Depending upon the processing company and monthly sales totals, they offer pay-as-you-go plans and usually subscription (annual) plans. Some companies charge a start-up, statement, application, monthly minimum or customer service fees. Each time a credit card is swiped or keyed in, there will be either a fixed amount or a percentage fee charged. Although these fees are typically higher than what you’d pay using store-based processing methods, these newer services can provide small businesses a simple way to accept non-cash or check payments.
Important considerations are time required until the funds are accessible and having multiple user settings for all mobile employees.
Most mobile credit card processing companies offer additional benefits. These can include company logo and contact information on the emailed receipt, saving customer information, void, signature capture (using a touchscreen), refund/credit. Some companies offer live customer support, which can be advantageous when there is a problem trying to complete a sale.
As an example, Intuit GoPayment offers the ability to synchronize with QuickBooks and to geolocation sales tax. PayPal offers the ability to accept PayPal, checks and email invoices.
Before committing to one company, call the different companies that will probably meet your needs and discuss your exact needs. Low transaction fees aren’t important if the software and service does not work for your business.
Once you have chosen a company, you download their app and obtain their reader. Run your own credit card to test and become comfortable with the process. This can help you make sure the email and/or printed receipt will have the correct information and look professional. You will also see how the sales are tracked, where the money goes and the actual time required for payment. Some companies offer the ability to record customer contact information.
Important: No credit card information is stored in the mobile device or the reader.
In the United States, contactless payments will eventually be available via a Near Field Communications (NFC) antenna within smart phones and Internet capable tablets. When contactless payments are viable, credit card companies will have integrated contactless solution for making payments directly to a mobile device.
Mobile Point-Of-Sale solutions (MPOS) are available from credit card companies. MasterCard has best practice for MPOS acceptance. Recommendations will provide the consumer payment experience to be safe and consistent with brick and mortar stores. Having the capability to complete sales using credit cards, etc., can help your company increase sales by not limiting your payments to only cash or check.
A large number of mobile payment systems are available. I have included a partial list of companies that provide a variety of services and accept different ways to pay. For more information, see the following alphabetical list:
Chase Paymentech: www.chasepaymentech.com
Commerce Payment Systems: www.commercepaymentsystems.com
Flagship ROAMpay Merchant Services: www.flagshipmobilemerchant.com
Intuit GoPayment: www.intuit-gopayment.com
Merchant Anywhere: www.merchantanywhere.com
Notes from the Editor