What to Know Before Getting Started
Starting a New Business?
Selecting a credit card processor is often more complicated than most people expect. How much should you be paying in fees? Should you lease or buy equipment? Should you be locked into a service agreement for anything length of time? These considerations and several others are imporant to understand before signing up with any merchant account provider. Mistakes are easily made and can be very costly to your business. Along with seeing our top choices for payment services below, be sure to checkout this post to avoid common traps in the merchant services industry.
Considerations For Current Business Owners
Changing merchant accounts can be an expensive, complicated, and time consuming process. Are you really going to save as much as promised? Do you need to buy to new equipment or sign new lease agreements? Will there be other less accountable costs such as those associated with employee retraining? Before selecting one of our choices below, you may want to consider renegotiating your fees with your current payment processing vendors using the help of a contingency-compensated consultant. It can result in a dramatic decrease in costs without the pains of switching. In some cases business owner have also obtained substantial refunds of prior overcharges along with saving thousands in future processing costs. See this post to learn more about this little-known alternative to changing merchant account provider.
Most European merchants have a limited range of options when it comes to mobile credit card processing apps, but Norwegian merchants are especially underserved. At this time, there are only two major mobile payment processing apps available in Norway: iZettle and Nets Miniterminal iCMP. To help merchants understand which option is better overall, it is important to look into each processor’s pricing and fees.
Established in 2010, is the first and best-known Norwegian mobile processing app and card reader. Although it is based in Sweden, iZettle has been active in Norway since 2012. iZettle offers an EMV– and NFC-compatible mobile credit card reader, a point-of-sale app, email marketing tools, sales analytics, Xero integration, point-of-sale hardware, and merchant cash advance for Norwegian merchants. iZettle’s pricing starts at 2.75% per transaction for merchants processing less than 20,000kr per month and gradually drops to 1% per transaction for merchants processing over 500,000kr per month. iZettle does not charge a monthly fee or require a long-term contract, and its mobile card reader can be purchased for a one-time cost of 399kr plus MVA.
Nets entered the mobile processing market in 2015 with the launch of its Miniterminal iCMP. The Nets Miniterminal is an EMV- and NFC-enabled mobile card reader that connects to the merchant’s phone via a Bluetooth connection. The Nets Miniterminal costs 1300kr plus MVA and charges a 950kr setup fee, a 200kr monthly fee, and a 150kr monthly BankAxept agreement fee. Nets requires Miniterminal merchants to cancel service three months in advance and limits merchants to 350 transactions per month. However, Nets charges 2.5% per transaction for all Visa and MasterCard transactions and only .22kr per BankAxept transaction.
Based on the above information, iZettle is a much more affordable Norwegian credit card processing app than Nets Miniterminal. It offers a competitive rate for all standard credit cards and does not require any monthly fees, transaction limits, or long-term agreements. Some Norwegian merchants might save money by choosing Nets Miniterminal if they process a small number of high-value BankAxept transactions every month, but this is a very specific case that still might not be more affordable than iZettle. For the vast majority of Norway merchants, iZettle is the better option.
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Why These Merchant Account Providers
Headquartered in Sweden, iZettle is a mobile credit card processor that has been processing payments since 2010. The company’s products and services include an EMV- and NFC-compatible mobile credit card reader, a point-of-sale app, email marketing tools, sales analytics, Xero integration, point-of-sale hardware, and merchant cash advance. iZettle is capable of serving businesses in Sweden, Finland, Denmark, Norway, United Kingdom, Germany, France, Spain, Italy, Portugal, the Netherlands, Mexico, and Brazil.
iZettle does not charge any monthly fees and provides its card reader for a one-time cost of 399kr plus MVA. iZettle gradually lowers its transaction fee from 2.75% for merchants who process less than 20,000kr in a given month all the way down to 1% for merchants who process over 500,000kr per month. Its Bluetooth-enabled card reader costs 399kr plus MVA. Our review of iZettle currently gives it an “A” rating overall.
For more information, see the iZettle website.
399kr + MVA card reader
1% to 2.75% per transaction
Live customer support
If we are missing any great Norwegian mobile payment processing apps that should be included on this list, please let us know in the comment section below.