With the invention of near field communications and the ever-increasing progress of technology, mobile payment processing has become a booming industry. Even the smallest entrepreneurs can now have access to instant and on the go payment solutions at rates that are competitive with traditional payment processing methods. For anyone who has been interested in jumping on this bandwagon, we have compiled a list of the most popular mobile processing options available currently.
This service is a rather new one but is gaining ground quickly due to its very reasonable pricing structure and use. Square works with any existing smartphone (Apple and Android devices); simply plug it into the headphone jack, open the app and you are ready to accept credit cards. Quite cheaper than PayPal for each transaction ($0.15 + 2.75% swiped or 3.5% for manual), the rates are affordable and the credit card processing device is absolutely free. Simply give them your information and it will arrive within 5-7 days. Even better, transactions are pushed to your account nightly and are usually available the next day. This solution is great especially for micro-payments and man-to-man transactions.
Offering similar functions as Square with a mobile processing station that works via smartphones, Intuit GoPayment has both per transaction and per month rate options available. For approximately $22 per month, you have access to mobile processing for credit cards and a range of tools available from Intuit. Unfortunately, there is still a transaction charge for each payment (1.7% for swiped, 2.7% for manual entry). You also have to buy the card reader, which at minimum costs $29.99 and resembles the basic one Square offers. This option is predominantly for established businesses that are wanting to directly integrate revenues and accounting into one easy to use set of tools.
Merchant One is a competitively priced mobile payment solution that balances business with simplicity. Offered on both Apple and Blackberry devices, an account can be established for a total of approximately $18 per month. When doing transactions, you will be charged just 1.59% + $0.19 for each one. Merchant One offers both free and premium card readers that can be used either with smartphones or as a standalone device. You can also capture signatures using Merchant One as a way to create a verified receipt of the transaction.