Being able to take mobile payments by accepting credit cards is great for small businesses, and there are a lot of payment processing options to choose from. As small business owners, finding a payment processing company who will work with you is challenging enough! But then how do you find a mobile payment processing company willing to work with you without crippling you with fees and eating into your bottom line? Let’s look at our options together.
What Is The Best Mobile Credit Card Processing?
The mobile credit card reader itself is just one tiny piece of the puzzle. What’s even more important is the mobile credit card processor you choose. Who you choose to use for your mobile credit card processing will depend on your industry, average ticket price, volume & business type.
The task of finding just the right mobile payment processing solution can be so overwhelming, so we’ve put together this guide to remove some of your apprehension and help you figure out which is best for you.
You will be able to see information on:
- mobile credit card processors like Square and CloverGo, equipment & features
- processing rate basics – just how do they calculate your fees anyway?
- types of processing rates – yes, there are different types!
- common processing fees (and how to avoid them)
- types of contracts – monthly vs yearly
- types of mobile credit card readers
3.1 Just Show Me The Numbers
So you’re interested in just the numbers? Awesome.
The charts below show the cost per transaction for each of the top 11 processors as advertised on their websites. The top table shows information on your average ticket sale and you can see what the transaction fees actually would be for that size transaction. For instance, out of a $5 transaction with Clover, $0.24 of that will go to Clover instead of you. The table below tells what percentage of that transaction will cost you with each of these processors – so our $5 transaction with Clover comes out to 4.70%.
Some things to note- this does not include any monthly fees that you might pay to these processors, which can vastly affect your overall cost. For our interchange plus processors (Dharma, Fatt Merchant, and Payline Mobile), we used the 2019 Visa CPS retail interchange rates as a means to compare vendors.
| Cost Per Transaction | $5 | $10 | $20 | $50 | $100 | $250 | $500 |
|---|---|---|---|---|---|---|---|
| Clover Go | $0.24 | $0.37 | $0.64 | $1.45 | $2.80 | $6.85 | $13.60 |
| Square | $0.23 | $0.36 | $0.62 | $1.40 | $2.70 | $6.60 | $13.10 |
| Dharma | $0.29 | $0.39 | $0.59 | $1.19 | $2.18 | $5.17 | $10.14 |
| Shopify | $0.14 | $0.27 | $0.54 | $1.35 | $2.70 | $6.75 | $13.50 |
| Chase Merchant Services | $0.23 | $0.36 | $0.62 | $1.40 | $2.70 | $6.60 | $13.10 |
| Paypal Here | $0.14 | $0.27 | $0.54 | $1.35 | $2.70 | $6.75 | $13.50 |
| Quickbooks GoPayment | $0.37 | $0.49 | $0.73 | $1.45 | $2.65 | $6.25 | $12.25 |
| FattMerchant Mobile | $0.33 | $0.40 | $0.55 | $1.01 | $1.76 | $4.03 | $7.80 |
| SumUp | $0.13 | $0.27 | $0.53 | $1.33 | $2.65 | $6.63 | $13.25 |
| Payline Mobile | $0.27 | $0.34 | $0.47 | $0.88 | $1.55 | $3.58 | $6.95 |
| PayAnywhere | $0.13 | $0.27 | $0.54 | $1.35 | $2.69 | $6.73 | $13.45 |
| Dual Payments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| % of Transaction | $5 | $10 | $20 | $50 | $100 | $250 | $500 |
|---|---|---|---|---|---|---|---|
| Clover Go | 4.70% | 3.70% | 3.20% | 2.90% | 2.80% | 2.74% | 2.72% |
| Square | 4.60% | 3.60% | 3.10% | 2.80% | 2.70% | 2.64% | 2.62% |
| Dharma | 5.79% | 3.89% | 2.94% | 2.37% | 2.18% | 2.07% | 2.03% |
| Shopify | $2.70% | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% |
| Chase Merchant Services | 4.60% | 3.60% | 3.10% | 2.80% | 2.70% | 2.64% | 2.62% |
| Paypal Here | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% |
| Quickbooks GoPayment | 7.40% | 4.90% | 3.65% | 2.90% | 2.65% | 2.50% | 2.45% |
| FattMerchant Mobile | 6.51% | 4.01% | 2.76% | 2.01% | 1.76% | 1.61% | 1.56% |
| SumUp | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% |
| Payline Mobile | 5.35% | 3.35% | 2.35% | 1.75% | 1.55% | 1.43% | 1.39% |
| PayAnywhere | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% |
| Dual Payments | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
How we evaluated mobile credit card processing services:
We want to tell you how we evaluated these mobile credit card processing companies before we get into the nitty gritty of the individual processors. Each of the options below were evaluated based on the following: overall price, ease of use, POS app, its simplicity, reliability and its ability to integrate with other sales channels that you might have.
We know at the end of the day, it comes down to your profit. You know that accepting credit cards can increase business & that processing them is part of the cost of business. Processing rates, fees, contracts, equipment, software and portability are just some of the things that need consideration as you choose your payment processor.
3.2 Mobile Credit Card Processing Solutions
We’ve researched 13 credit card processors who also provide mobile processing. Take a look below to see which one interests you.
Clover Go
Who It’s Good For:
Customers who are already using Clover systems
Pricing:
Monthly fees start at $14 per month for the use of POS softwareAccepts all major credit cards2.7% +10 cents/transaction for swiped payments,3.5% + 10 cents transaction for keyed in payments.
Equipment costs:
$69 for reader, accepts magstripe, chip, NRC plus takes payments like Apple Pay, Google Pay & Samsung Pay
Features:
- Ready to go right out of the box
- Pairs with your iPhone, iPad, Android phone or tablet
- Pairs with the Clover Go processing app & syncs with dashboard
- Uses wi-fi or cellular data connection
- Email or text receipts
- Build orders & run basic reports from the app
- Set discount, tip & tax rates
- Tracks cash payments
- Employee payroll & shift management
- Liability protection in case of data breach
- Customers who are already using Clover systems
Also offers:
A full range of payment processors, not just mobile
What’s Missing?
The reader only works with Clover, you cannot take it to another processor if you decide to leave Clover.
Reviews:
Inconsistent pricing and bundling, charges fees that similar providers provide for free
Square
Who It’s Good For:
Any business that is ready to launch and use mobile credit card processing or any business processing less than $ 3000/month
Pricing:
Flat rate pricing with no membership fee$0/month for basic planAccepts all major credit cards2.6% +10 cents/transaction for swiped payments2.9% + 30 cents/transactions for keyed in payments.
Equipment costs:
Each additional magstripe reader is $10 after the first free card readerAccepts all major brands of credit cards.Contactless and chip readers cost $49 dollars. Also able to accept payments like Apple Pay & Google Pay
Features:
- No hidden fees, no long term contracts
- Comes with mobile POS Software that is integrated with the readers
- All-in-one set up
- Mobile app that pairs with your iPhone, iPad, Android phone or tablet
- Can accept online & offline payments
- Stores credit card information to key in cards without the reader (fees vary)
- Can accept tips, charge custom amounts, adjust sales tax
- Text, email, or print receipts
- Processes refunds
- Tracks cash & check sales
- Send invoices & accept online invoice payments
- Process online credit card payments with a virtual terminal
- Set up recurring payments
- Integrates with Quickbooks
- Set up, track & manage inventory
- Track sales & manage staff
- No monthly minimum or fee
Also offers:
A full range of payment processors making it easy to expand as your business grows.
What’s Missing?
Cannot accept ACH payments
Reviews:
Most reviews are positive, Square is a solid all around choice for your small business. It has a clear, no surprises pricing structure. The app is easy to use and it’s easy to get started. However, if you are considered “high risk,” they may not be willing to process your payments.
Dharma
Who It’s Good For:
Established businesses that average over $20 per transaction
Pricing:
Subscription fees with interchange plus transaction feesStarts at $ 20/ month Visa, Mastercard & Discover 0.15% + $0.07 above interchange per transactionAmerican Express 0.25% + $0.07 above interchange per transactionMobile & virtual processing is included for free through MX Merchant Express
Equipment costs:
Mobile chip card readers are $99
Features:
- Pairs with your iPhone, iPad, Android phone or tablet
- Takes payments via mobile, online & virtual
- Also supports in store payments as well
- Can store customer’s credit card information
- No extra fees for key-in payments
- Text & email receipts
- Adjust for tips
- Multiple users
- Can add services (for a fee) that you’d like – like Integrated ACH, B2B processing, Invoicing & Recurring billing
Reviews:
Dharma offers low cost rates but are selective about who they will service. It is better for established businesses.
Dual Payments
Who It’s Good For:
Any business doing at least $5,000 a month in credit card processing.
Pricing:
Mobile Credit Card Processing Fee: $15 per monthSwiped payments: 0%+ 0Keyed in payments: 0% + 0 Visa, Mastercard, American Express, Discover & rewards cards, Apple Pay & Google Pay
Equipment costs:
Bluetooth Tap and Chip card reader- free
Features:
- Allows for cash discount and surcharging (can do percentage based or per item based)
- No hidden fees, no long term contracts
- Comes with POS Software that is integrated with the card reader
- All-in-one set up
- Free mobile card reader that pairs with your iPhone, iPad, Android phone or tablet
- Can accept online & offline payments
- Store credit card information and key in cards without the reader (fees vary)
- Can accept tips, charge custom amounts, adjust sales tax
- Text, email, or print receipts
- Processes refunds
- Send invoices & accept online invoice payments
- Process online credit card payments with a virtual terminal
- Set up recurring payments
- No monthly minimum
What’s Missing?
It cannot accept ACH payments. Cannot manage staff. Does not integrate with Quickbooks
Reviews:
Dual Payments offers excellent customer support. This solution is easy to set up and can save business owners thousands of dollars a year because it can zero out their credit card fees.
Shopify
Who It’s Good For:
Great for ecommerce sellers, online store, & retailers looking to expand into accepting in-person mobile payments
Pricing:
Subscription fees with flat transaction feesPrice: Plans start at $29 per month Swiped payments: 2.7%+ 0Keyed in payments: 2.9% + 30 cents Visa, Mastercard, American Express, Discover & rewards cards, Apple Pay & Google Pay
Equipment costs:
Tap & chip mobile card reader is $49
Features:
- Pairs with the Shopify POS App
- Multi-channel selling available, accepts payments online as well
- Can set up & track inventory within the app
- Charge custom tips & custom amounts
- Adjust sales tax
- Track cash & checks
- Email or print receipts
- Issues refunds and store credit
- Integrates with Quickbooks
- Manage staff
- Multiple staff members can process payments
What’s Missing?
Does not accept payments offline – which is somewhat of a problem for those who want to process payments via mobile card reader.
Reviews:
Shopify offers excellent customer support and easy to integrate with other sales channels. It is really suited for retail sales
Chase Merchant Services
Who It’s Good For:
Businesses who want to streamline their finances and have it all in one place
Pricing:
2.6% + 10 cents/ swiped or chip transaction*3.5% + 10 cents/ keyed in transaction**Quote based service – make sure you contact a Chase Merchant Services representative for an accurate rate
Equipment costs:
$95 for bluetooth Chip & swipe reader. Also have stand alone terminals and e-commerce solutions available
Features:
- Accepts all major credit cards
- Multi-channel selling available, accepts payments online as well
- Can accept magstripe, EMV cards, and keyed-in payments
- Pairs with Apple or Android smartphone or tablet via Bluetooth
- Pairs with the mobile app: Chase Mobile Check-out
- Create a product catalog
- Configure receipts
- Follow up with customers
- Issue Refunds or Gift Cards, Redeem gift cards
- View transaction or settlement reports
- Sell in store or online
What’s Missing?
The card reader does not have tap functionality.
Reviews:
Do your homework and get a quote with Chase to compare to other pricing models. You may get a better rate depending on the type of business you run. Be sure to ask about other hidden fees so you can get an accurate picture.
PayPal Here
Who It’s Good For:
If you already use PayPal Business and want to accept payments in person or a new business since it has low start up costs.
Pricing:
Flat fee pricing model, no monthly fee, no contractUse of the mobile app & compatible smart phoneNo monthly fee2.7%/ swiped, chip or tap transaction3.5% + $0.15 per keyed in transaction2.9% + $0.30 per invoiced transaction
Equipment costs:
$19.99 for magstripe reader (only plugs into phone’s audio jack- may not be compatible with all devices)$24.99 for EMV card reader$59.99 for Chip & Tap reader
Features:
- Accept payments from all major credit cards & PayPal
- Use the PayPal Here app to:
- Set up and track inventory
- Manage sales staff
- Pairs with Chase Mobile Check-out App
- Send receipts
- Send invoices
- Record cash & check sales
- Issue Refunds or Gift Cards, Redeem gift cards
- Accept & Customize tips
- Provide Invoicing & accept online payments
Reviews:
Integrates with other PayPal services, but holds & processing are complicated. Many users complain about holding funds. It seems to be only applicable to high risk transactions like keyed-in transactions made on the mobile card reader. Those kind of payments that are beyond $500 are held for 30 days, after which it is deposited into your account. If you use the chip reader, you will get your funds much quicker.
Quickbooks GoPayment
Who It’s Good For:
Those who use Quickbooks and want a simple mobile extension to be able to accept payments.
Pricing:
Have to have a QuickBooks online account- which starts at $25 per month (although they advertise the first 3 months are 50% off)Accepts all major credit cardsSwipe & chip payments: 2.4% + $0.25 /transactionKeyed in payments: 3.4% +$0.25/ transactionInvoiced payments: 2.9% + $0.25 / transactionACH payment cost: 1% with max of $10
Equipment costs:
Chip & Magstripe reader $19 or free with QuickBook paymentsAll in one reader (including EMV & Tap) $49 – takes payments like Apple, Google & Samsung PayBoth connect via Bluetooth
Features:
- Uses QuickBooks GoPayment iOS & Android mobile app
- Uses list of products & services, sales tax & tip preferences from your QuickBooks account
- Accepts all major credit cards
- Able to key in payments
Reviews:
The reviews are a mixed bag with this one. While it integrates with Quickbooks, you have to make sure you have the correct plan to be able to get the features you’d like, such as invoicing.
FattMerchant Mobile
Who It’s Good For:
Established businesses that process high-volume and high ticket accounts
Pricing:
Monthly fee: starts at $99 per month (for processing less than $500k annually) Direct cost interchange fees +$0.15 per transaction
Equipment costs:
Chipper BT: Accept magstripe & chip cards via bluetooth on both iOS or Android devices. (Price not disclosed on their website)
Chipper 2X BT: magstripe, chip cards & ApplePay (Price not disclosed on their website)
Features:
- No cancellation, statement or batch fees
- 24/7 technical support
- Integrates with Quickbooks Online
- Payment app for iPhone & Android:
- Mobile swipers
- Card scanning
- Key-in functionality
- Track cash payments
- Invoice tracking
- Inventory & catalog management
- Analytics dashboard
- Multiple sales channels available
Reviews:
Easy for clients to make payments, integrates with Quickbooks, Great customer service, Simple to use. A solid business to be sure, but can be expensive to use for a small business.
Shopkeep
Who It’s Good For:
Small business Quick-Serve, Food Truck, Coffee Shop, Retail, Restaurant/Bar
Pricing:
A Quote-based model, you will have to contact Shopkeep to get a pricePay as you go monthly subscription service
Features:
- Mobile POS Software designed for the iPad
- Accept cash, credit and debit cards, gift cards & mobile payments. Process offline payments too
- Personalized POS Setups
- Automates business tasks such as: Inventory management, Bookkeeping, Employee time tracking, Customer Data Management
- Can support multiple sales channels
- In-depth inventory management
- Staff management tools
- Unlimited users
- Unlimited inventory items
- Free support 24/7/365
Reviews:
This software was designed for small businesses, like specialty vendors & local restaurants. The software is easy to use and has up front pricing.
SumUp
Who It’s Good For:
Businesses that travel to conventions, trade shows, and pop-up events
Pricing:
Accepts all major credit cards, Apple Pay & Google PayAccept Magstripe, EMV Chip & Tap payments, connects via BluetoothPair with mobile device or tabletFlat pricing: 2.65%/transactionVirtual Terminal fee: 2.95% + $0.15No contracts, no monthly minimums
Equipment costs:
All-in-one Card Reader $19
Features:
- Straight forward card reader & intuitive mobile POS app
- Use with SumUp App
- Track sales, manage inventory, monitor payouts
- Text, email or print receipts
- Receive PDF report from every time you receive a payout
Reviews:
SumUp is an established company, and is good if you want a straight forward card reader and app. It doesn’t have extensive features (like invoicing) that other mobile processors might offer for similar pricing.
Payline Mobile
Who It’s Good For:
They offer many types of pricing models. For a mobile business, you will probably begin with Payline Start.
Pricing:
Payline Start pricing:Interchange + pricing model + monthly feeMagstripe, EMV or Contactless: Interchange + 0.2% + $0.10/ transaction as well as $10 per monthKeyed in payments: Interchange + 0.3% + $0.20 per transaction plus $20/month
Equipment costs:
Payline suggests Clover Go for their mobile card reader – Price to own is $70 plus $11/month (the length of $11/ month is not disclosed)
Features:
- Has many different pricing options depending on your type of business, volume and ticket sales. Has many different pricing options depending on your type of business, volume and ticket sales.
- Email & text receipts
- Can support mobile or in-store cases
- Accept custom tips
- Set custom tax rates
- Virtual Terminal Available
- Key in credit cards
- Include invoicing
- Billing plans and schedule payments
- Shopping cart integration
- ACH payments
- Mobile App
- In-depth reporting
- Unlimited users
Reviews:
Although it is not transparent on their website, many reviewers have complained that Payline a monthly minimum requirement in processing. This is a more expensive option for those businesses that do not process enough credit card volume to offset the $25 monthly fee if you don’t meet the minimum. Also, they are unlikely to service high risk accounts.
Bank of America Merchant Services
Quote-based pricing model & have many options available depending on the type of business you have.
- Uses Clover solutions for mobile processors – see above review
- Accepts & processes checks
Pricing is not transparent on their website, so it’s best to contact them to get a quote and compare pricing.
PayAnywhere
Who It’s Good For:
If you only do in-person payments and process over $5k/month.
Pricing:
pay 2.69% for swipe, dip or tap paymentsPay 3.49% +0.19 for keyed in manual paymentsInvoicing, recurring & virtual terminal payments: 3.49% + $0.19/ transactionCustom rates if process over 10K/month
Equipment costs:
2-1 reader: Stripe & EMV chip cards- first one is free. Additional readers $29.95 each3-1 reader: EMV chip, magstripe cards, NFC contactless payments $49.95 each
Features:
- Accept credit cards in store, on job site & online.
- Connect mobile reader to a smart phone, tablet, or computer
- Payanywhere Online hub for your business
- Payanywhere app- POS software
- Payanywhere SDK – accept payments in native app
- Process Transactions offline
- Customers, reporting, dispute management, open tickets & tabs, employee management, inventory and next day funding are free
- Also offers multiple sales channels
Reviews:
Some reviews say that this is a tiered-pricing model. Make sure if you decide to use this plan that you have a clear understanding of what you are paying.
3.3 Processing Rates
What elements make up the processing rate?
The processing rate is made up by 2 components:
- The interchange which includes the amount of money it cost to use the credit card and is determined by the card brands (Visa, Mastercard, Discover, and American Express) PLUS the amount of money the card issuing bank charges to use the card (Chase, Capital One, etc) AND
- The fee charged by merchant provider that pays for the automated movement of money from the consumer’s bank into yours.
What are the different ways that rates are determined?
-
Interchange+ Pricing – good for most businesses
The merchant pays the true cost on all credit cards and the markup set by the processor. It is the best of the conventional pricing models unless your business has very low volume. If you have less than $2000 a month in credit card purchases, then you’d be better served with another model.
-
Membership Pricing – good for high volume per tickets
Pay either a monthly or annual fee & businesses receive an interchange pricing model at zero basis points of cost. A small swipe fee will still be incurred, but it usually ranges from $0.03-$0.25 per item. This type of processing model is great for very high average tickets like furniture stores or law firms.
-
Tiered Pricing – tends to be the most expensive way to process credit cards
Tiered pricing divides all card types into three tiers: qualified &mid-qualified & non-qualified. However, this is a tactic used by the credit card processors. The credit card issuers (Visa, Mastercard, Discover and Amex) have not made any statements whether any of their cards fall into any of these categories. It’s made up! It will be the most expensive way to run your business.
-
Flat Rate – good for low volume tickets & mobile processing
The processing rate is a flat fee per transaction. These are great for businesses with a low ticket average of $5 or less, or process less than $2000 a month.
-
Zero Fee
The processing fee is placed on the customer. The customer can pay with cash for a discounted rate, or conveniently pay with a credit card with the cost of using the credit card added on. Usually the fee is so nominal that the customer doesn’t mind paying it, and the business isn’t losing money in processing fees.
3.4 Mobile Credit Card Processing Fees
What’s the difference between processing rates and processing fees?
The processing rate is determined by the issuing banks, credit card companies & merchant service provider. This is what you (the business) will pay per transaction.Processing fees are an additional cost on top of the processing rate for the service that gets money from one bank (the customers) to the other (to yours). These include the discount rate, the swipe fee, batch processing fee, PCI, statement fee, annual fees, monthly minimum fee, early termination fee, card network fees, AVS fees, voice authorization fee if you have to all in a credit card number, retrieval request fees should a customer dispute a charge from your business. See chapter 1 of this guide for a more in depth look at processing fees.
What fees are commonly found in mobile credit card processing?
While the processing rates are described above, the fees described below are not included in the price per transaction fee. These are additional fees you will probably incur unless your merchant service provider specifically says they don’t charge for these things.
-
Early Termination Fee – What it is and can you avoid it?
An early termination fee is a fee that the processor imposes on the merchant (business) if they decide to cancel their processing contract. This is to offset the money they will lose since you won’t be processing with them anymore. It can be thousands of dollars and a huge headache. Avoid this by reading your contract thoroughly and ensuring there are no early termination fees.
-
Monthly Fee – What it is and can you avoid it?
A monthly fee is basically a made up fee that the processing company decided to make mandatory. There are no required fees from the card brands or issuing banks. It’s just a way for the processor to make more money off of you.
-
Monthly Minimum – What it is and can you avoid it?
A monthly minimum refers to the minimum amount of sales that you must have as a merchant. If you fail to hit the minimum required credit card transactions, you will incur a fee to guarantee that the processor will make a minimum amount of money each month. You can avoid it by ensuring you are making enough credit card sales, or by choosing a credit card processor that does not have this fee.
-
PCI Compliance Fee – What it is and can you avoid it?
PCI Compliance means that businesses follow the Payment Card Industry Data Security Standard. This fee can range from $6-$25 monthly or $99-$199 annually. This fee can be avoided though. All you have to do is fill out the PCI Compliance form with your processor. Your processor will submit your account as PCT compliant and there won’t be a fee. Make sure you ask your processor to do this for you.
-
Statement Fee
A statement is a record that contains all the monthly credit card transactions and fees paid by the merchant. It is a written record, usually available electronically as well. These fees can range from $5-$20/month and some companies charge an extra fee to be able to view this electronically.
3.5 Mobile Credit Card Processing Contracts
WHY DO PROCESSORS HAVE CONTRACTS IN THE FIRST PLACE?
A contract is a way for processors to lock the merchant in for many years. This way, they have guaranteed years of processing. If a merchant were to leave, then the processor will charge hundreds, if not thousands, of dollars. This guarantees their own profit on that particular account.
-
About Month to Month Contracts
Month to month contracts (pay as you go) contracts are great for the business owner because you have the option to cancel at any time. Month-to-month contractors want to keep you with them, so they will work hard to make sure you are happy with excellent customer service and lower costs.
Be advised that some month-to-month processors’ equipment and mobile POS software are only compatible with their brand. For example, If you decide to leave Square for a different processor (Clover Go), you will have to purchase new equipment and software to keep your business running. Clover Go will run off their own equipment and software.
-
About Annual Contracts
Annual contracts are a bad idea for any business- they are only good for the merchant processor. They can make lots of money off of you, and if you’re not happy with them- too bad, you’re stuck! This can be very expensive and lock you into something that might not be good for you for a whole year. As a business owner, walk away whenever presented with multi-annual contracts.
3.6 Mobile Credit Card Readers
What different types of card readers can you use for mobile processing?
There are several different types of mobile credit card readers that can be used to take payments, which we have listed below. But a word of caution: although some providers have month-to-month contracts, their card reader can only be used with their POS system. If you decide to go with a different mobile processor, you may end up spending more money for compatible equipment and software.
-
Wireless Terminals
Square & Clover Go offer stand alone terminals, but there are other options available. If you want to use a wireless terminal without your smartphone, be sure it integrates with your POS software if you’re not using a mobile processor specific one.
-
Mobile Card Magstripe Readers
Magstripe readers only take swipe cards. They pair with a smart phone or tablet and specific mobile app. Some may need to be connected to wi-fi or use cellular data to take payments
-
Mobile Card EMV Chip Readers
Chip or “Dip” reader that pairs with a smart phone or tablet and specific app. The EMV credit card provides more security because of the chip-reader technology.
-
Mobile Card Contactless Readers
Pairs with a smart phone or tablet & specific app – accepts “tap” or “wave” technology as well as Apple Pay, Google Pay.
3.7 Conclusion
We hope this gave you a solid overview of what mobile credit card processing entails and what is out there. As you can see there are a lot of moving parts in making your decision – your business type, your average ticket price, your monthly volume of sales, POS system, hardware, portability, and if you need other functions like employee & inventory management.
And be aware, when you are choosing a mobile processor, do the math and compare them for yourselves. Sure, a processor might have a really low fee, but do they charge a monthly subscription fee or a fee if you don’t process enough with them? Always look at the big picture and determine what it will actually cost you.
Still unsure about what kind of mobile processor you should use? We at Dual Payments would be happy to talk with you to point you in the right direction