Transaction fees are low at 0.8% + €0.02 for Mastercard and Visa consumer cards issued in the Republic of Ireland or EEA, but high for premium, corporate, commercial and non-EEA cards at 2.6% + €0.02.
All Northern Irish and UK-issued cards qualify for the higher non-EEA rate, which is not great if you get a lot of business from there. If most of your customers are from the Republic of Ireland or within the EEA, the domestic fee is a very competitive rate that’s worth getting the card reader for.
If you decide to refund a transaction, the transaction fees are retained by Revolut, though no other refund fee is applied. Chargebacks incur a fixed fee of €15, should a customer dispute a transaction.
Next-day payouts in your Revolut account are free. You receive funds in the Merchant Account within 24 hours of each transaction, even on weekends. To spend the money, funds have to be moved to the Business Account from the Merchant Account (takes an instant to move), which is either done manually or automatically at the end of each day.
Once in the Revolut Business account, you can spend it immediately on expenses with your free Mastercard Debit card sent to your postal address. You can use it to get cash from ATMs for a fee of 2% of the withdrawal amount. This is more expensive than using a bank card.
It is, however, free to spend funds with the Mastercard online and in stores. If you want to pay in other currencies, Revolut has affordable exchange rates for its multi-currency accounts.