Cash is dead, and users worry about making large online payments via bank transfer. This is why you need a secure, reliable payment solution to help. It also helps you receive payment quickly and easily and can link into your online accounting software to help you easily record your transaction - everyone has a credit card right?
Every band or musician should be using some sort of payment solution, but which one do you choose? We've put together this short guide to help you choose the right one, but of course please do your own research and pick the product best suited to you and your needs.
Before we get into our top three, please note POS stands for point of sale. This is the device you use to make a payment with your debit or credit card.
Cost: Starting from 1.75% per transaction + £16 for POS device
We're putting Square as our number one payment gateway as it is the most popular for small businesses and used by bands and musicians using Band Pencil.
Square, is a payments system developed by Block, Inc. Square is a payments platform aimed at small businesses and allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system.
They also offer Square Virtual Terminal so you can request online payments right from your computer.
Square Pay Pros:
Square Pay Cons:
Cost: Starting from 1.4% + 20p per transaction
Stripe primarily offers a payment processing software and application programming interfaces for e-commerce websites and mobile applications. If you've made a payment on the internet, there's a strong change this was done through Stripe and you probably won't even know.
Stripe offers an amazing tool called Instant Payment Links where you can input an amount and send it to your client, they click the link and pay through Stripe's secure Checkout page.
Stripe is so secure and user friendly, we (Band Pencil) have built an integration to their payment API so you can accept payments automatically through the Client Portal. We'll even send you and the client a receipt when the payment has been processed.
Cost: 1.69% per transaction + £29 for the card reader
Sumup makes it easy to getting paid quickly and hassle free. You can even add your services to easily invoice the client. Sumup is one of the original no frills payment processor which has been around since 2011. It attracts businesses due to its low processing fees and free point of sale software.
How can Band Pencil help? Band Pencil allows you to manage your gigs online and connect your musicians and clients together. We have a system to manage your finances and create and request online payments through Stripe. Although we will not replace your POS device, we help musicians and band leaders accept payment online. Check out our online invoicing and online payment solutions.
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