Whether you are in the service industry or sell physical products, there’s one thing you must have in your business toolbox. I am talking about having the ability to make money anywhere and everywhere. These days most of us own some sort of mobile device. So why not turn your smartphone into a cash register.
You’re already on your phone making calls, sending texts, taking pictures & videos, as well as updating your social media. With the high cost of these iPhones, you need to be conducting some business with it as well to get your money’s worth. There’s several ways you can make money from your phone but in this post, I’m focusing on the ability to take mobile payments.
Never miss a sale. Turn your smartphone into a cash register.
Wouldn’t it be great to sell one of your products while running errands? Or take payments right on the spot for a quick consultation? You can easily make this happen by only dealing with cash but you will be losing out on so much by not accepting the occasional credit or debit card user. To tap into all forms of payments, you should get your hands on a card reader.
Basically it’s a device that you can plug into your phone or tablet. You download the app, so when someone wants to pay with a card, all they have to do is swipe and sign just like they would do in a brick-and-mortar store.
PayPal Card Reader
The very first card reader I learned about was from PayPal, which now has multiple readers so you can swipe, tab or dip the card. The regular card reader read cards with traditional magnetic stripe is just $19.99. The cost of the other readers starts at $24.99.
LIMITED TIME OFFER: For new accounts only, get your choice of a free card reader (Mobile Card Reader or Chip and Swipe Card Reader), when you sign up for PayPal Here. Available through December 31, 2019.
The fees are as follows:
- When you swipe a US credit/debit card (online & offline) – 2.7%
- Enter card info manually – 3.5% + $0.15
- When you invoice – 2.9% + $0.30
- International transfers 1.5%
Square Card Reader
Not to be confused with Squarespace, Square is another tool that you can use to collect payments in your business. Your first (magnetic stripe) card reader is free and just $10 for each additional one. Square also have card readers for chip and contactless payments which starts at $49.
There’s no monthly fees associated with the readers but you will have to pay for each payment you received just like PayPal. Square has broken down the cost for taking in-person payments on their website for each option they offer. By the way they offer: Appointments, Retail, Restaurants, and Point of Sale.
Etsy shop owners used to have their own card reader for their shops. However, Etsy partnered with Square and retired the card reader in March of 2018.
If you are a Shopify shop owner, you should look into getting their card reader. Like the first two options, there are readers available for swiping, chip, and tabbing. The prices start at $29. If you aren’t familiar, Shopify is an ecommerce tool that allows you to have your own shop.
Stripe is another payment processor that you may have heard of. It’s a little more advanced then PayPal or Square. However, it does cover the basics – billing (invoicing and subscription payments), collecting payment both online and on the go with Terminal. One thing to take notice of is that there’s is a bit of a learning curve for setting up and using Stripe.
Are you ready to turn your smartphone into a cash register?
Turning your smartphone into a cash register, will be one of the best things you do for your business. Using a card reader (and apps) allows you to take payments anywhere. There will be a learning curve as with anything involving technology. As well as some requirements such as having a checking account so you can get access to your money.
Also the card readers that are made to read the chips help you better against fraud transactions. So make sure you factor in all of that along with the fees when you make your decision on which reader and/or system is best for your business.
What are your thoughts?
Have you ever heard of any of these services? Would you like to use one of them in your business, why or why not? Let me know in the comments below. I would love to keep the conversation going.