Mobile Credit Card Processing
There are many ways today’s business owner can use technology to streamline their daily operations. Each day seems to bring a new innovation. A relatively recent technological development that can greatly increase efficiency and potential sales is mobile credit card processing. This service allows business owners to accept credit card payments from customers wherever they go, and eliminates the need to carry around bulky equipment, or be tied to electric outlets or Wi-Fi connections.
Choosing a Service Provider
A number of companies provide these services to business owners, including GoPay, USB Swiper, Blue Pay, Intuit GoCharge, and Chase PaymenTech. However, it is wise to conduct diligent research before choosing a company, so that the business and the service provider will be a good match. Some factors to consider before choosing a service provider include:
*Price: How much will the service cost, and how often must the fee be paid? (Monthly, per transaction)
*Scope of service: How many of the major credit cards does the company accept for processing? What about debit or ATM cards?
*Security: What will the company do to protect the sensitive financial information of a business and its clients?
*Availability of troubleshooting and customer service: If something should go wrong with a transaction, who should business owners contact, and how? What are the hours these services are available?
An Example: Chase PaymenTech
To give an example of what a business owner might expect from a service provider, let’s look at Chase PaymenTech. As part of a large financial company, they can offer more services than a smaller provider. The service costs up to$18.95 per month, plus a per transaction fee or .18-.24. The company accepts all major credit cards for processing (Visa, Mastercard, American Express, and Discover). Security features such as SSL encryption and password protection are in place to protect data, and customer service is available by phone 24 hours a day.
How Transactions Work: An Overview
When a business owner wishes to process a payment for a product or service, they can access the application for their particular service provider from their phone. This usually requires an internet connection, which most of today’s smartphones have as a built-in feature. Once the merchant has logged into their account, the process is usually pretty straightforward.
*Select Payment Type: Tell the system which card the customer is using.
*Enter Sale Amount: Enter the amount being charged in dollars and cents.
*Card Information: Enter the customer’s full credit card number here. The security code on the back of the card (also called a CV2 code), and the expiration date are normally required as well.
*Billing Information: The customer’s billing address, name, and other data go here. This helps the service provider verify the charge.
*Memo/Notes: Some service providers allow merchants to add notes about the transaction.
*Accept/Decline: The application should notify merchants whether a customer’s card has been accepted.
Conclusion
With a little research and a mobile phone, merchants can now take their payment processing anywhere. With mobile credit card processing applications, the potential for impulse sales to customers, both new and established, is greatly increased. These applications offer business owners a valuable mix of flexibility and practicality in accepting payments.