Mobile payment has become one of the fastest ways for merchants and small-business owners to accept payment for products and services. Mobile card processing now offers fast and simple options to accept payment whenever and wherever. Compared to the traditional payment processing that require desktop Point of Sale (POS) Terminal; merchants account; contracts; and endless set of monthly fees; most mobile payment systems only requires a smartphone or tablet; a card reader (mostly free) that plugs into the audio jack; and an app that is downloaded onto the device. Some of the mobile systems offers similar capability to the traditional point of sale systems, including the optional addition of a cash drawer. Besides, setup is easy and inexpensive. Perhaps the best part of theses mobile options is that they offer pay-as-you-go plans. That means there no deceptive contracts agreements and no ongoing monthly fees. A fixed percentage of every transaction is simply taken by the service provider.
As the mobile payment companies continue to grow, so are the associated risks and safety issues with cardholder personal information. It is important to remember that accepting mobile payments does not mean lack of compliance with the PCI Data Security Standard. According to PCI, the use of validated Point-to-Point Encryption (P2PE) solutions ensure that cardholder data is encrypted before it enters the mobile device. Subsequently, the risks of data interception and threat to cardholder information is greatly reduced. As well, it is important to ensure that the mobile device has the latest operating system. In addition to the processing app, it is a good idea to install antivirus, malware, and spyware apps. Finally, avoid jailbroken smartphones and use passwords or pin to secure all mobile devices.
Here are 4 mobile payment systems to consider. Each come with different costs, features, security options, as well as different levels of support.
PayPal Here
With PayPal Here, merchants can accept credit or debit card payments, or complete card-free transactions with customers’ PayPal account. Other features include app and card reader for credit card payments; flexible multi-user settings; check processing within the United States; email invoices; 1% cash back on eligible debit card purchases; release of funds to merchants account within minutes; and live customer support. Fee for PayPal Here is 2.7% of sale.
GoPayment
Intuit’s GoPayment offers a free card reader and app for iPhone, iPad or Android device. Similar to PayPal, Intuit works with all types of payment. In addition, transactions can be synced with QuickBooks and other Intuit Point of Sale products. With GoPayment, business logo and contact information can easily be added to customer invoice for easy recognition. Intuit’s GoPayment offers two pricing options. A pay-as-you-go plan with swipe rate of 2.75% and keyed rate of 3.75%. The second option comes with a monthly fee of $12.95 with a lower swipe rate of 1.75% and keyed rate of 2.75%. Another neat feature of the GoPayment is the automatic location-based sales tax calculation.
Square
Square offers a simple and user-friendly interface. It charges a swipe rate of 2.75% for all major credit cards. Unlike PayPal and Intuit, Square does not offer a live customer support and swiped payments takes 1-2 business days before they become available. Square offers a free pocket-sized credit card terminal and customer loyalty program. Furthermore, it allows cash payment to be tracked. Electronic invoice can also be sent to customers via email or text message.
PayAnywhere
With PayAnywhere swipe rate is 2.69% of sale, and funds are deposited within 1 business day. The company also offers a free card reader and live customer support by phone, or chat. There is also a built-in report with real-time transactions display on the device. In addition, PayAnywhere offers automatic location-based sales tax calculation and supports a dynamic cash drawer with wireless receipt printer.
Have you used any form of mobile payment for your business, or planning to give it a try. I like to hear from you.
The post Mobile Credit Card Processing – A Viable Option for Merchants appeared first on CollectiveCrooks.com.