What makes Teya different from the old guard of payment processing? We compare pricing, technology, and support to show why UK merchants are making the switch.
The UK payment processing market has been dominated by the same players for decades. Worldpay, Square, PayPal, SumUp-these names have become synonymous with card payments. But a new wave of providers is disrupting the market, and Teya is leading the charge.
Over the last five years, Teya has grown from a scrappy FinTech startup to a European powerhouse processing billions in payments. In the UK, they're gaining rapid traction, especially amongst mid-sized and growing businesses. But what's the real difference?
Traditional providers (Worldpay, Square, PayPal) often quote a headline rate-say 1.5%-but your actual cost is higher because of hidden fees: assessment charges, chargeback fees, PCI compliance, terminal rentals, and more.
Teya quotes an all-in rate. What you see is what you pay. A 1.19% rate includes everything: card network charges, assessments, compliance, support. No surprises on your statement.
Result: Most established UK businesses save 30-40% by switching from traditional providers to Teya.
Traditional providers still rely on older, closed-ecosystem terminals. Updates are slow, integrations are limited, and customisation is nearly impossible. Worldpay's flagship terminal, the Verifone Engage, is powerful but complex and expensive.
Teya uses Android-powered payment terminals built on open standards. This means faster software updates, easy integrations with dozens of ePOS systems (Toast, Square Register, Lightspeed, etc.), and a modern user experience. Teya terminals are also significantly cheaper to run and upgrade.
Traditional providers often force you into enterprise support models: call centres, ticket systems, and waiting. If you want a named account manager, you'll need to hit a certain volume threshold (often £100k+ per month).
Teya's ISC partners (like Klipy) provide named account managers as standard, regardless of size. You get a real person who knows your business, not a ticket number. For most businesses, this is a game-changer.
Traditional providers typically settle daily or next-day, but some charge for faster settlement. Standard settlement can take 1-3 days depending on your bank.
Teya offers flexible settlement: Instant (within seconds), Next-Day, and Weekday options, with transparent pricing for each. Most businesses choose Next-Day and get their money faster than traditional providers' standard settlement.
All major providers (traditional and new) are FCA-regulated in the UK. Teya Solutions Ltd. is authorised by the FCA under the E-Money Regulations 2011 (Ref. 978181) and meets the highest standards of PCI compliance and data security. Traditional providers have been around longer, but that doesn't mean they're more secure.
Concerns about switching are normal: "Will my terminals work? Will there be downtime? What about my existing contracts?"
The truth: Switching to Teya is typically painless. We set up your new terminal alongside your existing one. Once you're live and confident, you cancel your old provider on your own terms. Once the application is completed, most businesses take payments the same day via the Teya Business App, with the terminal arriving the next business day and zero disruption.
Teya isn't the right fit for every business-some prefer the familiarity of household names, or have contracts that lock them in. But for businesses that care about pricing, technology, and personal service, Teya is a compelling alternative to the traditional giants.
If you're still with Worldpay, Square, or SumUp, it's worth spending 10 minutes to see how much you could save. Upload your statement to our calculator-it's free, instant, and there's no obligation.
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This content is published by Klipy UK, a Teya-authorised reseller of payment solutions. The views expressed are for informational purposes only and do not constitute financial advice. All content is the intellectual property of Klipy UK. Reproduction without permission is prohibited.
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