Is a Smartphone credit card reader right for your small business?
With smartphone credit card readers, credit card payments can be accepted anywhere where there’s cell phone service.
What do you need to get started?
You’ll need the right equipment to take advantage of this technology for your small business in Berea
In addition to your smartphone, you’ll need a credit card reader peripheral (most attach to your phone via the headphone port); an app to handle things like taxes, tips and receipts, and a service provider to get the payments from your phone to your bank.
Mobile payment services, apps and smartphone credit card readers are available for most major phone models. In most cases, the card reader and app are free, with the service making its money off the fees.
Will this work for your business?
Before making the commitment, make sure you confirm whether a particular service and/or card reader will work with your smartphone.
Generally, businesses accepting credit card payments need a merchant account. This is a special type of bank account that works with a processor service to transfer funds from a customer’s card to the business’s bank.
Keep an Eye Out for Hidden Fees
Most popular mobile payment services charge a per-swipe fee. Fees for keyed-in transactions (i.e. where the card is not swiped through a reader) are higher.
Also, don’t forget your phone’s role in all this. Conducting this kind of commerce requires sending data over either a Wi-Fi connection or cellular service. Depending on your phone’s data plan, coverage fees could add up quickly.
You have a lot of choices when it comes to mobile payment technology. Be sure to do your homework and find the service that’s right for your business.
