Which Mobile Credit Card Processing Services is right for you?

The top three mobile credit card readers are Square, Go Payment by Intuit/QuickBooks, and PayPal.  The Square was the first on the market in 2010 and was the brain child of Jack Dorsey, the founder of Twitter.  Intuit & PayPal both have a long history of financial services and public trust. Both have higher ratings for security, processing, and support.  Square has a higher rating for style and usability because it is so simple.

Others include, reviewed but not considered: Go Pago, Spark Pay, Mobilize, PAY ware, Roam Pay, Pay Anywhere

1. Go Payment – Intuit

Pay-as-you-Go Pay Monthly
Monthly Service FREE $12.95/month
Swipe Rate 2.75% 1.75%
Keyed Rate 3.75% 2.75%
Transaction Fee for Keyed/Scanned Transactions $0 $0
Intuit Credit Card Reader 3 FREE  3 FREE
Monthly Minimum None None
Setup Fee None None
Commitment/Subscription None None
Sync with QuickBooks/ Virtual Terminal $12.95
Email Confirmation / Deposit 36 hours
Text or Email Receipt
Geolocation Sales Tax Set-up

2. Square Up

Pay-as-you-Go Pay Monthly
Monthly Service FREE $275
Swipe Rate 2.75% 0%Single Charges Under $400/First $21,000 of each Month, then charged at keyed rate
Keyed Rate 3.5% 3.5%
Transaction Fee for Keyed Transactions $.15 $.15
Square Credit Card Reader  2 FREE 2 FREE
Monthly Minimum None None
Setup Fee None None
Virtual Terminal / Mobile POS System FREE FREE
Email Confirmation / Deposit 36 hours
Email Receipt
Sales Tax set up
No Human Support, Only Online/Twitter

3. PayPal

Standard Advance or Pro
Monthly Service $Free $5 or $30
Swipe Rate 2.7% 2.7%
Keyed Rate 3.5% 3.5%
Transaction Fee for Keyed Transactions $.15 per $.15 per
PayPal Here Card Reader  FREE  FREE
Monthly Minimum None None
Setup Fee None None
Commitment/Subscription None None
Virtual Terminal (Computer) Mobile POS System No $30.00
Email Confirmation / Deposits into a PayPal account then you download to your bank
Text or Email Receipt
Works with Checks & PayPal

Suggestions:

Email Account: set up an email account for payment notifications and transactions to be sent. You do not want to clutter up someone’s personal account. i.e. Sales@, Payments@, Mobile@company.com

Notes:

Bank Accounts: some banks (Chase, BofA, Key Bank) offer their own credit card / mobile processing systems, which could have some advantages with syncing to your accounts and comprehensive customer service.

Merchant Accounts: a type of bank account (Merchant Warehouse, National Bankcard) that allows businesses to accept payments by credit/payment cards.

Payment Gateway: provides technology to securely capture and transfer the credit card information from a website to the merchant account (Authorize.net, Transfirst, PayPal, Google Checkout).

Research Notes:

http://www.digitaltrends.com/mobile/square-vs-intuit-gopayment-vs-paypal-here-mobile-credit-card-processors/

http://chargify.com/blog/how-to-choose-the-best-smartphone-credit-card-reader-for-your-business/

http://www.inc.com/maeghan-ouimet/mobile-payments-key-players.html

http://www.entrepreneur.com/article/224181#

http://www.businessnewsdaily.com/4394-accepting-credit-cards.html

http://boss.blogs.nytimes.com/2013/04/09/processing-credit-cards-and-anger/

http://boss.blogs.nytimes.com/2013/03/26/my-search-for-reasonable-and-understandable-credit-card-processing/

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