4 Best Mobile Payment Systems

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Day by day, the recent commerce society is emerging as a cashless society because more and more people going to draw on credit cards. But, the majority of merchants and small businesses still refuse to accept credit card, instead, they prefer to accept check or cash only because accepting credit cards used to be complicated and expensive. The awkward processing system, a setup fee, hidden costs, excessive transaction fees, subscription fees, and much more thwart the small businesses from accepting credit cards. But now, some of the mobile technology companies are emerging as a star in commerce society with easy and cheap Mobile Payment solutions to facilitate all those small businesses which can not afford to accept credit cards.

4 Best Mobile Payment Systems

Today, a horde of Mobile Payment Services and Apps for smartphones and tablets emerged in the market, which has made the process cheaper, easier, and highly mobile. Considering the affordability and efficiency of Mobile Payment Systems that also known as mobile wallet, mobile money transfer and mobile banking, they seem to be the future of commerce. Will cash payment systems survive the Digital Age??? The Mobile Payment Apps are seems to ditch the wallet in near future. One recent survey has revealed that 94% people of North America would be happy to carry out their payments using their phone if they knew that the system is secure.

Majority of these mobile payment applications provide pay-as-you-go plans, where you have to pay only a fixed % fee per transaction. Albeit these fees are normally higher than those which you pay under a traditional arrangement, these mobile payment services offer the small businesses with an easy, cheap way to accept payments via credit card. Moreover, there is no need of investing in an expensive card reader because mobile payment services provide free readers which can fit in your bag or pocket. Most of these systems add worth in their services with features like an inventory system, where you can save descriptions and prices of the products you are offering for sale. Some services offer a full point-of-sale system, which facilitates you to add receipt printers and cash drawers.

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This article includes Four Best Mobile Payment Systems, which you can start to use for your business right away.

1, Intuit GoPayment

Creation Credit:

Intuit, a business and financial management service provider based in Mountain View, California, launched the GoPayment program about 2 years ago. The intent was to facilitate the small businesses to extend their payments processing solutions using mobile devices.

How It Works:

A well-designed, pocket-size and free GoPayment card reader and free GoPayment app is involved in the processing system. You can use the service by plugging the card reader into the audio jack of any supported tablet or smartphone or by activating the app. The operating systems supported by GoPayment include iOS, Android and BlackBerry. Users have an ability to make the transactions by entering the card data manually or by swiping the cards.

How Much It Charges:

This pay-as-you-go service provides a free monthly service for the low-volume consumers who process fewer than $1,000 per month. The free monthly service applies a fee of 2.7 % for swiped transaction and a fee of 3.7 % for keyed transaction. There is also a high-volume $12.95-per-month subscription plan, in which the charges drop to 1.7 % for swiped transaction and 2.7 % for keyed transaction.

Why You Should Choose It?

  • Intuit already processes in excess of $17 billion in annual transactions for roughly 300,000 small-business partners.
  • Intuit’s 4 million QuickBooks users have ability to sync GoPayment transactions by means of the latest versions of QuickBooks for Mac and PC, so they can save their precious time as they will not have to re-enter their transactions when they get back to the office.
  • Intuit GoPayment is perfect service for users who processes above $1300 in payments each month, because it offers a $13 monthly plan with lower per-swipe rate of just 1.7 percent.
  • It is the best option for users who want to print receipts from Android devices.
  • If you desire the capability of charging cards by means of a Web interface in addition to using a mobile device, GoPayment is an ideal service for you.
  • The GoPayment does not accept or track cash payments so it is not a good option for the businesses which need to accept and track cash plus credit card payments.
  • The card reader is encrypted and card data is never saved on the device, so it cannot be compromised ever.
  • Each GoPayment account has an ability of having up to 50 users, so it is a perfect option for all types of small businesses.
  • It provides a free access to Intuit Merchant Service Center, where you can easily manage your transactions, reverse a transaction, run reports, process a transaction, add users, etc.

2, PayAnywhere

Creation Credit:

PayAnywhere was established by North American Bancard, a payment solutions provider based in Troy, Michigan. North American Bancard processes above $12 billion online transactions annually for 110,000+ merchants nationwide. It was developed to offer the non-profit organizations and businesses of all sizes with a freedom and flexibility of mobile payment processing service.

How It Works:

PayAnywhere provides a free card reader and app. For using the service, plug the card reader into the audio jack of any supported device or activate the app. PayAnywhere supports iOS 4.0+ devices, BlackBerry 4.7+ devices, and Android 2.1+ phones (but not tablets). The transactions can be made by entering the card data manually or by swiping the cards.

How Much It Charges:

This mobile payment service applies a fee of 19 cents per transaction, as well as, there is a charge of 2.69 % per swiped transaction and 3.49 % per manual transaction. That is it; there is no monthly fee or minimum, and no cancellation fee.

Why You Should Choose It?

  • It is a feature-rich mobile payment service. The feature set of this pay-as-you-go service includes real-time transaction reporting, inventory tracking, default tip and tax percentages, e-mail receipts.
  • It comprises the North American Bancard security safeguards, as well as, there is also a 24/7 customer support.
  • It offers connectivity to an AirPrint-enabled or Star thermal printer, so the users who want to print receipts from iOS devices should go for PayAnywhere.
  • A charge of 2.69 % per swiped transaction applied by PayAnywhere is the least expensive among all the four services.
  • Your each transaction will be encrypted from end-to-end, so your card data will remain safe and secure.
  • It provides tips or discounts on sales by dollar amount or percent, as well as, it calculate tax rate automatically on the basis of your current location.
  • For extensive account activity, you can access a free PayAnywhere Merchant Portal.
  • It has built-in real-time reports feature which displays both cash and credit card transactions.
  • The website of PayAnywhere is most impressive among all the four services.
  • One convenient and noteworthy feature is a lock button which you can utilize to secure the app when you are not using it actively.

3, Square

Creation Credit:

Square, a San Francisco-based mobile payments start-up, was officially launched in February 2011. Jack Dorsey, inventor of Twitter, is a co-founder of Square. This service was intended to provide the customers with an extremely simple mobile payment solution.

How It Works:

A tiny, free card reader and app has been provided by Square. The users are facilitated to accept debit and credit transactions by plugging the card reader into the audio jack of any supported device or by installing the app. Square supports the iOS 4.0+ devices and the Android 2.1+ phones. The transactions can be made by swiping the cards.

How Much It Charges:

A rate of 2.75 % on each swiped transaction has been charged by Square. There is no monthly fee, contracts, or hidden costs. One caution: If you want to enter your credit card numbers manually, you will be charged 15 cents and 3.5 % per transaction.

Why You Should Choose It?

  • The apps of Square are simple and the card reader is smallest among all the four. In just one year, Square has retailed above 500,000 card readers. At present, it processes above a million transactions each month.
  • A fee of 2.75 percent per swiped transaction applied by Square is the utmost expensive among all the four services.
  • The users who want to print receipts from iOS devices can choose Square, if they do not like to go for PayAnywhere.
  • The payments taken by users during business hours generally appear in their bank account the next business day.
  • There is no limit on the amount or number of payments you can take.
  • The businesses have an ability to send the electronic receipts to customers by means of text message or email
  • The users have an ability to connect a cash drawer or receipt to an iPad.
  • Both the iOS and Android apps are user-friendly, but the iOS version lets you to choose items from your inventory and attach multiple items to every transaction. While in the Android version, you have an ability to enter only a total for each transaction.

Drawback

  • The Android app of this service has one drawback; it keeps you logged in even after a device restart, which can generate major security vulnerability.

4, VeriFone SAIL

Creation Credit:

VeriFone, one of the leading payment-processing companies worldwide, has established the SAIL to offer very small businesses with easy-to-use payment-processing services.

How It Works:

Same as the all above, a free card reader is provided with SAIL mobile payment service. The card reader of SAIL is largest among all the four mobile payment services. You can use the service by plugging the card reader into the audio jack of any supported device or by installing the app. At present, SAIL supports the iOS 4.3+ devices only, but the company is planning to add support for Android phone and tablet in upcoming months.

How Much It Charges:

SAIL offers two options: Go Plan and Pro Plan. There is no monthly service charge if you choose the Go Plan, and it charges a fee of 2.7% per swipe transaction and 3.7% per keyed transaction for Visa, Discover cards, and MasterCard. The transaction fee for American Express cards is 3.7% for both the swipe and keyed transactions.

The Pro Plan comes with a monthly fee of $9.95, in which the charges drop to 1.95% per swiped transaction and 2.95% per keyed transaction for Visa, Discover cards, and MasterCard. And the transaction fee for American Express cards drop to 2.95% for both the swipe and keyed transactions.

Why You Should Choose It?

  • Besides the Intuit GoPayment, SAIL can also be considered as an ideal service for users who processes above $1300 in payments each month, because it offers a $10 monthly plan with lower per-swipe rate of 1.95 percent.
  • SAIL will be a good choice for users who want a synchronized database for their inventory via the SAIL Web interface and across mobile devices.
  • The users can build stronger connections with their followers, customers and positive reviews by means of customizable receipts which emphasize their social media.
  • If you have above a handful of stuff and will be taking payments by multiple locations and devices, then this option is convenient.
  • The users who like the scheme of scanning bar codes for their transaction, SAIL is the only option that they can select to use sync and bar-code features.
  • The interface of SAIL app is not as user friendly as that of the card reader service.
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