Making a big business decision: taking mobile payments
There are several moving parts that comprise a successful business; thinking about business plans, new go-to-market strategies and branding take a lot of time and serious thought in order to be rolled out effectively. However, one area that is easily overlooked is the operations side of things, more specifically – what payment system to use in order to charge for your product or services. The choices vary depending on the type of business that you’re in, whether you’re an online Etsy retailer or a small business owner with a brick-and-mortar store. So if you’re evaluating your current payment system or starting a new business, read on to find out more about an option that may work for you.
If you’re an online-only seller, Amazon’s Flexible Payment Services or the PayPal X Platform are both great options to process your transactions and receive a quick payment. Both charge $0.30 USD fee per credit card transaction as well as 1.9-2.9 percent of each purchase cost. Both of these systems also allow for mobile payments, providing an added convenience for shoppers browsing on their phones.
For owners of a small business with a retail front, Square is a great option to assist in processing payments whether in-store or in a mobile storefront such as a trailer. Owners can attach the white card reader to a phone or iPad and process credit card transactions as customers make purchases. There is a 2.75 percent fee per swipe and the payment system doesn’t accept cash transactions, however Square does allow sellers to sync to a cash register through its Square Register offering, which lets merchants operate a cash drawer as customers make purchases. If you don’t have a register, you can also track cash transaction just using the app without paying any fees. Intuit GoPayment also works well for in-person credit card transactions.
In order to keep your business running, it pays to take a look at what options you have available to collect payment for your products. There are several out there, but not all are created equally, so evaluate your business needs and then implement accordingly.