When it comes to accepting mobile payments, merchants and service providers want a solution that is easy, secure and has low rates. While the most well known mobile credit card processing system is Square, there are decent alternatives. Also known as mobile POS systems (point of sale), these products will allow you to make the most of your own offerings no matter where your customers are.
UPDATE: Check out my article on Card.io for taking payments using nothing but your phone’s camera.
Square is the leader of the pack (in my opinion) for a reason: it’s sleek, has one simple fee of 2.75% per swipe, offers a next day payout, comes with a free iPhone, iPad or Android app and can be setup in mere minutes. If design is important to you, Square certainly looks polished. Square’s live monitoring programs actually monitor transactions as they take place (a process known as risk visualization) in a proactive approach to stopping fraudulent transactions and suspicious activity. According to the company’s website, the system is actually designed to “grow stronger the more people transact”.
What’s great about PayAnywhere? No hidden fees for one and no minimum processing requirement for another. Like other solutions on this list, PayAnywhere offers a free reader and app. PayAnywhere also lets you setup and track inventory and organize items categorically. What’s also nice is the ability to see real-time transaction reports. Emailed receipts include item descriptions, images and can also include maps. You can setup default tax and tip percentages or use the Geo Tax function to automatically calculate tax based on your location. The Merchant Portal makes it easy to view statements and email/print extra copies of receipts. Swiped rates cost 2.69% + $0.19.
Innerfence works with a wide variety of devices including not just iPhones, iPads and Androids but also Macs and Windows phones. Innerfence will set you back $24 per month and each transaction will cost 24 cents plus 1.74-3.70% of the sale. Useful features include map integration, refunds and PDF receipts. What may be one of the best features of Innerfence is the American support staff based in Ohio–don’t get me wrong, I have nothing against support outsourced overseas when I can understand the people, but there’s something comforting about local help.
The Intuit GoPayment solution has no monthly fees and no contracts and operates on a swipe rate of 2.7%. Intuit GoPayment is currently available only for iOS and Android devices (in fact, GoPayment was voted one of the top 5 best business apps in the Apple app store in 2011). You can see Intuit GoPayment in action through these customer videos.
Mophie Marketplace iPhone Case
The Marketplace iPhone case by Mophie makes use of Intuit GoPayment to process payments through a unique case that has a credit card terminal on the bottom half. Mophie’s site says you should be up and running with GoPayment within 15 minutes. The Marketplace case does not need to be removed from your phone in order to charge which is nice (comes with a special USB charger). Once a sale has been completed, customers will automatically receive an electronic receipt. Authorizations should should take less than 2 seconds.
Swipe is a bit bulkier than the above mentioned mobile payment solutions but does work with multiple merchant accounts/banks. Swipe requires a one-time setup fee of $15 plus a monthly gateway fee of $20 but the per transaction fee is only $0.15. Swipe does have a demo account for people who want to give it a try before they buy and also has a feature requests forum which is a good sign for customers. Swipe only works with iPhones and iPods and requires a Simply EPay payment gateway account.
Moblized requires no monthly or annual fees and there’s also no PCI-compliance fee. You’ll only pay 2.69% + 19¢ per swipe. It takes 2 business days for money to actually land in your account. Like other providers, Moblized offers instant encryption to keep customer data secure. Merchants have the ability to void, refund and authorize. Other features include in-app reporting, email receipts and 24/7 live support. If you use your PhoneSwipe simultaneously, you can track sales on each individual device. Plus, there’s a generous referral program that offers $20 for signing up new PhoneSwipe customers.