Accepting credit cards as a form of payment will significantly increase sales for your business. The ability to process credit card payments directly on your smartphone can boost sales even more, especially if your business isn’t always confined to a traditional brick-and-mortar store. Perhaps you provide goods or services directly to customers onsite, or you frequently sell products at tradeshows and local marketplaces. Or maybe you simply want customers in your store to have the flexibility to purchase products from any sales associate, not just the one behind the cash register. Mobile credit card processing services and the iPhone card readers they provide give you the flexibility to accept credit cards no matter where you are. For more information regarding this type of payment processing, we encourage you to browse through our articles about iPhone card readers, including our reviews of Flagship Roampay, Leaders Merchant Services and Intuit GoPayment.
While all smartphone card readers provide payment processing, mobile payment processors can vary greatly in terms of cost and additional features. We used the criteria outlined below to determine the best card readers; keep these ideas in mind as you search for the best service for your business.
Several different fees make up the total cost of using an iPhone card reader. Some services charge a setup fee while others will charge for the card reader. Beyond these one-time costs, there are also ongoing fees, including a monthly service fee and per-transaction fees. The latter is charged every time you swipe a credit card and is based on two factors: the base rate and the processing rate. The processing rate is determined by how you input credit card information, whether you swipe the card or key in a credit card number. A swiped transaction is considered lower risk than a keyed-in one and thus typically costs less. The best way to determine which service will provide the lowest cost for you is to calculate your average sales to see how many transactions you process monthly.
Hardware & Compatibility
Services that process mobile payments should work with a wide variety of popular mobile devices, not just the iPhone. Any service you are considering should also provide a mobile card reader. While you can use an app on your phone to process credit cards, using an actual reader will allow you to take advantage of lower per-transaction fees.
The functionality of a mobile card reader doesn’t end at processing credit cards; these services also provide a number of additional transaction features. These features should help boost the convenience, intuitiveness and security of processing mobile transactions. With the right service and compatible mobile device, you can capture customer signatures, accept tips, calculate sales tax or email receipts directly from your phone to customers.
To ensure your customers’ payment information is secure, all services in our lineup use SSL encryption when processing credit cards and password protect the service’s app on your phone. Furthermore, credit card information is not stored on your phone.
Processing credit cards directly from your iPhone or other mobile device is convenient, simple and secure. Whether you are searching for your first iPhone card reader or in need of a mobile payment processor compatible with your existing merchant account, our side-by-side comparison and reviews of the best mobile payment processing services will allow you to choose the right one for your business.
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