Tuesday, April 24, 2012

More Ways to Accept Credit Card Payments

Now that I've bragged to you about how much I love using Square to process credit card payments on my iPhone, it's time to tell you about some of the other options out there.  It's only recently that I've noticed competition popping up. They include new and revamped systems.

Vistaprint, a company known for affordable business cards and free samples of other custom imprinted items, sent me a postcard advertising Pay Anywhere. Their service originally charged 19 cents per transaction in addition to the percentage-based processing fee when they started up a year ago. Pay Anywhere recently dropped the transaction fee and now charges only the 3.69% processing fee.

Intuit (maker of QuickBooks) has GoPayment. They offer an interesting option that may save money for those who are processing larger amounts of credit card payments. You can pay a monthly fee of $12.95 and the percentage charged for the credit card transactions will drop to 1.7% for swiped cards. One advantage with this system is that it works with QuickBooks. You can also have multiple users on your account so you can have sales going on in various locations, but still be able to track who made the sale.

You may have also noticed that PayPal is finally jumping in. When I first started looking for credit card options I could use for live sales, PayPal was the first place I looked. I figured it would be better if all my credit card payments were coming through one payment system. Unfortunately, PayPal didn't have anything available at the time. Now I face a dilemma over whether to stick with Square or switch over to PayPal's system for the iPhone. PayPal Here isn't available just yet, but you can get on the list to be notified when it's ready.

Which system should you use? Each one offers the iPhone or Android app and the credit card reader for free. They claim to have no extra or hidden fees and each has a slightly different rate for processing the credit cards. Access to your money is same day (PayPal), next day (Pay Anywhere, Square), or in 2-3 days (GoPayment). There are other features that will speak to one seller more than another, so make sure you read up on all the details. Personally, I'm fascinated by how different each card swiper looks. I have to admit that I'm intrigued by the blue triangle for PayPal...it's so pretty. After my experience with Square, I think GoPayment and Pay Anywhere may have the advantage in stability since they look like they'll stay put on the phone as you swipe the card.

What system looks good to you?

2 mad comments:

Suzanne said...

I have used the square at two craft fairs so far. There were only a few who used it, but it worked perfectly.

Prairie Primitives said...

I've used Square for about a year now. The only "problem" I've had with it is that sometimes I have to swipe a card twice to get the Square gadget to read the card. The swiping mition has to be done FAST to make it work, at least that's been my experience.

I signed up for PayPal's CC program too (months ago!), but have not yet received their gadget.

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