app and you’ll get a receipt.
The app also lets you manage cancellations and refunds. There are also options for giving tips.
It takes about 3 seconds for a customer to make a payment and the funds are available in your bank account in just 24 hours.
This is faster than many other payment methods such as Stripe and Tyl. Most card readers settle payments in 1-3 days and Revolut is faster than them.
Pricing Plans
Let’s discuss the pricing for the Revolut Business account.
There are four Business pricing plans.
- Basic for £0
- Grow for £019/month
- Scale for £79/month
- Enterprise that’s tailored according to your preferences
You can begin with Basic, but it won’t work for high-volume transactions. To accept bulk payments, you’ll need an upgraded plan.
Alternatives for Revolut Card Reader
While Revolut has the lowest transaction charges, it has its own set of limitations. If Revolut isn’t your thing, here are some alternatives.
Square Reader
Square Reader is a popular choice for accepting payments and the device costs just £19. It accepts card and contactless payments and offers a long battery life.
The in-person processing charges are just 1.75% for mobile, chip, and contactless payments.
For online payments, a UK card will incur a transaction fee of 1.4% + £0.25 and a non-UK card will incur a fee of 2.5% + £0.25.
While the one-time device price of Square Reader is cheaper than that of Revolut, its transaction charges are high.
But then Square Reader doesn’t have any monthly charges so it’s more suitable for businesses with irregular sales patterns.
Tide Card Reader
Tide Card Reader is yet another sleek device that’s compact and lightweight. It costs £89 and charges a transaction fee of 1.5%.
Unlike Revolut, it’s a standalone device, which means you don’t have to connect it to your smartphone.
It’s pretty simple to use. Just enter the price in the card reader. The customer will insert the card into the device (or tap it) and the transaction will be complete in a few seconds.
Payments usually reflect in the bank account within 3 business days.
One downside of this reader is that you don’t get a paper receipt – only an email receipt. To get a paper receipt, you can buy Tide Card Reader Plus, which costs £99.
Zettle Reader 2
Zettle Reader 2 is a device by PayPal. It costs £29 and comes in two colours – white and black. It charges 1.75% on transactions using major credit cards and mobile wallets.
For payment links and invoices, your transaction charges will go up to 2.5%.
Since it has no fixed charges on transactions, it’s a good device for businesses with high sales volume and low margins.
There are no monthly charges, so if you have a new store, this card reader will be a good choice for you.
It accepts a wide variety of cards and you’ll see the payments in your bank within 1-2 working days. It sends digital receipts and stores them in the cloud.
Revolut Card Reader Use Cases
Is Revolut right for you? Here are some of its most common use cases.
Mobile businesses
If you run a business that is on the go, for example, a food truck or a pop-up shop, Revolut card reader will be the perfect payment gateway for you.
Local service providers
If you provide home services such as electrical or plumbing, carrying a small card reader can be a good idea to accept payments.
Retail stores
Revolut can also be a good choice for a small store with low transaction volume.
Apart from these use cases, the Revolut card reader can also help you when you showcase your products in a trade exhibition.
Conclusion
Revolut is an excellent payment gateway for in-person and online transactions. It offers a compact card reader that can read chip-based and contactless cards.
Of all the card readers in the market, Revolut has the lowest transaction costs.
It’s not a standalone device, which means you’ll need to connect it to your phone and operate it through the Revolut Business app.
It supports many cards and multiple currencies. The transactions are quick and you’ll get the money in your account in just a day.
It’s a no-frills card reader that offers basic services and lacks advanced features. Overall, it’s a decent card reader that’s simple to set up and easy to use.
Frequently Asked Questions
Revolut accepts Pin and chip cards along with contactless cards. It accepts Visa, MasterCard, and Maestro. It also accepts Apple Pay, Google Pay, and Samsung Pay.
Yes, you can. With the Basic plan, you can start using the card reader without paying the monthly charges. Just pay for the device and transaction costs.
Download the Revolut business app on your phone and create an account. Then pair the card reader with your phone and you’ll be ready to accept payments.
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