Are you a business that is not confined to a physical location? Do you mostly operate in the field or online? If so, going for mobile credit card processing is a smart business decision. A business that is mobile requires a mobile solution, and the advantages are numerous. Mobile payment options for credit card processing are popular options for businesses since they offer more leeway. They involve a smartphone, a mobile card reader which you connect to the tablet or smartphone through its audio jack, and a card reading app.
Mobile credit card processing enables you to accept or pay for purchase from any location provided your smartphone/tablet receives signal. They are also a great choice for a new business that has no idea yet of the revenues it will earn due to its pay as you go or month-to-month payment options. Again, mobile credit card processing requires fewer upfront fees, and most card processors offer a free basic card reader or one at a very low cost. Therefore, if you have a smartphone or tablet already, there are no or little additional costs. Finally, mobile credit card processing is a great additional payment system that can help reduce checkout lines with the advantage that most credit card processing companies do not charge termination fees in case you suddenly want to abandon it or upgrade.
What are the Advancements in Mobile Payment Options
You must be wondering whether the mobile card processing is keeping up with their counterparts especially since the EMV chip technology was rolled out. New card readers that are EMV capable are already in the market to help you upgrade to a more secure payment technology. Additionally, there are better card reading apps and most mobile card processing system also have added features such an inventory system and email invoice.
How to Choose a Mobile Payment Option for Card Processing?
The first thing is to ensure that the quality apps you would like to use are compatible with your mobile device. Popular software includes Gopayment, Square, Payanywhere, Roampay and Paypal Here among others. Your merchant account also factors in when you are selecting a service. For instance, if you are sponsored under master merchant accounts such as Paypal, then Paypal Here would be your best bet. However, if you want to have your own merchant account, looking for merchant service providers and direct processors will work best for you. Choosing the most suitable mobile credit card processor also depends on the transaction fees (which are expressed as a percentage of the transaction), the amount of money you are processing, whether you mainly operate online, or you prefer printed invoices instead of sending via email. Investing in mobile card processing is a great idea for your business as you don’t get many defaulters or missed business opportunities but rather, you get even more money in your account. The trick is to weigh your options carefully and pick the mobile credit card processor best suited for your business model.