Mobile Credit Card Payment Processors Reviewed
TopTenREVIEWS has just released a comparison of the most popular mobile credit card processors and makes recommendations for the best services in the category. They explain pricing structures and examine card readers, show which phones the various vendors support, and describe the features and security.
“When it comes to mobile payment solutions, the competitors are nearly identical in terms of hardware and features," said Lecia Monsen, Managing Editor of TopTenREVIEWS. "But when we look at pricing structures, that’s where we find a dramatic spread with clear leaders and losers.”
The Top Three
1. Flagship Merchant Services: The Gold Award winning phone credit card processor has teamed with ROAMpay to offer a free credit card reader that accepts payments at the lowest cost to merchants on the go.
2. Leaders Merchant Services: Winner of the Silver Award, Leaders charges low transaction rates and supports merchants 24 hours per day, seven days a week.
3. Intuit GoPayment: Intuit GoPayment wins the Bronze Award because its transaction rates are low and because it synchronizes sales records with QuickBooks.
How to Determine a Worthwhile Mobile Payment Solution
The best phone card processors have simple payment algorithms that cost the least per transaction and don’t lock clients into contracts. They work with all popular mobile phones and support features that make a difference to merchants.
Some mobile payment solutions hassle customers with application fees, setup fees, monthly minimums and contracts. Vendors would do better to focus on providing the lowest possible processing fees without inventing extra charges. Some processors charge per transaction plus another fee depending on whether a customer swipes the card through a reader or keys it in. Some don’t charge any transaction fee at all but make it up on the swiped and keyed-in fees. Some apply a per-transaction fee for keyed-in sales only and then they charge a bit more for the swiped and keyed-in fees.
Hardware & Compatibility
Some services include the credit card reader hardware. But some charge for it. The best providers support iPhones, iPads and Androids. There are vendors who continue to support BlackBerry devices, but that is becoming a rarity.
The payment credit card industry adheres to a single data security standard (PCI DSS). Transactions are encrypted. Credit card information is not stored on the phone. Most vendors enable email or text receipts to customers. Other sought-after features include the ability to capture signatures and calculate sales tax and tips.
Mobile credit card processing is a technology that lets merchants pursue sales opportunities in ways and locations that were not previously possible. There are also advantages to being able to accept credit card payments on mobile phones even if the merchant is seasonal.
This article was provided to TechNewsDaily by our sister site, TopTenREVIEWS.