Challenger payment app, lopay, is launched onto the UK market with ground-breaking transaction rates that will shake up the industry.
lopay is the new instant payment app 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 The developers of lopay are challenging this outdated system by giving merchants the flexibility to choose their own payment terms – and at any time.
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‘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.’
Richard Carter, CEO, lopay
In fact, what’s really waking up companies like SumUp and Zettle is that lopay’s payment rates are less than half theirs. And there might be more for them to worry about. This sense of control is enhanced through lopay giving merchants clear reports, tipping functionality, automatic email receipts and the ability to give refunds. There are no monthly fees or long term commitments either.
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.
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