Mobile credit card processing is a convenient way to accept payments on the go. Whether you’re a small business owner, freelance worker, or nonprofit organization, mobile credit card processing can help you take your business to the next level.
There are many different mobile credit card processors available, so it’s important to compare your options before choosing one. To help you get started, we’ve put together a comprehensive guide that covers everything you need to know about mobile credit card processing.
What is mobile credit card processing?
Mobile credit card processing is a way to accept payments using a mobile device, such as a smartphone or tablet. Mobile credit card processors use apps or special hardware attachments to allow you to swipe, dip, or tap credit cards on your mobile device.
Mobile credit card processing is similar to traditional credit card processing, but it’s more convenient because you can process payments anywhere. This is especially helpful for businesses that don’t have a physical storefront, such as service-based businesses, home-based businesses, and pop-up shops.
How does mobile credit card processing work?
Mobile credit card processing works by using a special app or hardware attachment that connects to your mobile device. Once you’ve set up your account with a mobile credit card processor, you can start accepting payments.
When you’re ready to process a payment, you’ll simply open the app or attach the hardware to your device. Then, you’ll follow the instructions on the screen to swipe, dip, or tap the credit card. The funds will be deposited into your account within one to two business days.
What are the benefits of mobile credit card processing?
There are many benefits of mobile credit card processing, including:
- Increased Sales: Mobile credit card processing makes it easier for customers to pay, which can lead to more sales.
- Convenience: Mobile credit card processing is convenient because you can process payments anywhere.
- Flexibility: Mobile credit card processing offers flexibility because you can use it for small transactions, such as coffee or lunch, or large transactions, such as wedding photography services.
- Increased Security: Mobile credit card processors use the latest security features to protect your business and your customers.
What are the drawbacks of mobile credit card processing?
There are a few potential drawbacks of mobile credit card processing, including:
- Higher Fees: Mobile credit card processors typically charge higher fees than traditional credit card processors.
- Limited Features: Mobile credit card processors often have limited features, such as the ability to accept only certain types of cards or process only a certain dollar amount per transaction.
- Less Security: Mobile devices are less secure than physical terminals, so there’s a greater risk of fraud.
How much does mobile credit card processing cost?
Mobile credit card processors typically charge higher fees than traditional credit card processors. The exact fees will vary depending on the processor, but you can expect to pay around 2.75% + $0.30 per transaction. There may also be additional fees for features like customer support, chargebacks, and account set-up.