Choosing the right payment solution for your small business is critical. Businesses need a flexible payment solution to make it easier for customers to complete transactions. Today, the best payment solutions go well beyond just taking credit cards. With ever-increasing advancements in technology, businesses can now choose various methods, tools, and platforms for accepting payments.
But which payment solution is best for your small business? In this article, we’ll discuss the essential considerations when selecting a mobile payment system. We’ll also explore the seven most popular mobile payment solutions and highlight their accepted payment options, location coverage, and fees.
What are mobile payments?
Mobile payments are transactions that occur digitally through a mobile device (smartphone or tablet). Mobile payment solutions provide businesses an opportunity to securely accept payments from customers with increased location flexibility. Mobile payment methods include the following types:
- Payments made with a credit/debit card through a swipe reader attachment for a mobile device
- Payments made with a credit/debit card that have a chip through a mobile chip reader attachment
- Card payments made on a mobile device without a physical card present
- Mobile apps that allow users to transfer money
- Digital wallet apps that communicate with near-field communication technology
- And more
How to choose the best payment solution
The best payment system for your small business will depend on a variety of factors. Below is a list of questions to keep in mind when evaluating which mobile payment solutions make sense for your specific business.
- How much will I pay for this payment option? What are the fees, membership dues, hardware costs, and transaction rates?
- Which payment methods are accepted with this platform?
- Is this payment processor secure? Does the provider offer a safe solution for customer data, transaction data, and fraud protection?
- What hardware, software, and technology are required for this payment system?
- Where do customers interact with my business? Does this payment method cover all of the areas where my customers are trying to complete a transaction?
- If I have an issue or question, what do I do? Is there a customer service person or online knowledgebase that I can access?
What are the best mobile payment solutions
With these questions in mind, let’s highlight seven of the most popular mobile payment solutions:
- PayPal Here
- Chase Paymentech
- Shopify POS
- GoPayment POS (Intuit Quickbooks)
Note: This article is designed to provide an overview of mobile payment solutions for small businesses. Before selecting a payment solution for your business, you’ll need to review your payment solution thoroughly. That may require additional research, reviewing updated coverage areas & pricing, and reading all of the fine print before choosing the best solution for your small business.
Stripe is a complete small business payment solution with multiple transaction methods and additional features that allow business owners to expand their mobile payment capabilities.
Square is a leader in mobile payment solutions for small businesses with a user-friendly system that makes it easy for companies and customers. Square offers an app, physical card scanners, and a Point of Sale system for small businesses.
3) PayPal Here
Paypal is a leading payment solution with a variety of methods for small businesses to accept money. PayPal Here is a mobile payment app that expands PayPal’s online payment methods for companies with physical locations.
4) Chase Paymentech
Chase Paymentech is a merchant service and payment processing business from JPMorgan Chase that enables small business owners to take real-time payments on mobile devices.
5) Shopify POS
Shopify is one of the most popular eCommerce and online sales platforms. Shopify POS is designed for small businesses to accept mobile payments in physical locations using a mobile device or tablet.
PaySimple’s business model combines a mobile payment solution with a transitional merchant services provider. PaySimple offers mobile payment options and appointment scheduling features from phones and tablets to empower small businesses.
7) GoPayment POS (Intuit Quickbooks)
GoPayment POS is a point of sale and mobile card reader app that allows businesses to receive payments on iOS or Android devices. The sales through the GoPayment POS integrate with QuickBooks Online so that business owners can easily manage funds and expenses.
There are many payment solutions on the market. The best option for your small business should be affordable and allow your customers to make purchases easily. To find the right choice for your business, you’ll need to reflect on the fees/pricing, security, location coverage, hardware/software requirements, customer support, and more.
If you’re looking for a place to start, check out one of the most popular options highlighted in the article above. Hiring a payment processing specialist on Upwork can help avoid the hassle of researching payment solutions and facilitate the payment process. Upwork also offers a complete payment solution for hourly and fixed-price work contracts. Learn more about Direct Contracts here.
Upwork is not affiliated with and does not sponsor or endorse any of the tools or services discussed in this section. These tools and services are provided only as potential options, and each reader and company should take the time needed to adequately analyze and determine the tools or services that would best fit their specific needs and situation.
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