A FORMER executive with merchant services firm WorldPay has launched a price comparison site aimed at small business owners.
Cardswitcher.co.uk compares instantly a range of credit and debit card payment processing charges from a number of merchant services suppliers.
Most small firms rely on their banks to provide this service but independent providers can charge up to 40 per cent less.
Cardswitcher.co.uk brings a number of these suppliers together in one comparison site, offering immediate online quotes, for the first time.
The site caters for small firms that accept credit and debit cards online, face to face and by phone.
Last year there were 10.2 billion credit and debit card transactions on UK cards with a total value of £502 billion, equivalent to 28 million card transactions with a value of £1.4bn per day.
The website is the brainchild of Stephen Hart, the former chief financial officer of WorldPay and of Streamline Merchant Services.
Hart also sat on the board of WorldPay US, the fifth-largest card processor in the United States.
He said: “Most small and medium-sized enterprises (SMEs) pay more for their card transactions than they need to – that’s a fact.
“Cardswitcher.co.uk has been launched to help make sure SMEs know that there’s a choice and that now it’s easy to exercise that choice.”
He said the website will enable the user to cut through the complexities of merchant accounts, card terminals and online payments.
Hart was also a director of Cardsave, the UK’s biggest independent provider of merchant services.
He added: “Essentially we have created a marketplace for card transaction suppliers to compete for business and allowing SMEs to access discounts that usually only the larger retailers get.”