Smart Phone Credit Card Reader

[Ukyo8]

Hey everyone,

Just wanted to get some input from you and see what is the best smartphone credit card reading service and device.

Seems like most companies charge 2.75% per transaction and that seems high to me :dunno:

Using one of these will make it much easier collecting payments from my clients.

Thank you in advance!

[phreezee]

Only used on the consumer side of the fence, but every time I've used it I think it's ingenious.

https://squareup.com/ca

Quick search of competitors gives me this:
- Paypal Here ( https://www.paypal.com/webapps/m... , US)
- Intuit Go Payment (http://gopayment.com/, US)
- Payware Mobile by Verifone ( http://www.paywaremobile.com/en , US)
- Phone Swipe (http://www.phoneswipe.com/, US)
- RevCoin (http://www.revcoin.com/, US)
- GoPaGo (http://www.gopago.com/, US)
- ROAMpay (http://www.roamdata.com/, US)
- PayAnywhere (http://www.payanywhere.com, US)

[Tik-Tok]

I read an article not too long ago, that most retail shops are charged 2% per transaction... so I wouldn't call 2.75% outrageous considering the platform and mobility of it.

[killramos]

Doesn't Visa charge like ~1.8 as it is to process Visa Infinite Card payments as it is? More for Stripe and More for NFC so it sounds like a good deal to you (less than a %) in order to avoid making the up front payment of a real visa terminal.

2.75% is probably less than an Amex Plat charge lol.

[max_boost]

Charge your customer for the fee? Raise your prices to accommodate the fee?

I use it and it's handy.

[AndyL]

Getpayd - by moneris...

Loved the old unit - not sure on this pro version, having issues keeping it connected to my phone (Bluetooth). But debit is sweet...

(Pretty much standard % - so far debits been 0%?)

[mobius]

Originally posted by AndyL
Getpayd - by moneris...

Loved the old unit - not sure on this pro version, having issues keeping it connected to my phone (Bluetooth). But debit is sweet...

(Pretty much standard % - so far debits been 0%?)

I also have Payd (credit only version) and I love it.

[cornelius85]

I use payd for my business as well and love it. I used go payment by quicken and had issues with it when I switched services to add website integration. Cancelling that service took almost a year and they were terrible to deal with
I would never deal with them again.

Greg West

[TurboMedic]

I've used square for a couple of years and its been great. Free initial reader (I know they sell them for $10 but you can find them), and they even gave me an improved version free at the home show.....I've used it occasionally, I don't own a business, just for kijiji and collecting payment for the hockey team I run or other things I organize. Pretty happy with it.

[jwslam]

Originally posted by AndyL
Getpayd - by moneris...

Loved the old unit - not sure on this pro version, having issues keeping it connected to my phone (Bluetooth). But debit is sweet...

(Pretty much standard % - so far debits been 0%?)
Moneris also has those 3G units right? Not sure what the rate is but if 3G data is cheaper than the difference in % (based on your average revenue by CC) that could be a win?

[AllGoNoShow]

Been using Square and am happy with it, quick deposits, no issues accepting payments. For PAYD; 0.10% cheaper processing on swiped and only 2.85% + $0.15 on keyed in vs. Square 3.5% + $0.15 keyed in. but there is a monthly fee for PAYD Pro pad and it seems you may have to pay for the standard PAYD reader as well, not much info on the site to get your hands on one other than just submitting info and waiting for decision.



A fee of 2.65% applies to Visa, MasterCard, Discover, American Express and JCB credit card transactions that are swiped, tapped or dipped. A fee of 2.85% + $0.15 applies to those credit card transactions that are manually keyed into the device.
Additional PIN pad Monthly Rental Fee of $19.95 applies to each additional Moneris PAYD PIN pad ordered.

[ExtraSlow]

Seems like this is the right place to ask this:
If I want to accept credit card payments by phone, what's my best option?
Assume an average transaction of $500.

[msommers]

I use Square - love it.

[ExtraSlow]

Anyone have a lower percentage fee? Square charges 3.4% on key-ed in transactions. Since that's how I anticipate the majority of mine to occur, this is pretty big for me. I also may have some larger transactions around $1000, so it seems insane to pay $34 for those.

Seems like most of the websites focus on the magnetic stripe reader, but for me that's very secondary.

[msommers]

I've wondered why they charge more for that. To me I don't see how it costs them more from the mag strips. 3.4% is ridiculous to say the least.

I wonder if renting one of these devices and using the key-in is cheaper at all, especially with large purchases?

https://www.helcim.com/ca/credit-debit-machines/equipment/ingenico-iwl250/

As for CC charge costs, I think is probably pretty accurate what the end-of-the-day cost is to a business:

https://www.helcim.com/ca/credit-debit-machines/pricing/


Edit: Actually after looking at all this, I might get this mobile swiper from Helcim as the rates are a lot better. Significantly so when key-in is used vs. Square.

[rage2]

Originally posted by msommers
I've wondered why they charge more for that. To me I don't see how it costs them more from the mag strips. 3.4% is ridiculous to say the least.
It's based on fraud risk. Your most expensive rate to cheapest rate goes something like this:

$$$$$$ Key'd in CC #
$$$$$ Key'd in CC # with CVV
$$$$ Tap to Pay NFC
$$$ Swipe
$$ Chip Only
$ Chip + Pin

Those extra fees are pretty much used to pay for fraud purchases that processing companies end up eating up as well as administrative costs.

[msommers]

Makes sense.

Not going to bother with Helcim as their mobile package starts at $30/month vs. $0/month for Square. For me, I don't do enough transactions per month to justify that cost.

[sabad66]

I would suggest taking a good look at Helcim. They are a local Calgary company, and from what i have heard from my friend working there they have a lot of awesome new stuff coming up in the pipeline.

[revelations]

Originally posted by sabad66
I would suggest taking a good look at Helcim. They are a local Calgary company, and from what i have heard from my friend working there they have a lot of awesome new stuff coming up in the pipeline.


edit - 30$ month for a service that I use 1-2x a month isnt worth it.

Square still wins for the occasional mobile user.

[speedog]

Originally posted by Tik-Tok
I read an article not too long ago, that most retail shops are charged 2% per transaction... so I wouldn't call 2.75% outrageous considering the platform and mobility of it.
Most businesses that accept Visa and/or Mastercard should easily be able to get their rates down to 1.5-1.6% for hard wired machines.

[HiTempguy1]

Costco offers payment processing services, I was leaning towards going with them. I had a whole spreadsheet made up a while ago comparing various providers, at the end of the day, the charges were ludicrous. Since I sell small individual quantities that cost large amounts of money (fuel!, jeez, I know what you all were thinking) I say cash, cheque, or EMT to my customers. I also don't deliver until payment has gone through though.

I suppose it really depends on what your typical transaction value is and how many transactions you are doing.

EMT works out to a 0.2-0.4% fee on a typical sale for me, might as well be free at that point.

[itsinfo]

Originally posted by revelations



edit - 30$ month for a service that I use 1-2x a month isnt worth it.

Square still wins for the occasional mobile user.

This chart shows that they are better for businesses processing volumes over $2500 https://www.helcim.com/ca/mobile-payment-app/helcim-vs-square/

[killramos]

http://www.visa.ca/en/aboutcan/mediacentre/interchange/pdf/Visa-Interchange-Rates.pdf

Visa's current interchange rates. Infinite Privilege is up to 2.45%, 2.65% on business cards :rofl:

That company makes crazy money...