A growing number of consumers go without cash, bringing only their credit and debit cards with them. So if you own a small business or a pop-up shop, you might lose those customers if you don’t have the necessary amenities such as mobile card readers.
As people became more into technology, you as a business owner need to go with the flow and to purchase an equipment that would let them pay for the goods they want to buy from your store. Just a little bit of investment in this area won’t hurt anyone, does it?
Now, which mobile credit card reader is the best for your business? And if you’re an Android user, which one is compatible with your device? We’ve rounded off your options and came up with 5 best mobile credit card readers for Android.
The financial service company Square announced the Square Credit Card Reader back in 2011. Since then, the mobile credit card reader has gained momentum in the industry because it costs cheap, has an easy-to-install card reader you could obtain for free, and quick funding.
Once you opt to use Square, you’ll receive a free credit card reader as well as access the Square mPOS app without limit. The mPOS service offers inventory management, access for multiple users, personalized email receipts, and a basic tipping interface.
While Square’s charges are not the cheapest out there, they’re the simplest as you’ll only have to pay 2.75 percent for the swiped transactions without requiring you to pay for the monthly subscription. Conversely, manual entry is costlier as the cost per transaction is 3.5% + $0.15.
The Square Reader receives almost all credit cards, which includes Visa and MasterCard. It is compatible with Android smartphones as well as iOS-running devices. Even if you aren’t in the Wi-Fi zone, you can still make use of the service offline and pay the usual rate per swipe.
Offering a no-frills user experience, the Square Credit Card Reader is one of the best mobile credit card reader for those who have a small business. No wonder, it is the most popular and the best-selling reader in Amazon.
If you’re looking to pay a cheaper transaction fee, you may want to consider PayAnywhere. Among those regarded as the best mobile credit card readers, PayAnywhere offers the lowest total fee per swipe at only 2.69%.
You’ll be getting a free card reader plus there’s no monthly fee to pay. However, if you opt to subscribe for PayAnywhere’s monthly service, the fee will go down to only 1.69 percent for every swiped transaction. You just have to shell out $12.95 each month and you can rent several amenities including a digital tablet terminal.
PayAnywhere’s mPOS app service can be customized to make personalized receipts, manage the inventory, report customer purchase and online resources, plus a specialized customer support is also available for free.
The only drawback is that the PayAnywhere app doesn’t hold the best record when it comes to service. Customers who have reviewed the app seemed to not enjoy the service and left low ratings in the feedback section.
Intuit QuickBooks GoPayment
A product from the well-known financial software firm Intuit, the GoPayment is best suitable for businesses which use QuickBooks to manage payrolls, inventory, and sales. It would be easier for you to integrate the QuickBooks mPOS to the software itself.
Intuit offers a choice between two payment plans for its customers: The first option is to pay a transaction fee of 2.4% + $0.25 for every swipe without a monthly subscription fee. However, it would cost you more if your business only caters transactions involving small values at most.
The second option is to subscribe to QuickBooks GoPayment and pay $20 every month. It lowers down the fee to only 1.6% + $0.25 for each swiped transaction. We think that this is the much better option over the first one as it will give you more savings.
The downside of this kind of credit card reader is that it has a longer funding time of 2 to 4 business days. Its total transaction fees are also higher compared to its competitors and the credit card reader doesn’t support contactless payments like Apple Pay.
PayPal Here is suitable for large businesses that take a lot of payment types and need fast funding. Basically, PayPal Here doesn’t have next-day funding but if you sign up for the PayPal Business Debit MasterCard, you can get the payments as quickly as one business day.
The PayPal Here payment solution isn’t just designed for businesses as a lot of users all over the world make use of the service to purchase goods online, transfer money in different countries, and receive money from employers.
The regular PayPal Here credit card reader sells for $14.99 while you can also buy readers meant for contactless payments: There’s an EMV reader, an NFC reader, and a 3-in-1 reader which costs $25, $60, and $79 respectively. These come with Bluetooth support so you can send, as well as receive payments, via your phone.
Going to the transaction fees, the PayPal Here costs $2.7% per swipe and doesn’t have a separate fee you have to pay monthly. There’s also no setup fees, cancellation fees, and fees you have to pay while processing.
Pop-up shops have been gaining popularity in the world today as many business owners tried to dive into the niche. Shopify is a mobile payment solution which targets those retailers that are more concerned with in-person sales.
If you opt to subscribe to Shopify’s mPOS basic service, you’ll have to shell out $29 per month. In return, you and another user will be given access, a card reader, shipping label, and retail reports. Manual entry costs 2.7% while online rates are 2.9% + $0.30 for every transaction.
If you want to have lower transactions fees, you may want to subscribe to advanced plans. Choosing the $79-month plan lowers down the rate to 2.5%. If you’re planning to expand your range and set up a permanent store, what Shopify offers is suitable for you.
What is the cheapest way to accept credit cards?
Among all the mobile credit card readers we discussed in this article, the PayAnywhere payment solution offers the cheapest total transaction fee at 2.69%. Intuit’s QuickBooks GoPayment may have the cheapest fee per swipe at 2.4% but it comes with an additional $0.25.
How much does it cost to use a Square Credit Card Reader?
The Square Credit Card Reader, which is the best-selling mobile payment solution, isn’t the cheapest as you have to pay 2.75% per credit card transactions and 3.5% + $0.15 per manually entered transactions. However, it doesn’t have other hidden fees.
Can you read RFID with NFC?
An NFC-enabled device is created to read NFC tags. Apparently, it can still read a type of RFID called as high-frequency RFID or HD-RFID. As of now, there’s no reader designated to read ultrahigh-frequency RFID or UHF-RFID.
If I were to add my two cents on this matter, I would choose the user-friendly Square Credit Card Reader. Aside from ease of use, the card reader also boasts low fees and quick funding. As a business owner, you want everything around you working at a fast pace, including the reader.
Apparently, the other 4 card readers are also suitable for varying business types. For those who want to save on cost, you can choose the PayAnywhere payment solution. It’s really up to you which of these options you think is the best for you.
Which one of these card readers best works for you? Still have questions about these card readers or mobile payments in general? Leave a comment below and share your thoughts with us.