Need to process payments on the run but don’t want to fork out for a mobile eftpos machine or carry a wallet of coins around? Well the latest mobile payment terminals are amongst us and chances are you’ve got most of the equipment in your pocket to ditch that wallet right now.You see card readers are now available that can now be plugged into the audio jack of your smartphone to create a slimline portable payment machine. Simply plug in and swipe away.
As you might expect, the most recognised purveyor of fine payment systems, PayPal, is leading the charge.
Their little triangular device, aptly named “PayPal Here”, combines with a sharp little phone app that acts as a till to ring up the transaction, an invoicing outlet to shoot off receipts and bank that pops the funds straight into your PayPal account. Pretty smart stuff.
Fee wise there is a fixed charge of $0.30 per transaction plus a fee of 2.4% of transaction value. So for a $20 transaction it will cost you $0.78 to use, which if you’re accustomed to using PayPal is pretty standard fare.
But if you do enough business through the terminal you’ll qualify for Merchant Rate fees which are charged at a cheaper rate, so be sure to check this out.
Through the app you can also invoice and record cash transactions so it could be the checkout for all your mobile payments, card or not. It should be noted, however, that to use the device you must have an existing business account with PayPal, or create one.
There are a number of other providers with similar technologies in the space, including FlexiGroup’s Paymate OnTheGo, which is the same concept except linked to your bank account. The fees are slightly higher at $0.55 per transaction and 2.475% of transaction value, but roughly in line with Paypal’s offering.
There are plenty of reviews out there so have a look around and pick what works for you. But whichever way you look at it, if you’re a mobile business it’s almost definitely time to ditch the eftpos machine...Get up to date with all the latest in small biz tech talk with The Gadget Group's Val Quinn, 11am Sundays on Kochie's Business Builders!