Small Business Payment Solutions: A Complete Guide

Choosing the right payment solution is crucial for small businesses. The wrong choice can cost you thousands in fees, create cash flow problems, and complicate your operations. This guide helps you find the best payment solution for your small business.

Why Payment Solutions Matter for Small Businesses

Small businesses face unique challenges:

• Limited budgets: Every pound counts
• Cash flow sensitivity: Delayed payments hurt more
• Limited resources: Can't afford complex systems
• Growth focus: Need solutions that scale

The right payment solution should:

• Save money: Minimize fees and costs
• Improve cash flow: Fast settlements
• Be simple: Easy to use and manage
• Scale with you: Grow as your business grows

Traditional Payment Solutions for Small Businesses

Card Readers and Terminals

How They Work

• Physical devices that read cards
• Connect to phone or internet
• Process card payments

Costs

• Equipment: £200-£1,000+ upfront
• Transaction fees: 2.5-3.5% per transaction
• Monthly fees: £20-£100+
• Setup fees: £50-£500

Pros

• Familiar to customers
• Accept card payments
• Works offline (some models)

Cons

• Expensive equipment
• High transaction fees
• Monthly costs
• Slow settlements (2-3 days)
• Requires internet/phone line

Online Payment Gateways

How They Work

• Process online payments
• Integrate with websites
• Accept card payments online

Costs

• Setup fees: £0-£500
• Transaction fees: 2.5-3.5% + fixed fee
• Monthly fees: £10-£50
• Integration costs: Varies

Pros

• Accept online payments
• Integrate with websites
• Multiple payment methods

Cons

• High fees
• Complex integration
• Slow settlements
• Chargeback risks

Bank Transfers

How They Work

• Direct bank-to-bank transfers
• Manual process
• Share account details

Costs

• Usually free for customers
• Bank fees may apply
• Time-consuming

Pros

• Low/no fees
• Direct transfer
• Secure

Cons

• Manual process
• Slow (1-3 days)
• Requires sharing account details
• No automatic receipts

Modern Payment Solutions: BriizPay

How BriizPay Works

Payment Methods

• QR code payments
• Payment links
• Mobile app payments

Process

1. Generate payment link or QR code
2. Customer pays through banking app
3. Money transfers directly
4. Instant settlement

Costs

Starter Plan: £24.99/month

• 0% transaction fees
• Unlimited transactions
• Up to 2 devices
• Instant settlements
• E-receipts included

Growth Plan: £49.99/month

• 0% transaction fees
• Unlimited transactions
• Up to 5 devices
• Accept tips
• 30-day payment links

Enterprise Plan: Custom pricing

• All features
• Unlimited devices
• Custom solutions

Advantages for Small Businesses

Cost Savings

• 0% transaction fees vs 2.5-3.5%
• No equipment costs
• No setup fees
• Predictable monthly cost

Cash Flow

• Instant settlements
• No waiting days for funds
• Better financial planning

Simplicity

• Set up in minutes
• Use your phone
• No technical expertise needed
• Easy to manage

Scalability

• Start small, grow big
• No per-transaction limits
• Add devices as needed
• Upgrade plans easily

Comparing Solutions

Cost Comparison (Small Business Processing £5,000/month)

Traditional Card Reader

• Equipment: £500 (one-time)
• Transaction fees: £125-£175/month (2.5-3.5%)
• Monthly fees: £30/month
• Total Year 1: £2,360-£2,960

BriizPay Starter

• Monthly fee: £24.99/month
• Transaction fees: £0
• Equipment: £0
• Total Year 1: £299.88

Savings with BriizPay: £2,060-£2,660 per year

Settlement Speed Comparison

Traditional Solutions

• 2-3 business days
• Weekends/holidays add delays
• Holds on large transactions

BriizPay

• Minutes, not days
• 24/7 availability
• No holds

Setup Time Comparison

Traditional Solutions

• Application: 1-2 weeks
• Approval: 1-2 weeks
• Equipment delivery: 1-2 weeks
• Setup: 1-2 days
• Total: 4-6 weeks

BriizPay

• Sign up: 2 minutes
• Verification: 1 minute
• Start accepting: Immediately
• Total: Under 5 minutes

Choosing the Right Solution

For Retail Stores

Best Option: BriizPay with QR code stickers

• No expensive card readers
• Customers scan to pay
• 0% transaction fees
• Instant settlements

For Online Businesses

Best Option: BriizPay payment links

• Easy integration
• Share via email/SMS
• 0% transaction fees
• Instant settlements

For Service Businesses

Best Option: BriizPay payment links + QR codes

• Invoice payments via links
• In-person via QR codes
• Accept tips (Growth plan)
• Professional receipts

For Mobile Businesses

Best Option: BriizPay mobile app

• Use your phone as terminal
• Generate QR codes on the go
• No equipment needed
• Works anywhere

Making the Switch

Step 1: Evaluate Your Current Costs

Calculate your current payment processing costs:

• Transaction fees
• Monthly fees
• Equipment costs
• Setup fees
• Time spent managing payments

Step 2: Compare Options

Compare costs, features, and benefits:

• Total annual cost
• Settlement speed
• Ease of use
• Scalability

Step 3: Test BriizPay

Try BriizPay risk-free:

• No setup fees
• No long-term contract
• Test with small transactions
• See the savings

Step 4: Make the Switch

Switch to BriizPay:

• Keep your current solution during transition
• Start using BriizPay for new transactions
• Gradually migrate all payments
• Cancel old solution when ready

Common Questions

Can I Use BriizPay with My Existing System?

Yes! You can use BriizPay alongside your existing payment solution. Many businesses use BriizPay for certain types of payments while keeping their existing system.

What If Customers Prefer Cards?

BriizPay works through banking apps, which many customers prefer. You can also keep a card reader for customers who specifically want to use cards.

Is BriizPay Secure?

Yes! BriizPay uses bank-direct processing, which is more secure than traditional card processing. All transactions are PCI DSS Level 1 compliant.

Can I Accept International Payments?

BriizPay currently supports UK businesses. International support is coming soon.

Conclusion

Small businesses need payment solutions that save money, improve cash flow, and are easy to use. Traditional solutions often fail on all three counts. BriizPay offers a better alternative: zero transaction fees, instant settlements, and simple setup.

Start saving money today with BriizPay's zero-fee payment processing.

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Related Articles:

• How to Reduce Payment Processing Fees and Save Your Business Money
• How Instant Settlements Improve Your Business Cash Flow