Tuesday, June 26th, 2018
The popularity and convenience of mobile devices, such as smartphones and tablets, have given rise to the need to take payments this way. Mobile credit card readers allow merchants to take payments wherever, whenever with their favorite mobile devices. When it’s time to choose a credit card reader, think about the type of credit card payments you take, your average monthly volume, and the average ticket price for the items you sell in order to find a card reader company that best meets your needs.
Mobile Credit Card Readers – How They Work and the Benefits
Readers allows you to take payments two ways. A reader is a separate device that connects wirelessly to a mobile device using a Bluetooth connection, or a reader can attach right to a smartphone and tablet. When a customer wants to pay, a merchant put the person’s credit card into the reader’s slot so it can read the card’s chip. Then, the customer enters his/her PIN into the reader’s keypad to confirm the purchase.
Also, mobile credit card readers have benefits you don’t get with standard card terminals. For instance, mobile readers often have small monthly rental fees or none at all, and they work anywhere you can get a mobile signal. Some cons of mobile readers are that in order to use them, you must have a charged, fully-functioning smartphone or tablet with a mobile connection for it to work. Also, in some cases, transaction fees may be more expensive than traditional card terminals.
6 Card Reader Company Cost Comparisons
It is important to note that the comparison listed here are based on a merchant that anticipates 100 Chip and PIN transactions per month on items that have average ticket values of $20. Different payment methods and the variety of card types would impact these numbers. Per item fees also are based on average ticket amounts.
1. PayPal
If you process 65 Visa debit and 35 transactions, with PayPal, you can expect a rate of 2.75%. Each transaction would cost £0.55 per transaction and your total monthly fees would be £55.00. Also, there would be a set-up fee of £49.95.
2. Sum Up
If you process 65 Visa debit and 35 transactions, with sum up, you can expect a rate of 1.69%. Each transaction would cost £0.34 per transaction and your total monthly fees would be £34.00. Also, there would be a set-up fee of £59.00.
3. Square
If you process 65 Visa debit and 35 transactions, with Square, you can expect a rate of 1.75%. Each transaction would cost £0.35 per transaction and your total monthly fees would be £35.00. Also, there would be a set-up fee of £39.00.
4. WorldPay Zinc
If you process 65 Visa debit and 35 transactions, with WorldPay Zinc, you can expect a rate of 2.75%. Each transaction would cost £0.55 per transaction and your total monthly fees would be £55.00. Also, there would be a set-up fee of £39.99.
5. Barclaycard
If you process 65 Visa debit and 35 transactions, with Barclaycard, you can expect a rate of 2.6%. Each transaction would cost £0.52 per transaction and your total monthly fees would be £52.00. Also, there would be a set-up fee of £60.00.
6. iZettle
If you process 65 Visa debit and 35 transactions, with iZettle, you can expect a rate of 1.75%. Each transaction would cost £0.35 per transaction and your total monthly fees would be £35.00. Also, there would be a set-up fee of £25.00.
Topics discussed in this article:
- Credit Card Readers