Democratising payments
iZettle is dropping the flat transaction fee of EUR0.15 it charges with each transaction across all the markets it currently operates in: Sweden, Norway, Denmark and Finland. The fee was charged in addition to 2.75% of the transaction amount for MasterCard, Visa and Diners Club card payments and 3.75% for recently added American Express payments.
“iZettle was created to democratise payments – empower small business, service providers and individuals by taking the confusion and cost out of credit and debit chip-card processing,” said iZettle CEO and co-founder, Jacob de Geer. “This is another step towards making card payments accessible and affordable for everyone, no matter the size of your business or your average transaction.”
iZettle claims its 50,000 users to date has increased the number of POS terminals in the Nordics by 10% since launch in August last year. Recent figures from Eurostat, the statistical office of the EU, claim there are around 20 million small businesses in Europe that only accept cash or invoices.
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