As mobile and e-commerce on mobile continues to grow, the availability and importance of accepting mobile payments is increasing as well for all businesses. Whether it is accepting credit cards in the field, paying with smartphones or the transfer of cash – all businesses need to consider this option to keep up with the times. The market for mobile payments continues to grow and today there are a myriad of options to consider. Below are a look at some the options available.
PayPass from Mastercard lets your business accept fast payments through an
NFC-enabled point-of-sale (POS) terminal. Customers can tap their NFC-enabled credit card or smartphone over the terminal to make a payment. Having a PayPass terminal in place at your register will allow your business to accept many forms of contactless payments, not just those made with MasterCard. Google Wallet and ISIS Mobile Wallet both can be used with PayPass readers. MasterCard does not charge vendors additional usage or transaction fees for the PayPass system.
Square: From Twitter co-founder Jack Dorsey and Jim McKelvey, Square is a good solution for those who only occasionally need mobile payment processing. Square links directly with your bank account and accepts payments from all major credit card companies. Its transaction fee is 2.75%, but with no additional monthly fees, you could end up saving money with Square if you don’t use it regularly.
PayPal Here allows business owners much more flexibility. With this app and accompanying hardware, your customers can pay using their debit cards or even their mobile PayPal account. Card-free transactions are simple. Customers check in with your business on their mobile PayPal app and then transfer funds to your account to settle their bill. The cost per transaction is 2.7% of the final sale, and there are no additional setup costs or monthly fees. PayPal Here accepts all major credit cards and is a good choice for businesses that want to offer their customers different ways to pay.
Google Wallet allows businesses to accept payments both online and in-store. If your business already uses a payment-processing service online, Google Wallet can be integrated with the service for no extra cost. Or, you can use Google as your new payment processor, with transaction fees starting at 1.9%. This payment option is good for businesses looking to cut back on in store wait time or those wanting to grow their online customer base.
Visa’s PayWave allows customers to make contactless payments at a business’ POS terminal. To start accepting contactless payments, businesses can either purchase a new, NFC-enabled POS terminal from Visa, or buy a peripheral NFC reader to add to their existing terminal. Business do not need to purchase multiple NFC readers from different credit card companies. Visa, MasterCard and American Express all issue NFC-enabled cards and devices that use the same radio-frequency technology.Visa also offers a digital wallet —V.me —that allows customers to store all of their credit card information online for safe and simple checkouts.
Other options include: LevelUp, ROAMpay, ISIS, mPowa, PayToo, globalVcard, Go Payment and MCX.