This week we’re kicking off our five part series with information about mobile credit card processing, as more and more merchants begin to rely on mobile devices to accept credit card payments.
1. Don’t believe it’s free. Free is a beautiful thing, but as the saying goes, “nothing in life is free” and this pertains to mobile processing as well. If the fees are zero or close to zero the rate is higher. If the rate is low, the fees are higher. Somewhere your free “whatever” is covered in either the rates or the fees.
2. Find out what fits your needs. Is your business seasonal, or is your sales volume under $2000/month or do you have multiple locations and multiple sales people accepting payments via a cellphone? Fees, capabilities and solutions vary tremendously amongst processors, so do your homework and check around for the best fit for your business.
3. Check your phone/device compatibility. What device do you plan to use? An iPhone? Android? BlackBerry? Tablet? Not all devices are compatible with every processors applications so make sure you check ahead of time, otherwise you may get stuck in a contract with no means of accepting mobile payments.
4. Look into level of service. Not all levels of support are equal among processors. Do they have a local or toll free number to call and talk to a real person or are you stuck with email and tweeting for problem resolutions? If your product malfunctions or your sales aren’t funded and you can’t get assistance quickly you could end up with disgruntled customers as well as cash flow issues.
5. Ask around. Before choosing a processor, ask others in your industry who they’re using and their current frustrations or praise for the company. People in your industry should have a good gauge on which card readers work best for your business type and which company provides the best support.