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Digital Payments Are Here To Stay...

Posted by Doc Worley on October 23, 2014 at 5:05 PM

 

...Just keeping you out of darkness!

 

Get "hip" to the world of digital payments. It is not going away, so for all of you entrepreneurs and/or merchants out there, get ready. You heard it first with us! www.barnabascommunications.webs.com.

 

One More Reason to Love your Phone: Mobile Payments

 

Giving your customers more ways to pay you is never bad, right? You want to reduce any barriers or friction during the payments process. Simplifying the process for your customers is about getting more future business. But, point-of-sale systems are incredibly expensive and clunky. There is a better way — mobile payments. Mobile payments are gaining adoption from consumers and are not a fad. This type of tech is evolving (cloud-based, near field communication, etc.) and there are many players out there.

 

We’ve put together a handy-dandy comparison of just some of the many options out there:

 

Square: One of the first and most well-known. It has extra security enhancements and lots of options for add-ons or displays. There is an offline mode and print receipt options.

 

Compatible Cards: Visa, AmEx, MasterCard, Discover

Need: Hardware

Processing Fee: 2.75%

Fee for Reader: Free

Extra Fees: Keyed Entry fee 3.5% + 15¢

 

Go Payment: From Intuit, so it integrates with Quickbooks accounting software for reports.

 

Compatible Cards: Visa, AmEx, MasterCard, Discover

Need: Hardware

Processing Fee: 1.75% & Monthly Fee $19.95

Fee for Reader: Free

Extra Fees: Keyed Entry fee 3.15% + 25¢

 

PayPal Here: Linking with your PayPal debit card earns 1% cash back on signed purchases.

 

Compatible Cards: Visa, AmEx, MasterCard, Discover

Need: Hardware

Processing Fee: 2.70%

Fee for Reader: $15 in stores that is reimbursed

Extra Fees: Keyed Entry fee 3.5% + 15¢ Additional 1% for non-US cards

 

Flint Mobile: Quickbooks integration, coupons, scan cards without swiping, No fees for 7 days.

 

Compatible Cards: Visa, MasterCard

Need: Software

Processing Fee: Debit: 1.95% Credit: 2.95%

Fee for App: Free

Extra Fees: Keyed entry fee 1.95% Debit; 2.95% Credit

 

Amazon just announced this week that they are introducing a mobile payment card reader, the Amazon Local Register. This also requires hardware, but for a limited time (January 1, 2015) they have one of the lowest rates out there at 1.75%. And bonus, it works with their Kindle Fire operating system.

 

Security concerns should play a part in your decision making here. Check with your provider that they have implemented these important security features: Payment Card Industry (PCI) Data Security Standard, the Secure Sockets Layer (SSL) protocol, the three-digit Card Verification Value (CVV2) code and end-to-end encryption (E2EE). It will give you and your customers peace of mind.

 

Determining the best option depends on your business model. Big benefits are: getting your money faster, avoiding bounced checks and happy customers. This will deliver a huge blow to that cash flow monster.

 

*Note: Keyed-in transactions (when you manually type the number) will cost more because the risk of fraud is higher.

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We have partnered with Barnabas 3G Private Capital Group, one of the largest and unique firms in the world. We are expecting great things to occur, improving lives and businesses! www.linkedin.com/pub/doc-worley/2/24b/371/

 

Manta


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