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Mobile Credit Card Processing: The Options

Published November 6th, 2017 by Servistree

Globalization and the advancement of technology have solidified a card-carrying culture in our society. As we become more cashless, bills are dying out. In fact, by 2017, experts say that just 23% of all sales will be made with cash. That’s why, to maximize profits, it’s important to get your business on board with mobile credit card processing, so you can accept payments on the go and in real time.

On-The-Go Processing Formats

Being able to accept credit and signature debit cards wherever your business takes you is an important tool in your company’s toolbox. However, when it comes to the way you’re going to process payments, you have a few different options:

  • Smartphones and Tablets – These terminals usually take form in the place of a pocket-sized swiper which is plugged into the headphone jack. An application is launched, which then processes the payment.
  • Laptops – There are various terminals and swipers that can be plugged into a laptop computer and used in conjunction with a processing application.
  • Wireless Terminals – These terminals look similar to their desk-bound countertop models, but their Wi-Fi connectivity allows them to be taken anywhere you need to process sales. They are commonly found in pop-up stores and food stands. They are a bit clunkier and older than newer processing formats. Most are also exclusively for accepting payments.

The Major Processing Services

More important than the format of processing is the processing service you use. Different services provide different benefits and have varied price points. Depending on the size and nature of your business, certain processing services might be better for you. Keep in mind that many services have hidden costs, so it’s important to read the fine print.

The four most common processing services are Paypal, Square, Intuit, and Pay Anywhere.

Paypal is easy to get up and running, is free to get started, and does not require a merchant account. For US cards, Paypal takes a 2.7% commission for scans, and 3.5% commission on keyed cards plus $0.15. For non US cards, the swipe rate is 3.7%.

Square is also a free set up, app and card reader. If you go to the online website, Square will mail you a reader for free. The swipe rate is 2.75% and the keyed rate 3.50% + $0.15, no matter what kind of card you use.

Intuit is a tad more complicated. There is a free app and card reader version, with a swipe rate of 2.75% and a keyed rate of 3.75%. The other option is a monthly $19.95 version, with a swipe rate of 1.75% and a keyed rate of 2.75%. For businesses conducting transactions more than approximately $1500 per month, the paid version is the better option. Note that Intuit has a sneaky fee: it charges an additional $0.15 charge for rewards based credit cards, and for Discover and American Express cards.

Pay Anywhere is ideal for those who are doing $2000 per month in transactions or less. The platform offers free set-up, app, and card reader. The swipe rate is 2.69%, , with the keyed rate at 3.49%  + $0.19.

The Most Reliable Option

Unfortunately, many small business owners have discovered that using one of these 4 major players also includes hidden costs and complicated contracts. Through the American Express OnePoint Program we offer at Servistree, however, you’ll have access to a versatile and extremely reliable processing system. You’ll quickly increase sales by accepting all forms of payments wherever you go.  You’ll consolidate funding and billing for all major card types—Visa, MasterCard, Discover, and American Express—all on one statement and with “one point” of contact.

Through the American Express OnePoint Program, all that day’s sales will be posted to your merchant account by the next business day. Plus, through the OnePoint Program, there’s an unbeatable Next Day Funding option. Rather than wait 48-72 hours like most other payment processors, you’ll have access to your money the very next day.

It’s Easy to Get a Credit Card Processor with Servistree

At Servistree, our goal is to give busy business owners access to all the essential online business services they need—all from one easy location. If you are in need of a credit card processor, contact us today at 866-944-3244 to learn more!

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