LoPay is a card reader designed around the needs of UK-based small businesses. The company offers a simple service with three card reader options (tap to pay, card reader, business terminal) and an optional POS solution. It’s also widely popular as one of the cheapest card readers on the UK market.
If you’re thinking about opting for the LoPay card reader, this article covers everything you need to know about LoPay. That includes rates, monthly fees, card options, payouts, and how LoPay compares to alternatives like SumUp, Square, TakePayments, and Tyl by Natwest.
Let’s take a look at what might be the best card reader for your UK business.
LoPay Card Reader: What You Need to Know
LoPay delivers a simplified card payment solution designed around the needs of small businesses. In the UK, that means you get a simple card reader with an app.
The reader connects to your phone’s GSM or Wi-Fi and processes transactions over Stripe. You pay a flat-rate transaction fee for every transaction. Here, rates depend on your subscription which does not have a monthly fee.
In addition, with a tap-to-pay card reader available, LoPay offers a no-cost startup solution for small UK businesses. If you want to accept chip and pin, startup costs are just £25 + £6.95 P&P. That makes this one of the most affordable card readers available in the UK.
Key Features
- No contracts or minimum terms for standard card readers
- No fees for adding users
- Set up rewards programs for customers
- Point of Sale software available
- Secure processing with Stripe
- Tap-to-Pay available
Card Readers
- Tap-to-Pay – Use the LoPay app on your phone to accept payments, send payment links, or accept payments via QR code. With no monthly fees and nothing to set up, this is the simplest and lowest-cost option, ideal for freelancers, micro-business, and contractors. What’s the catch? You’ll add an additional 8p of transaction fees to every payment you accept. You also can’t accept pin payments, only contactless.
- LoPay Card Reader – The LoPay card reader costs £25 + £6.95 P&P. With that, you get a simple mobile card reader that you can recharge with a USB cable. The card reader accepts chip and pin, meaning you can take most major payment schemes. Secondary card readers cost £49 each.
- LoPay Business Terminal Touchscreen Card Reader – This touchscreen card reader enables support for point of sale, as well as payment management on the device. It costs £15 per month with a minimum subscription period of 12 months. However, you can add a product catalogue, set up customer rewards, and generate and view digital receipts right on the device. Delivery costs £8.95 anywhere in the UK.
Multiple Ways to Get Paid
LoPay offers multiple ways to get paid, so you can choose how your sales and transactions are processed. Every account plan comes with different fees and different ways to access your money, so it’s important to pay attention here.
| Plan | Essential | Standard | Instant to Bank |
|---|---|---|---|
| Transaction Fee | 0.79% per transaction | 0.99% per transaction | 1.79% per transaction |
| Payouts | Free every Thursday | Free next-day, weekly, or monthly scheduled payments | Free instant payments to bank |
LoPay also offers a LoPay Visa Card, which you can use to access your money before it’s paid out to your bank. The program also includes rewards and cash back programmes, much like a credit card. So, if you want to keep fees as low as possible but still need some cash flow for buying business necessities, you can choose the Essential plan – while still accessing cash via card payments throughout the week.
User Reviews of LoPay Card Reader
The LoPay card reader is one of the highest rated card readers for small businesses. That makes it a great choice for freelancers, contractors, and stylists who have to process micro payments. With a 4.5 star rating on Trustpilot, it’s also one of the best-reviewed of all UK payment processors.
- Competitive Fees – Lopay is consistently highly rated for its low fees and transaction rates. With rates starting from 0.79% and no monthly fees, it is one of the cheapest card readers in the country.
- Customer Support – Most reviewers quote great customer service with ease connecting to chat or calling. However, some reviewers do claim their problems were not solved.
- Ease of Use –Most reviewers list ease and speed of setup and ease of use as great reasons to use Lopay.
| Site | Trustpilot | Apple | Android |
|---|---|---|---|
| Rating | 4.5 | 4.8 | 4.7 |
Most of LoPay’s feedback is overwhelmingly positive. However, this card reader is intended for small and micro businesses. Therefore, you won’t get accessories or software integrations like you might with a solution designed for larger businesses.
LoPay Alternatives and Comparison
Most of LoPay’s competitors are card readers designed for SMEs. Among them, LoPay is best-suited for micro businesses. Key competitors include SumUp, Square, Tide, TakePayments, and Tyl by NatWest.
Let’s take a look at how they compare:
| Provider | LoPay | Tide | TakePayments | SumUp | Tyl by NatWest | Square |
|---|---|---|---|---|---|---|
| Card Reader Cost | £24-£49 | £79-£199 | Custom | £34-£349 | Included in Monthly | £19-£599 |
| Monthly Fee | £0-£15 | £0 | Yes | £0-£19 | £9.99+ | £0- £29+ |
| Transaction Fee | 0.79%-1.79% | 1.5%-1.95% | 0.3-2.5% | 0.99%-1.69% | 1.39% + 5p-1.99% + 5-=p | 1.75%-2.5% |
| Accepted Payments | Chip & Pin, Contactless, Digital Wallets | Chip & Pin, Contactless, Digital Wallets | Chip & Pin, Contactless, Digital Wallets | Chip & Pin, Digital wallets, contactless | Chip & Pin, Digital wallets, contactless | Chip & Pin, Digital wallets, contactless |
| Connectivity | WiFi, Bluetooth | WiFi, 4G, Bluetooth | WiFi, 4G, Bluetooth | WiFi, Bluetooth, 4G | WiFi, Bluetooth, 4G | WiFi, Bluetooth, 4G |
| Payouts | Daily, Weekly, Monthly, Instant | 1-3 Business Days | Next day | Next day | Daily | 1-2 Business days, Instant |
| Tap-to-Pay | Yes | Yes | No | Yes | Yes | Yes |
| Trustpilot Rating | 4.5 | 3.9 | 4.9 | 4.1 | 4.7 | 4.2 |
Why Choose LoPay?
LoPay is a budget-friendly card reader that offers a straightforward solution for small and micro businesses. In addition, with flat rates and easy payout options, it’s an ideal fit for business owners that don’t like surprises in rates. Unlike alternatives like TakePayments, you’ll pay the same rate for every transaction.
Low Rates
With rates starting at 0.79%, LoPay offers the lowest transaction rates out there. You’ll have to settle for weekly payouts and settlement at this rate. However, you’ll still have instant access to your funds with the LoPay rewards card anyway.
Flexibility
If you need faster access to cash, you can change your subscription and pay up to 1.79% for instant access to all payments. That’s faster than almost any other card reader for small businesses. In fact, the next-best options only offer next-day payments.
Simple Setup
LoPay is a no-frills card reader app. If you opt for just the card reader, all you have to do is create an account and log in. LoPay does the rest.
Of course, you can also set up your POS with products, services, or appointments on the business terminal or app as well so you don’t have to manually add products and costs. That means no need for a register and no need for keying in prices. Plus, that’s all available at no extra charge.
Great Reputation
LoPay is more than just a budget card reader solution. It has a solid reputation for being one of the most small-business friendly card reader solutions out there.
LoPay doesn’t offer services to bigger businesses. So, you’ll never have to compete with customer service or worry about your account being too small for LoPay to care about. The company specializes in small businesses, so you get great customer service no matter how many payments you process.
Minimal Fees
With no monthly fees unless you opt for a business terminal, LoPay cuts startup and maintenance costs to the minimum. LoPay allows you to start fee-free or for just £32. That’s better than almost any alternative – although SumUp and Square are the best competitors to look at if you want similarly priced alternatives. The only monthly fee charged by LoPay is a £15 fee for its business terminal, which gets you a smart point of sale device.
Summary: A Straightforward Budget Card Reader for UK Small Businesses
LoPay is one of the most popular budget card readers for small businesses in the UK. It’s also one of the lowest-cost options. The card reader itself is from Wise, with payment processing through Stripe. However, LoPay offers flat-rate fees, no or limited monthly fees, and an extremely simple setup to make it as easy as possible to start accepting payments. Plus, with extras like an optional business terminal, instant access to funds with the Lopay card, and a free point of sale software solution, and LoPay has a lot to offer.
LoPay is a budget-friendly and flexible card reader solution for UK small business owners. Still, it might not be right for you. Alternatives like SumUp and Square stand out with more features and offerings. If you’d like help selecting the best card reader for your business, use the form below to compare factors like costs, payout speed, contracts, and offers.