There was a time when many small businesses were forced to be cash-only. Credit card readers, and the associated fees, were simply too expensive. These days, though, that has changed thanks to iPhones, iPads, and mobile payment technology companies like Square. The one big problem now for many small businesses, though, is which of the competing programs to choose. Here’s a quick overview of the biggest players in the market.
Square: Processing $4 billion in payments annually, this company charges just 2.75% on every transaction, and their app offers more than just card reading. It can give many businesses a full suite of analytics to examine, and next day funds deposits are no problem.
Intuit GoPayment: Unlike Square, there are two tiers with this company. You can either go with a free service that charges a 2.7% fee on transactions or a service that runs $13 per month. That changes the transaction fee to 1.7%. This service integrates with QuickBooks, which can be a real plus for merchants already on that system.
VeriFone Payware: This company also offers two service options, but they also offer enhanced security for payments that have been disputed, which may be a real plus to many merchants.
Other players like PayPal and Google are entering the market fast, so choosing the right mobile payment processor may only get increasingly difficult in the months to come.