Takepayments Review: Is It Right for Your Business?

Takepayments is a fintech company based in Stockport, UK, that focuses on providing payment solutions to small businesses and sole traders. Formerly known as Payzone, the company rebranded as Takepayments after selling its bill payments system to the Post Office in 2018.

Positioning itself as the fastest-growing card payment provider in the UK, Takepayments aims to capitalize on the increasing shift towards cashless transactions. It offers a range of services, from debit and credit card acceptance to online payment gateways and comprehensive EPOS systems, described by the company as a “business in a box.”

But how good is it?

My review will provide you with an in-depth analysis of Takepayments, covering everything from its features and pricing to its customer support and security.

Takepayments Features

Like many in this space, Takepayments offer a variety of services around payment processing from card machines (also called PDQ machines), EPOS systems, and payment processing itself. Here are the core features you can expect:

Takepayments Review: My Verdict

Overall, I’ve been impressed with Takepayments, giving it one of the highest ratings I’ve awarded any payment processing company. They offer excellent customer service and a wide range of payment processing options, including countertop, portable, mobile, mail, and telephone order payments. This inclusiveness sets Takepayments apart from competitors like Dojo, which only offer countertop and mobile payments

In terms of features, Takepayments is ahead of the curve with its extensive list of e-commerce integrations. It offers 16 integrations, including popular platforms like WordPress and WooCommerce, which is more than what Worldpay offers.

It’s fair in pricing with no set up fees. The monthly account fee is steeper than some at £20 but the transaction fees are competitive.

However, Takepayments is not as well-suited for larger businesses with substantial transaction volumes or specialized needs. For example, Takepayments does not offer integrated online stores, so businesses that require this feature would need to use another service.

Overall, their superb customer reviews speak very highly of the level of customer satisfaction they’re offering. They are an ideal provider for someone who isn’t seeking the rockbottom pricing of something like Zettle, but wants a more scalable system with a better customer service.

Pros and Cons of Takepayments

Takepayments Pricing and Costs

Takepayments offers bespoke transaction fees rather than fixed plans. This means that the actual cost of your payments will vary depending on your transaction volume, the type of card used, and other factors.

It is typically more expensive than Square and Zettle, but it offers a wider range of features and functionality.

It’s worth noting that Takepayments prides itself on upfront pricing with no hidden fees so there shouldn’t be any surprises.

Account Fees

Takepayments has one of the highest base account fees in our comparison, priced at £20 + VAT per month. This surpasses competitors like Worldpay (£9.95 + VAT) and Retail Merchant Services (£10 + VAT), but is still more cost-effective than Dojo’s £24.95 + VAT.

Contract terms

Takepayments generally offers either a 18-month standard contracts for their card machines. The only exception is the Easy Deal, which has a sizeable setup fee of £150 + VAT. With this, you’ll get a shorter 12 month contract.

To get up and running, there are two types of contracts to understand:

• Your contract with Takepayments: This covers the rental of card machines, terminal software, and online payments.
• Merchant Account contract (either Barclaycard or Elavon): This entails the costs associated with processing transactions.

Detailed fee breakdown

Here is a concise fee structure based on available information:

• Setup fee: £150 for Easy Deal, £0 for other packages
• Card machine rental: From £7.50 + VAT per month (Easy Deal) up to £25 + VAT per month (Takepaymentsplus)
• Merchant account fees: No recurring monthly or annual fees
• Transaction rates: These are personalised and range between 0.3% to 2.5% depending on various factors like card type and your business profile.

The company also imposes a monthly minimum charge of £10 and additional fees for PCI compliance and chargebacks, among others.

Transaction charges: A closer look

Transaction fees vary according to your transaction value and sales volume. For instance, businesses with lower transaction values such as cafés might find themselves subject to higher fees compared to those with larger transactions like car dealerships. The fees are composed of a variable rate depending on the card type, plus a fixed authorisation fee.

Contract flexibility

Cancellation is allowed 30 to 60 days before the end of the contract depending on the chosen plan. An early termination fee is equivalent to the cost of the remaining contract term.

Other fees

Other ancillary fees include mobile connectivity charges, monthly card machine rental fees, PCI-DSS compliance fees, and costs associated with online payments.

Overall, Takepayments’ pricing is competitive, but it’s important to factor in all of the fees involved before making a decision. The company’s upfront pricing and no hidden fees policy are a positive, but the high base account fee could be a deterrent for some businesses.

Takepayments Customer Reviews

Takepayments has an overall excellent TrustScore of 5 out of 5 based on 37,372 total reviews on Trustpilot.

The vast majority of reviews (94%) are 5-star, with only 3% 4-star reviews and less than 1% for 3-stars or lower. This indicates an overwhelmingly positive sentiment from customers.

The most common themes in the positive reviews are good customer service, quick issue resolution, helpful and patient staff, straightforward communication, and easy signup and use. Customers highlight the polite, knowledgeable support agents who take time to explain things clearly and sort out any problems efficiently.

Many reviewers mention being impressed by Takepayments’ level of service and support, which exceeds expectations. Specific support agents are praised for going above and beyond.

Negative reviews (only 3% of total) complain about hidden fees, difficulty cancelling contracts, pushy sales consultants, and poor customer service in some cases. However, Takepayments appears very responsive – replying to 99% of negative reviews and typically within 24 hours.

In summary, with 37,372 mostly glowing reviews and a nearly perfect score of 4.8 out of 5 stars, Takepayments reviews on Trustpilot are excellent overall. The vast majority of customers have very positive experiences and are highly satisfied with the customer service, ease of use and value.

What are the card machines like at Takepayments?

Takepayments offers a variety of card machines to suit the specific requirements of different business types.

Types of card machines

• Countertop terminals: These are ideal for businesses with a fixed point of sale, such as retail shops and restaurants. They connect via broadband or phone line for secure transactions.
• Portable terminals: These terminals operate via Wi-Fi, making them ideal for businesses that need to take payments on the go, such as restaurants or cafes.
• Mobile terminals: These terminals use mobile data networks to process transactions, making them a good option for businesses that need to accept payments anywhere, such as tradespeople or outdoor market vendors.
• Integrated payment solutions: These systems integrate card payment processing directly into your Electronic Point of Sale (EPOS) system, making it easy to accept payments and manage your finances.

Features and benefits

• User-friendly interface: Takepayments’ card machines are designed to be easy to use, with a simple and intuitive interface that minimizes the learning curve for staff.
• Fast transaction speeds: The terminals are optimized for quick transactions, which is crucial during peak business hours.
• Robust security: Every device is PCI-compliant, ensuring that customer data is handled securely.
• Broad compatibility: The card machines are compatible with most leading EPOS systems and can process a wide range of card types, including foreign cards.
• Customization: Some terminals allow for the integration of loyalty schemes and other personalized customer engagement features.

Considerations

• Contract length: Most card machine contracts require an 18-month commitment, although an Easy Deal option with a more flexible term is available.
• Cost: The cost of a card machine will vary depending on the type of machine you choose, the contract length, and other factors. Takepayments also charges a monthly fee for terminal rental.
• Limited range: Although Takepayments offers a good variety of terminals, they may not have a machine that suits every niche requirement.

Takepayments Point of Sale (POS) Integrations

Takepayments offers two tPOS options: Counter and Complete.

tPOS Counter: This compact system features a 12.5-inch touchscreen display, powerful quad-core processor, and battery and mains charging options. It supports contactless payments and real-time reporting, all accessible at the touch of a button.

tPOS Complete: This variant offers a larger 15.6-inch display, super-fast printer, and all the core functionalities of tPOS Counter. It is designed for businesses requiring more robust POS solutions.

Both options come fully integrated with a portable card machine to facilitate diverse payment options. A £250 initial set-up fee and monthly fees apply. Additionally, note that transactions can only be processed with an internet connection, and additional card machines will require separate contracts and additional costs.

API Integration

For businesses with custom-developed POS software, Takepayments offers API integration. This feature facilitates an automated sales process, from transaction initiation to payment confirmation, all within your proprietary software environment.

E-commerce Integration

Takepayments also offers basic yet functional e-commerce integration. This allows for secure online payments through the same merchant account used for in-store transactions. However, the feature set is not as extensive as some dedicated e-commerce payment solutions.

Third-Party Integrations

The Takepayments system is designed to work seamlessly with a variety of third-party accounting, inventory, and CRM software. This assists businesses in achieving operational cohesion, thereby enhancing overall efficiency.

Limitations

While the POS integration capabilities of Takepayments are comprehensive, they are not without their limitations. For businesses requiring advanced online sales features, such as cart abandonment recovery or product recommendations, the platform may not offer the level of sophistication needed for complex e-commerce strategies.

Takepayments Payment Processing Features

Takepayments offers a range of payment processing features which can help you get paid in various ways:

Order & Pay at Table

• QR code functionality for customers to order and pay directly from their tables.
• Time-specific menus based on time of day.
• Direct order routing to relevant areas for efficient service delivery.

Payment App: BeepaidGO

• Invoice generation for quick and simple invoice creation and dispatch.
• Three-step payment process for ease of use.
• Prompt fund transfer to your business account on the next working day.

Pay by Link

• Customisable electronic invoices with your brand elements.
• Multi-card support for all major card providers and digital wallets.
• Real-time reporting for immediate tracking of transactions.

Phone Payments: Virtual Terminal

• Web-based solution to process phone payments without a physical POS terminal.
• Geographical flexibility to accept payments from customers across the UK.
• Simplicity and speed for immediate transaction processing over the phone.
• Real-time analytics for accurate record-keeping.

Payment Gateway

• Integration with leading shopping carts for seamless online transactions.
• Brand resonance with customisable payment experience to align with your business’s branding.
• Wide payment support for all major card types and digital wallet payments.
• Enhanced security with encrypted transactional data and additional authentication steps.

Takepayments Security and PCI Compliance

In my view, Takepayments does an excellent job of keeping transaction data safe. They use strong encryption methods to protect sensitive information, like credit card details. This kind of protection is crucial for both businesses and their customers, making it much harder for unauthorized individuals to read intercepted data.

Compliance with the Payment Card Industry Data Security Standard (PCI DSS) is another strong point for Takepayments. Following these rules helps to lessen the risk of data breaches and fraud, making it a safer option for processing payments.

The company also offers a secure checkout page for online transactions, adding another layer of protection. The data transfer to the bank is encrypted, and cardholders must authenticate themselves, typically with a password. These steps make it more difficult for fraudulent activities to occur.

Takepayments also monitors transactions in real-time to spot any unusual patterns or activities. This early warning system allows for quick action if anything seems off, offering another layer of safety.

As for their credentials, Takepayments is authorized by the Financial Conduct Authority and holds licenses from Mastercard and Visa Europe. They also have a Cyber Essentials certificate, which is a good sign that they take cybersecurity seriously.

Lastly, they have a strong privacy policy, ensuring that customer data remains confidential and secure.

Takepayments App and Portal Usability

The Takepayments app and portal are generally intuitive, streamlining the process of setting up, monitoring, and managing payments for businesses. The user interface is clean and straightforward, making it easy for business owners and staff to navigate through various features without a steep learning curve.

Moreover, the app and portal seem to have been designed with both experienced and novice users in mind. Features are well-organized, reducing the amount of time spent searching for specific functions or settings. The dashboard provides at-a-glance insights, offering quick access to transaction history, payment methods, and account settings.

However, like any system, there’s always room for improvement. Some users may find that certain features are not as customizable as they would like, particularly when it comes to generating specific transaction reports or setting up tailored alerts.

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