With the new pricing model, transaction fees start at 2.75% and drop to as little as 1.5% in three simple steps. The more card payments a merchant processes, the lower the fees. A small business, which processes more than £2,500 per month and less than £5,000 using payleven, will pay transaction fees of 2.25%. When processing more than £5,000 and less than £7,500 per month fees will decrease to 1.75% and when processing over £7,500 per month fees will decrease to 1.5%. The rate reduction applies to all current cards accepted by payleven and the transaction fee is automatically calculated. Cost savings will directly be paid back to the customer the following month.

"We strive to help merchants to grow their business and are very happy to support them with our new pricing model that retains the core payleven proposition of being 100% pay-as-you-go and fully transparent whilst also delivering highly competitive pricing for larger customers" says Ian Marsh, Managing Director of payleven UK. He adds: "Together with our strong retail network including trusted brands as Apple, Staples, Screwfix and Sally Salon Services, we want to push the trend further in card acceptance." As reported by the UK Cards Association around 75% of all retail spending is now made using debit and credit cards, showing the strong shift in consumer behavior that is currently taking place, but still circa 4.5 million small to medium sized businesses don't accept card payments.

Launched in 2013, payleven's Chip & PIN technology is currently available in ten countries. The card reader connects to a smartphone or tablet via Bluetooth and enables small and medium sized businesses to run their business more efficiently. With a pay-as-you-go-pricing model, performance tracking tools and local customer support, the solution is tailored towards the needs of small and medium sized business owners.