Square’s idea was a stroke of genius in its simplicity: use your smartphone or tablet to take credit and debit card payments. The idea is sweeping the world too and in Europe, in the absence of Square, other companies such as iZettle and Payleven have started to become household names.
But in the US, consumers looking for mobile point of sale and mobile credit card processing solutions have an increasing number of alternatives to choose from. Some may already be familiar names such as PayPal’s own mPOS solution called PayPal Here, but there is a growing band of technology companies and other companies providing mobile payment solutions entering the market. The list below is far from exhaustive but gives an overview of some of the alternative pay as you go systems available.
Intuit GoPayment
Intuit GoPayment is the mobile payment solution from the global financial services company Intuit. Businesses and service providers who want to use Intuit GoPayment download a free app, which is available for both Android and iOS devices (but not for Windows or Blackberry devices), and then you can start to swipe, key in or even take a photo of the customer’s card, which the customer signs for using the app. New customers receive the card reader for free once the account is approved.
There are two types of account available with this wireless payment solution: pay as you go and a monthly subscription plan. The fees for the pay as you go plan are a swipe rate of 2.75% and a keyed rate of 3.75% and no transaction fee. For the monthly plan you pay a monthly fee of $12.95 but the swipe and keyed rate drop to 1.75% and 2.75%, respectively, and likewise there is no transaction fee. The customer receives their receipt by email or text. Intuit GoPayment is also designed to work with Intuit’s accounting software.
Elavon
Elavon is a well-established company that provides payment processing solutions to all types of businesses from large to small. The company has a mobile payment solution called VirtualMerchant Mobile that works with many iOS and Android devices. Businesses wanting to use the VirtualMerchant Mobile mobile payment system need to have a merchant account and an account with the VirtualMerchant payment gateway. The free VirtualMerchant Mobile app, which can be download from your app store, needs to be configured with the gateway.
The pricing structure on the company website is clear and for the VirtualMerchant Mobile service you pay a monthly fee of $10 and a per transaction fee of 2.65% + $0.19 for swiped cards and 3.5% + $0.19 for card transactions that are keyed in. A mobile card reader is available for $24.99. Other benefits include US-based customer service and the ability to send receipts by email. There is no shortage of detailed product guides available for download on the company website.
Payfirma
Payfirma, a technology company from Canada, offers a range of mobile payment solutions including a mobile point of sale (POS) system for smartphones and tablets that lets you email receipts to customers and the in-app sales snapshot lets you see how your sales are going or alternatively to export reports. The app is free to download.
There is a one-time set up fee and after that there is a monthly processing fee of $10 if you are using a smartphone (the monthly fee is $45 if you are using a tablet), and the per transaction fee is is 1.99% +$0.25 for Visa and Mastercard payments (the rate is higher for other types of cards). The encrypted card reader costs $99, and there is a minimum monthly fee of $40, although you don’t have to pay this if your monthly sales exceed $2,000. The company website is easy to navigate and user friendly.
PayAnywhere
The PayAnywhere website is simple and clear to follow as is the pricing structure. If you sign up for an account, you receive a free credit card reader and there is also a free app to download. The system supports Android and iOS 5.1 or later, as well as Blackberry phones.
PayAnywhere lets you swipe or manually enter a card and then print or email the customer a receipt. The fee structure on the company website is simple, and there is no monthly fee or monthly minimum requirement. For swiped transactions there is a per transaction fee of 2.69% and for keyed in transactions the fee is 3.49% + $0.19.
Inner Fence
Inner Fence is another relative newcomer and is a software development company established in 2007 that has specifically focused on creating an app that lets merchants take credit cards on the go with a mobile device. Applying for an account with Inner Fence gives access to a package of features, a free app for your device and a free reader. The app lets you view your transaction history (or you can do this over the Internet too), add tax and/or tips, as well as send email receipts that have a map to your customer.
Inner Fence prices for new merchants are as follows: there is a $25 monthly fee and a per transaction fee for swiped transactions of 2.9% plus $0.30. The types of cards accepted are Visa, MasterCard, Discover, American Express, Diners Club, and JCB. There is no lock-in or termination fee. There are lower per transaction fees if your business processes over $150,000 per year as well as different fees for existing merchants. The Inner Fence website is easy to navigate and shows its pedigree as a software development company.