Because every day, people are looking for more convenience in their payment methods, credit card payments through their phones have been implemented.
This is a new method, so most may not know how to use it and are missing out on its many benefits. They work through mobile credit card readers. Below, you can learn more about it.
How to accept credit cards on your phone?
The requirements may vary according to the provider you choose. However, most of them mainly ask for the following requirements:
Being a business owner
If you want to accept this payment method, you must prove to the provider that you are a business owner. Otherwise, your application will not be approved. If your business is small, don’t worry.
You only need to prove that you have a business, no matter how big, as this payment method was implemented mainly by small businesses.
Select the compatible mobile device of your choice
Choose the mobile device through which you will carry out the transactions, either iOS or Android.
You don’t have to worry if your customers have a different device than one of your choice because as long as you have the reader plugin, you will be able to receive their payments regardless of the device they have.
In case you want to receive payments without an adapter, you will also have the option for users to enter credit card data manually. However, this could be unpleasant because it would invade their privacy.
Choose your credit card payments provider
Make sure you choose the provider that best suits your needs. Study the rates, upfront costs, and how well it fits your business according to different options, then select the best option.
Verify the security of your device
Remember that all transactions will be done through your mobile device, so before carrying out the first transaction, ensure it is secure, and the software is up-to-date. Create a password on your device to secure your data in case of theft or loss.
Configure your credit card reader
Most providers have their readers running through apps, so you will most likely need to download them. Depending on your chosen provider, you will need to set it up.
How much does it cost to accept credit payments on the phone?
This will depend on the provider you choose. The most popular ones are Square, Payment Depot, and Clover, and each has its costs per transaction and application.
The application it works with is POS. It also allows you to use the virtual terminal through a computer. They offer multiple benefits, such as having no monthly fees and no statement or refund fees.
Virtual terminal transaction fees are 3.5% plus 15 cents per transaction, while card-not-present fees are 2.6% plus 10 cents per transaction.
Payment Depot also offers a virtual terminal. In this option, the costs are not per transaction but per monthly subscription, which costs $59 plus network interchange fees per transaction.
There are no account or statement fees or cancellation fees among the benefits.
Clover costs $9.95 per month. However, an additional 3.5% plus 10 cents per transaction must also be paid if the payment was made through a swipe card. They also offer a virtual terminal, and their website is easy to access, as it can be opened on any device.