As the number of mobile payment options continues to grow, businesses that haven’t already need to start thinking about accepting payments from mobile devices. Not only does a Mobile Card Reader simplify the process of executing a sale with a few taps of the finger, but it can be an additional advantage for your business to manage all of its cash flow online. Here’s a look at a few ways your business can go mobile.
GoPayment by Intuit offers a convenient solution for small businesses that want to accept payments on a mobile device. With applications for all Iphone, Ipad and Android devices, getting started is as simple as ordering a free reader, downloading a free app and setting up your account. Features include easy access to transaction history and the ability to void charges, re-send receipts, calculate sales tax, and sync to Quickbooks so that all your records are in one place. GoPayment also allows you to use the service with up to 50 users at a time so that your employees can access the same account from a remote location.
There are two payment plans: one for $12.95/month offers a 1.75% swipe rate and a 2.75% fee if you enter the key manually, and the other for $0/month offers a 2.75% swipe rate and a 3.75% fee for manual entry. Both plans offer free transactions, and allow you to accept payment from a range of cards.
Square
Square is offers another mobile payment solution for businesses. Easy to set up, the company mails you a free card reader, which you simply plug into your mobile device, download the free mobile application, setup your account and you’re ready to start accepting payments, which are deposited into your account within 1-2 business days.
Square offers two pricing plans, one for $275/month, which covers all swipe and transaction charges and another for $0/month, which charges 2.75% swipe rate. One great feature available with Square is that consumers with an iPhone can download a Sqaure eWallet, so that they can pay directly from their phone and evade the card swiping process entirely.
PayPal Here
If your business already accepts payments via PayPal, it might make sense to purchase a card reader that transfers payments directly to your PayPal account. One advantage of using PayPal for mobile payments is that they allow you to accept a wider range of payments, from PayPal account transfers to credit and debit cards to checks. From within your account, you can also send invoices and add cash payments, so that all your transactions are recorded in the same place. PayPal’s application functions similar to other card reader services, allowing you to setup multiple devices on the same account so that employees working remotely can accept payments to the same source.
The service charges a 2.7% fee for each transaction, and if you don’t want to wait for a card reader to arrive in the mail, you can purchase one at a Staples or AT&T store for $14.99 before receiving your $15 rebate in the mail.
Conclusion
With several options available for accepting credit cards on mobile devices, I recommend that you carefully consider which service suits you best. It might be that you prefer the GoPayment application because you’ve been keeping your accounting records in Quickbooks for years and would love the added convenience of having all your payments automatically backed up to the software. If your business uses PayPal on a regular basis as a form of accepting payments, and you already have a good relationship with their service team, then it might make sense to use their card reader. Otherwise, Square offers a very cool way to interact with tech-savvy consumers using their eWallet technology.
The bottom line is that as mobile technology progresses, you should be aware of how your business might benefit from the ease of accepting payments at a remote location and the convenience of compiling your payments from multiple sources into one place.
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