Earlier this year we started a payment gateway series to help you understand exactly how you can make money, accept money and much more. Really great series if you are just starting out in business. One of the things I would like to touch on today is the mobile payment gateway options you have to grow your business.
In the last couple of years, pop-up shops and trunk shows are becoming the thing to do. Carrying a cash box is all great and dandy, but most people want to swipe verses looking in their purse for a $20 bill. You want to be able to make sure the transaction happens as smoothly as possible for your customers.
Here are three companies that give you this option:
Intuit Go Payment
Is a huge money player in the small business game from owning Quickbooks, to Mint and many more. They have built trust for years before entering the market of mobile payment gateway processors. They have some great benefits to using them:
- Accepts ALL cards
- Records cash and check payments
- Syncs with Quickbooks
- Customization of receipt regarding taxes and more
- Two plan options (see image below)
You need the GoPayment system that only works with iPhone, iPads and Android devices. You need to sign up for a traditional merchant account with Intuit payment solutions in order to use GoPayments. In addition, there are other fees not listed such as — they do tiered pricing and charge fees for items that are not qualified. Furthermore, there is a cancellation fee if you no longer want to use their service.
PayPal is the big dog in the payment gateway ecosystem. As mentioned in previous articles about them, everyone loves PayPal because that is what they know. Trust, that is all I knew for a long time too. They are very innovate when it comes to making money for their company.
- Receive “your money” immediately IF you have a PayPal Debit Card
- No long term commitments
- Accepts: cash, credit card, check, mobile payments and invoice
- Send invoices and more
- Live customer support
With PayPal, you can immediately see the funds in your account which is always an added plus. However if you want immediate access to them you need their debit business card or you can transfer the money to your bank account.
SquareUp by Square
Where to begin with SquareUp? It was co-created by Jack, also the co-creator of Twitter. I believe – don’t quote me, they were the originators of the pocket size payment gateway option for small business. They have faced a plethora of heat over the years from the flat rate fee (since discontinued), price of POS system, seven day hold policy, on to their lack of customer support (actual phone service). However I am still an avid supporter of them because their focus is the small business.
- Point of sell system
- Online market place
- Low fees
- Accepts all payments: cash, gift cards and credit cards
- Extra card readers for staff
- Simple deposit schedule to receive funds.
Square has become the market hero for small business owners in my personal opinion. They acquired a booking software late last year and I honestly believe they are coming for world domination. Jack is a brilliant man and he surely defines what innovation means.
All three companies have their pro’s and con’s which you should weigh for your business — not just how we have outlined them here. Before signing up with companies, always make sure you read the terms of service pages. This is extremely important.
Have you tried using any of these payment gateways for your small business? What were your thoughts?Remember – your questions, suggestions and passions are what helps shape our content: will you please leave a comment or idea about today’s blog and let us know what you think?