The most cheap choice for new small businesses is mobile credit card processing. On the market, there are many solutions for mobile processing. Pricing, mobile card reader capabilities, and mobile app features vary widely between each of them.
Depending on your company’s demands, there are different credit card processing apps. Some of the most important factors to take into account when selecting a mobile credit card processing, include free or inexpensive card readers, competitive pricing, and device compatibility.
As a result, it’s crucial to pick a supplier who makes it simple for you to accept payments and offers you payment solutions that satisfy the requirements of contemporary customers.
Best Credit Card Processing in 2023
- SumUp
- Square
- QuickBooks
- PayPal
- Shopify
- Payanywhere
- Clover Go
- Stax
SumUp
Since its 2012 start, SumUp has grown into a multi-national mobile credit card processing company that partners with thousands of small companies across 31 nations. Bosch, DHL, and Staples are just a few of its noteworthy clients. There is no long-term contract and pricing is transparent and flat.
SumUp is a third-party aggregator, like the majority of the other solutions on this list, so you can sign up and begin accepting payments relatively quickly. Transaction fees generate income for the service, which is provided free of charge via the app.
Hardware for SumUp starts at $35/£29 and goes up to $99/£99. A model with a printer is available for £149 in the UK only.
Processing of payments is enabled in the initial configuration of the app. The processing rate for transactions is 2.75%, which is reasonable for companies handling modest amounts of business.
Due to SumUp’s pay-as-you-go business model, cancellations are always free. Just be aware that after two years, SumUp will automatically close inactive accounts, so make sure to clear off all of your funds before that happens.
Square
Square offers a free plan, free POS app, free magstripe reader, and none of these things require a contract. If you want more advanced features, you can upgrade to the Plus or Premium plans, which start at $29 per month, or you can choose to pay $49 for a chip card and contactless payments reader.
The most expensive transaction fees on our list come from Square. It does, however, provide the most features. It offers banking services, for instance, which only PayPal does to a lesser extent. Only Clover provides specialized POS software for restaurants and appointment-based businesses. Square also has an online store; Shopify, on the other hand, charges for it even though it has more features.
You pay a flat rate for each transaction when you accept credit cards on your phone or tablet using one of Square’s card readers. Square offers next-day funding and deposits funds into your account within one or two business days. If you require funding sooner than that, same-day and instant deposit funding are offered for an additional fee.
QuickBooks
Through the mobile app, you can accept and track any payment method, including PayPal, cash, and checks, thanks to QuickBooks Chip and Magstripe Card Reader service. Additionally, it integrates with your QuickBooks account to give reliable solutions for desktop and mobile customers who wish to collect payments online and in person through their website.
The GoPayment reader and app’s interface with QuickBooks by Intuit is its greatest benefit. Integrating your mPOS system with QuickBooks is a huge benefit since many businesses use the accounting software to manage payroll, inventory, sales, and other tasks.
According to Intuit, a typical client processes at least $2,000 per month and has two pricing options. The pay-as-you-go option, which has transaction charges of 2.4 percent for swipes and 3.4 percent for keyed-in transactions plus a 25-cent transaction fee, is appropriate for lower volume merchants.
For $20 per month, the monthly plan, which offers lower per-transaction costs, may be more practical for higher-volume firms.
Additionally, desktop Point-of-Sale (POS) software is available from Intuit and costs $1,800. The software can be used with a PC or other suitable hardware, both of which can be purchased on Intuit’s website. The cost of POS plans is $20 per month under a different pricing structure.
PayPal
PayPal has been around since 1998 and is a reputable brand. The payment options are available in many online marketplaces, and you may now provide them in your own. Because it provides the best merchant services for small businesses with low transaction volumes, PayPal stands out.
It has received numerous PCI compliance certifications, including those from the Visa Cardholder Information Security Program and the Mastercard Site Data Protection Program.
It is a fantastic option to immediately take payments as there are no startup or monthly fees. With the exception of the $20 chargeback fee, PayPal includes other costs, although for firms with low transaction volumes, you won’t typically see many of them.
From 6:00 a.m. to 6:00 p.m. PST on all seven days of the week, It provides phone help. Additionally, you can receive assistance in community groups, by text, or at the resolution center.
Shopify
The enormous e-commerce site Shopify also accepts card payments in person. This is perfect for small internet retailers who also staff booths at markets, trade exhibits, and other events.
The least expensive option is Shopify Lite. It enables you to sell on any website (WordPress, Tumblr, Facebook, etc.), and it includes the Shopify POS software, which lets you use your smartphone to receive payments in person.
The pricing of Shopify’s entry-level POS solution, which includes two users’ access, retail reports, shipping labels, a free swipe card reader, and other services, is $29 per month. Vendors pay 2.7% for basic plan transactions made in person, but online charges start at 2.9% plus $0.30. For small businesses that only sometimes conduct in-person sales, such as at events, this approach works well.
With Shopify Lite, the fee for in-person credit and debit transactions is a flat 2.7%. With Shopify Lite, you can use another payment processor besides Stripe, however doing so will result in an additional 2% fee.
Shopify operates under month-to-month contracts. For a discount, you can pay for the entire year up advance, but if you change your mind and want to cancel early, there will be no way to get a refund or a prorated charge.
Payanywhere
The PayAnywhere app provides practical resources to help you keep organized. You can manage your personnel, track consumer purchases, manage your inventory, and produce reports.
The three-in-one reader from Payanywhere costs $59.95, but the POS app is offered for free. The card readers are free, while other devices have monthly software fees that range from $9.95 to $39.95.
If you don’t have an internet connection, you can still accept offline payments. Funding is available the following day.
That is slightly more expensive than the 2.4% transaction cost charged by QuickBooks Chip and Magstripe Card Reader, but GoPayment also adds $0.25 to each transaction. These transaction costs could mount up if your company accepts a lot of tiny mobile purchases.
For instance, you would pay $134.50 in Payanywhere transaction fees if you made a thousand $5.00 purchases in a single month. You would be charged $420.00 in fees by GoPayment. What a difference that makes!
Clover Go
One of the most well-known names in payment processing is Clover, which offers hardware that is distinctive, lovely, and reasonably priced. Therefore, you would anticipate Clover Go, the company’s mPOS offering, to be a really simple, user-friendly experience, correct?
What happens when two powerful brands are combined? The best possible mobile processing synergy is obtained. That is the main goal of purchasing a Clover Go reader from National Processing. You receive a superior reader as well as some of the slowest processing speeds available. That offer is challenging to top.
Clover has a fantastic array of potent POS equipment, including their Flex machine, if you ever want to go beyond mobile processing. The Clover Flex is a complete point-of-sale system with mobile features that can be purchased from National Processing. This upgrade is effective and enables you to combine the mobility of a mobile device with the strength of a POS system.
Stax
In 2014, Stax by Fattmerchant—an acronym for Fast, Affordable, Transaction, Technology—was introduced. The firm lives up to that moniker by providing inexpensive services, a ton of extras, and everything your company needs to expand. Stax is our choice as the finest for high volumes due to its volume-friendly programs.
Stax offers tokenization and end-to-end encryption as a Level 1 PCI Service Provider. They’ll also provide you with a variety of tools and support choices to keep you PCI-compliant. You may accept all major credit cards at your business using Fattmerchant.
We can access its virtual mPOS software, receive an EMV-ready mobile card reader, and integrate with most popular POS merchant terminals with the regular $99 subscription. You just pay the interchange fees that the banks of cardholders levy for each transaction.
Stax offers free tools, analytics, and technical assistance around-the-clock. Long-term clients are qualified for funding of bank accounts the following day. However, it’s generally not the best choice for smaller companies with fewer transactions. Additionally, Stax doesn’t presently provide a contactless payment solution and the mobile card reader is only compatible with iOS mobile devices at this time.
Conclusion
Making your goods and services available in a world that is becoming more cashless might be difficult for small business owners. Small businesses must be able to conduct transactions on their customers’ terms because fewer individuals carry cash. That is made possible via a mobile point of sale (mPOS) system.
Mobile point-of-sale devices work without complex merchant services and can be used anywhere. Similar to a conventional POS terminal, a POS system operates on your mobile device utilizing software to conduct transactions. In order to accept credit and debit card payments for transactions, a mPOS system is designed to allow a simple swipe or tap. A mobile card reader acts as the electronic link connecting businesses with this system.
