If you have a small business and want to provide the service to your paying customers with a mobile point-of-sale (mPOS) or mobile POS system, you will need a mobile credit card reader. We have prepared a list of the best you can use right now, including compatible devices with chip cards and contactless payments such as Square, PayPal Here and more.
Mobile point-of-sale systems can be used anywhere and operate independently of other merchant services. A point-of-sale system works on your mobile device using software to process transactions, just like a traditional point-of-sale terminal. A mobile card reader serves as the electronic link that connects merchants with a mPOS system that is designed to allow a simple swipe or a touch to accept payments with credit and debit cards for purchases.
Small businesses can choose from several mobile card readers at reasonable prices, some even free that can be purchased directly or paid through monthly plans. These devices connect with mobile applications on the back to provide extensive commercial and customer service. Be careful of plans that emphasize transaction fees: they can be expensive, especially if your company makes numerous low-cost transactions.
From the beginning, make sure that your business and your credit card reader are equipped to handle chip cards and mobile wallets, as well as older magnetic band credit cards, acquiring an advanced device that can accept EMV payments (card with chip) and NFC (no contact).
EMV chip cards: Being up to date means not only the easiest and cheapest solution, but also the one that will help your customers buy your product or service in the most convenient and safe way without complications. The EMV chip card, developed and managed by American Express, Discover, JCB, Mastercard, UnionPay and Visa is more secure than the old magnetic stripe technology because it uses a new encoding for each sale. Upgrading to an EMV chip card reader is necessary because if there is fraud in stores, merchants not credit card companies are now responsible for theft if they do not have a chip reader available.
Mobile wallets: people not only leave their money at home, but also leave their wallets there. Customers are increasingly using their smart phones to make retail transactions with a built-in mobile wallet software linked to their credit cards. Mobile wallets use NFC technology (Near Field Communications) which allows wireless (contactless) payments between smart phones and card readers. Payments with NFC are extremely fast and secure and do not involve credit cards, since credit information is incorporated into the client's mobile wallet. These contactless systems mainly include Apple Pay, Google Pay and Samsung Pay.
Below are some of the best mobile credit card readers for small businesses:
Square is one of the most popular, versatile and easy-to-use mobile credit card readers on the market. Although it is not the cheapest to use, it is easy to understand and configure, allowing small businesses the flexibility to add other hardware services if necessary. Square accepts all major credit cards and works on iPhone, iPad and Android mobile devices through its free point of sale application for iOS and Android. By creating an account with Square you get a free Magstripe card reader.
Square does not charge monthly fees or hidden charges and has the same processing fee for the main credit cards: 2.6 percent plus $ 0.10 dollars per card inserted, zoomed in or out, 3.5 percent plus $ 0.15 dollars for each transaction by typing a key and 2.9 percent plus $ 0.30 dollars for each invoice or electronic commerce transaction. A way offline It allows you to pay the same flat processing fee as the swipe cards (with magnetic stripe), in case of a power outage. The mobile mPOS service application helps with inventory management, facilitates access for multiple users, presents personalized email receipts, a tip interface for retail and service businesses and more. To accept payments with chip and contactless cards such as Apple Pay or Google Pay, you can buy the $ 49 dollar reader directly or pay three monthly fees of $ 17 dollars for the bluetooth battery device. A dock It costs $ 29 dollars. Square promises to deliver your funds in one or two business days.
PayPal Here is designed for companies that accept credit card transactions at various locations such as events, retail spaces or even offices. PayPal offers its chip and magnetic band card reader, usually priced at $ 25, free until June 30, 2020. A mobile starter card reader is available free for low volume businesses. But you get the best price for the purchase of the PayPal recharge base for $ 80 dollars. That way, you never miss a sale, no matter how you want to pay the customer. PayPal recommends it for retailers, restaurants, self-service stores and sellers with high volume.
PayPal transaction fees are 2.7 percent fixed, without subscription or other hidden fees. Key transactions are 3.5 percent plus $ 0.15 dollars and invoices cost 2.9 percent plus $ 0.30 dollars each. The reader and the mPOS system are integrated with PayPal's merchant services, which facilitates the acceptance of payments in person and online from anywhere. Customers can pay with their credit card or PayPal account. Along with its iOS or Android applications, PayPal Here also allows you to customize your profile and receipts, track sales, create invoices, manage inventory, add multiple users and access various online resources.
The Shopify platform allows retailers to sell their products both online and in person thanks to the combination of their online store, the mobile application for iOS and Android and the card reader. Sellers can use Shopify for occasional booths or kiosks in person, and card readers are compatible with all major credit cards. The basic ShopPOS mPOS service costs $ 29 per month and offers access to two users, retail sales reports, shipping labels, a free magnetic card reader and other services. In-person transactions in the basic plan cost providers 2.7 percent while online rates start at 2.9 percent plus $ 0.30 per transaction. This plan works very well for small businesses that only make occasional sales in person, as in events.
More advanced plans offer better discounts. The $ 79 per month plan has in-person rates of 2.5 percent and online credit card rates of 2.6 percent plus $ 0.30 per transaction, which can be advantageous for those who plan a physical expansion of a place only in line. Contactless and chip card readers are now on sale for $ 24 dollars, a dock for that reader it comes out for $ 39 dollars and a chip card reader and magnetic band for $ 29 dollars.