LOPAY LAUNCHES: New card payment firm aims to shake up industry with fees lower than 1%
Payment app, lopay, has launched onto the UK market with 'ground-breaking transaction rates' that aim to shake up the card payment industry.
The new instant payment app was released in the UK this December. Designed to give merchants greater control over the money they earn, the app gives them the freedom to choose when they get paid and the rate they pay – weekly (0.79%), next day (0.99%) or instantly (1.79%).
Currently, small business owners and operators have little say over the transaction rates they have to pay. The developers of lopay are hoping to challenge this system by giving merchants the flexibility to choose their own payment terms – and at any time.
Richard Carter, lopay CEO, said: “We knew the time was right to break the stranglehold the big three had over this sector. And that’s what we’re doing. The ethos behind lopay is simple: everyone should have more control over the money they earn and access the rates they deserve.”
lopay works through enhanced QR technology – the customer simply scans the code presented by the merchant and pays via either Apple or Google Pay – or via a free lopay card reader.
lopay is a UK / London-based digital payment app designed to let independent and small businesses accept payments via their own mobile device. Payments can also be taken via Chip & PIN payments through an optional card reader.
