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, www.squareup.com, 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, www.gopayment.com, 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, www.paypalhere.com, 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?
