Switching acquirer is the obvious way to cut card processing costs — but it isn't always the right move, and it isn't always available mid-contract. Here are five things you can do this week to reduce what you're paying, without changing provider.
1. Read your statement line by line
Most UK merchant statements contain at least one fee that is either negotiable or removable. The usual suspects are PCI compliance fees, "non-qualified" surcharges on rewards cards, monthly minimum service charges, and statement / paper fees. Highlight every line that isn't the headline processing rate and challenge each one.
2. Ask for a rate review at renewal — and three months before
Acquirer pricing has moved meaningfully in the merchant's favour over the last 24 months. If you signed your contract before 2024, you are almost certainly above market. Most acquirers will quietly re-rate an existing merchant if you ask — they would rather drop your rate 20 bps than lose you to a competitor.
3. Push contactless and Apple/Google Pay
Contactless and mobile wallet transactions clear at lower interchange rates than chip-and-PIN credit-card transactions. Make sure your terminals are configured to prompt for contactless first, and that your online checkout offers Apple Pay and Google Pay prominently.
4. Audit your gateway fees separately
If you take payments online, the gateway fee is often a separate line item from the acquiring fee. Some legacy gateways still charge per-transaction fees of 5–10p on top of your acquiring rate. Modern UK gateways (including Monek's) include the gateway within the headline acquiring rate.
5. Move premium-card-heavy traffic to IC++
If a meaningful percentage of your customers pay with corporate or rewards cards, a blended rate is almost certainly costing you money. Ask your acquirer to quote IC++ instead — even if the headline number looks higher, the all-in cost is usually lower for premium-card-heavy businesses.
If after all of that you're still paying more than you'd like, a 10-minute conversation with the Monek team will tell you whether switching is worth the friction.