When you’re running a small business, whether it is out of your home, a storefront or a vehicle (think food truck), you need a safe and reliable way for your customers to pay you for your services. There are many Mobile Payment tools you can use to accept and send money, but what is the difference between them all? These are some of the most popular mobile payment systems and what features they offer. Below are Top Four (4) Best Ways to Pay Online with Secure Mobile Payment Systems for Small Businesses.
The old and trustworthy standby, almost everyone has a PayPal account these days. PayPal is incredibly versatile and you can use it to instantly send and receive payments from customers and vendors without much processing time. PayPal is also known as one of the most reliable and secure electronic payment options, so your customers will most likely feel comfortable using it. Now, the service offers a PayPal-specific mobile card reader you can take with you. It will take credit and debit cards and keep track of all transactions. However, there is a flat rate of 2.7 percent per charge, so this might not be the best option if you do a lot of large transactions.
Intuit has been a part of small businesses for a long time with Quickbooks and other financial services, and now they offer a mobile system as well. According to the business site BPlans.com, Intuit’s GoPayment processor is the perfect choice for a growing business that is doing a high volume of transactions. GoPayment takes a more detailed and methodical approach to payment processing and is compatible with mostly credit cards, even internationally. An extra feature is GoPayment will create invoices for you with your company logo that you can send through email or even text message. There are several service plans you can choose from based on your needs, but BPlans states the pricing structure can be kind of confusing if you aren’t sure what you’re looking for.
Square was one of the first mobile card readers available and has been a consistent favorite among small businesses of all kinds. Recently, Business News Daily reviewed Square as the best mobile processing solution for Credit Cards. Basically, users love Square because of its simplicity and it is easy to use. Like PayPal, there is a flat-rate charge of 2.75 percent per swipe, so there is no guesswork in the pricing. Unlike PayPal, Square is linked directly to your bank account, so you don’t have to transfer the fund later. The software is easy to set up and to troubleshoot and offers industry-specific solutions for your business needs. Square is ideal for business owners who want a straightforward and fast credit card processing system and who don’t do a lot of complicated invoicing or pricing.
If you make a lot of payments yourself in your business, such as purchasing supplies or paying vendors, it is beneficial to have a secure way to make a lot of transactions and keep track of them all. There are many services now that allow you to use your phone or mobile device to make purchases just like a debit or credit card, but in a much more secure and reliable way. One of the newest mobile payment options, Samsung Pay will be available to everyone with a newer Samsung smartphone or device, such as the Edge, Galaxy or Note, at the end of September 2015. You can use it pretty much anywhere cards are accepted and there almost no risk of losing your card or having your information stolen because it uses a fingerprint security system to use the card. It will keep track of your mobile payments so you can better budget for your business.