Wednesday, May 29, 2013

3 Mobile Options for Managing Your Business Cash Flow

Checks, cash, debit or credit cards are how you the small businessperson usually gets paid. Now, there is new technology that can help you manage your cash flow by determining how and when you will get paid. Most of us think of mobile payment options for businesses like plumbers, caterers, farmers’ market booths and festivals but more and more conventional businesses are using mobile devices. Please read the fine print before signing up for any service and make a list of what's important for your business and which service will fit your business best. There are costs associated with each type of the following services.

Here are three that Rhonda Abrams , president of The Planning Shop recommends:

1. Square
2. GoPayment
3. PayPal Here  

It is easy to sign up for each of these services and the companies give you the devices that will fit an iPad, iPod, or a Droid.  When you go to their sites they will have you download an app first and then you will be able to start swiping cards and receiving money into your account.  Following are some of the fees and services available with each type of device mentioned.

The square,, charges 2.75% of swiped and 3.5% plus 15 cents per transaction for un- swiped cards or they have a monthly plan where you pay $275 flat fee.  The square also offers a loyalty program and app for your consumers. 

Intuit’s GoPayment,, allows integration with QuickBooks and offers other products for the business owner that has a need for paying employees, inventory management, and payables easier. There are other business reports available to the business owner. The fees for GoPayment are 2.75% swiped and 3.75% un-swiped and they also have a monthly plan for $12.95 plus 1.75% swiped, and 2.75% un-swiped cards.

PayPal Here,, also has the same type o devices as the others but offers different ways to manage your sales and payments.  Business owners can have access to their money immediately where as other portal payment options can have a delay in when you receive money and how much you can receive.  The PayPal Here merchant card allows the business owner to withdraw from an ATM and you receive 1% back on purchases you make the debit card.  Fees involved are 2.7% swiped, 3.5% plus 15 cents per transactions un-swiped.  PayPal also offers a wallet app for your consumers and has 24/7 support.

With any of these services and others be sure to inquire about customer disputes with charges.  Does the service you choose give you the business owner the ability to inquire into a customer dispute or does the service take the customer word refund the money from your account and then let you the business know?  Again, read the fine print, check with other businesses that might be using one of these services and what will work for your business.

Would anyone like to share their experiences with any of these services are others?

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