With a growing trend of payment transactions being processed through mobile phones, credit card processors have ventured into platforms to provide secure payment gateways. The structure of mobile credit card processors is very straightforward and they accept Visa and Mastercard. Mechanisms and smaller devices have been created to smoothen the transfer of funds without any hassle.
While there may be many players in the market, only a handful stand out.
Most-trusted mobile credit card processors
Following is a compilation of the best mobile credit card processors currently dominating the market. They accept the big guns of the credit card industry, which are Visa and Mastercard.
Square is a big player in the credit card processing industry with many loyal clients. Due to its low cost of installation and simple pricing system, it is very popular among small businesses.
Square is not recommended for big businesses as the flat-fee payment could become very expensive for companies that undergo thousands of transactions on a weekly basis.
- PayPal Here
PayPal is one of the leading companies in the online payment solutions industry. Their product, Paypal Here, specifically targets a mobile audience and transacts money as well as accepts payments made via credit cards. PayPal Here accepts all credit cards, including Visa and MasterCard.
The accessories for PayPal’s chip reader and other support equipment is expensive.
With an unambiguous app with a plain design, PayAnywhere provides intricate details with respect to the fee system, inventory management, sales analytics, reports, and other financial tools for financial management. There is no monthly payment and it accepts Visa, Mastercard, and Amex.
While normal credit cards have less than a 1% fee, business credit cards must pay a fee of more than 1% on a non-business card. PayAnywhere also expects the user to pull in sales/swipes of minimum $5,000 a month to avoid a penalty fee of about $80.
- Intuit QuickBooks’ GoPayment Reader
Intuit’s GoPayment Reader has a clean interface. The fee per transaction is a mere $0.50, and the app has various options to save records of transactions. It also accepts all credit cards and e-checks.
The app is for robust businesses which deal in bulk transactions. Therefore, it may be an expensive option for small vendors.