We have become an increasingly cashless society, with fewer people carrying cash. Therefore, it’s important for small businesses to be able to make transactions on their customer’s terms. And a mobile point of sales systems makes it possible. Mobile credit card readers are devices that process credit card payments through your smartphone or tablet so that you can sell your products or services anywhere.
Investing in mobile credit card processing is a smart decision for all traditional small business owners. It’s important to adapt to a society that is getting more tech-enabled and have equipment that can accept debit cards, credit cards, and NFC payments.
WHAT IS A MOBILE POINT-OF-SALES SYSTEM?
It can be used anywhere as it functions independently of elaborate merchant services. Just like a traditional POS terminal, an mPOS system works on your mobile device and uses software to process transactions.
A mobile card reader serves as the link connecting merchants with a Mobile Point-Of-Sales System that allows simple swipe or tap to accept debit and credit card payments.
Small businesses can pick these reasonable price mobile card readers. Let’s take a look at the top mobile card readers in the market. Before you start, just make sure that your business and your credit card reader are equipped to handle chip cards, mobile wallets, and strip cards as well. You must go for an advanced device that can accept EMV and NFC payments.
EMV CHIP CARDS: An EVM chip card reader would help your customers to buy your product or service in the most convenient, secure, and hassle-free way. Developed and managed by American Express, Discover, JCB, MasterCard, UnionPay, and Visa, it is more secure than the traditional magnetic strip swipe technology.
MOBILE WALLETS: People don’t necessarily carry their wallets when they step out of the house today. Customers are increasingly using their smartphones for retail transactions. Mobile wallets use NFC payments between smartphones and card readers. These payments are easy, quick, and secure. Some of the popular mobile wallets are Paytm, Google Pay, and many others.
Let’s now look at the best mobile credit card readers for small businesses.
5 Best Mobile Credit Card Readers
1. SQUARE – Best overall mobile credit card reader
It is one of the most versatile and user-friendly mobile credit card readers that are available in the market. It is extremely easy to understand and set up. Square gives small businesses the flexibility to add other hardware services if needed.
It accepts all major credit card payments and works on iPhone, iPad, and Android mobile devices via its free point-of-sale app for iOS and Android. Moreover, you also get a free Magstripe card reader when you set up a Square account.
Unlike others, Square doesn’t charge any monthly or hidden fees. The processing fee for all major credit cards is the same i.e. 2.6% plus $0.10 per swipe, dip, or tap, 3.5% plus $01.5 for all keyed-in transactions, and 2.8% plus $0.30 for each invoice or e-commerce transaction.
The mobile app of Square helps with inventory management, facilities multiple-user access, and features personalized email receipts. You can also accept contactless payments (wallet payments) through Square. It also has the best mobile credit card reader feature.
PayPal Here is another mPOS service that is designed for small businesses. PayPal is offering a free Chip and Swipe card reader until June 30 202, which normally costs $25. If you wish to buy a started mobile card reader, then it is free for small businesses.
PayPal’s Chip and Tap plus Charging Stand for $80 is a steal deal. It’s best for retail, restaurants, over-the-counter, and vendors with a high volume.
The transaction fees are a flat 2.7% without any subscription or hidden charges. Key-ins is 3.5% plus $0.15, and invoices cost 2.9% plus $0.30 each. Customers can pay using their credit cards or PayPal account.
If you have their iOS or Android app, you can customize your profile and receipts, track sales, many inventories and much more.
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3. Shopify – Best for pop-up shops
With Shopify, retailers can sell their products both online and offline. Shopify comes with a combination of an online store, a mobile app for iOS and Android, and a card reader.
The basic POS service of Shopify costs $29/month, this features access to tow users, retail reports, a free swipe card reader, and other services. Whereas, the in-person transactions plan cost 2.7% while the online rate starts at 2.9% plus $0.30 / transaction.
If you go for more advanced plans, you can avail of better discounts. The $79 /month plan has in-person fees at 2.5% and online credit card rates of 2.6% plus $0.30/ transaction.
You can also buy their Tap and Chip card readers for $24, a dock for that reader is $39, and a chip and swipe reader is $29.
It is a simple system that provides next-day funding along with a free PayAnywhere credit card reader. This credit card reader comes without any subscription fees and is absolutely free of cost.
The basic pack of PayAnywhere costs 2.69% per transaction. You can also go for a custom plan. Hand-keyed transactions, invoicing, and recurring payments are 3.49% plus $0.19 per transaction.
PayAnywhere also has a free 2-in-1 reader, which accepts EMV chip and magstripe cards, while their 3-in-1 reader accepts EMV chip cards, magstripe cards, and NFC contactless payments. Both the 2-in-1 and 3-in-1 reader pair with iOS and Android devices.
PayAnywhere also has a new Smart Flex hybrid terminal and POS hardware. It features 4G and Wi-Fi connectivity, an 8-inch HD touchscreen, a 4.3-inch customer touchscreen, a receipt printer, and a barcode scanner. This new Smart Flex Hybrid terminal and POS hardware cost around $550. It supports EMV chip cards, Magstripe cards, NFC payments, and PIN debit cards.
5. Intuit GoPayment
Owned by the well-known financial company Intuit, GoPayment is one of the best mobile card readers for businesses that are already using QuickBooks accounting and sales software.
If you wish to use GoPayment, you would need a QuickBooks account. It costs $20/month and allows you to enjoy transaction fees at a decent price as low as 2.4 % plus $0.30.
The best part about the GoPayment reader and its app is its integration with Intuit’s QuickBooks software. QuickBooks can be used to manage payroll, inventory, sales, and other functions.
The only downside of GoPayment is that it includes higher monthly costs, and their service doesn’t even offer a contactless payment reader. Intuit’s GoPayment allows you to accept and track any payment type.
It also syncs up with your QuickBooks account and delivers robust solutions for mobile and desktop users.
Also Read: QuickBooks Alternatives for Businesses
These were some of the best mobile credit card readers that are ideal for small businesses. These are user-friendly card readers and apps ready to go. So, if your company is low volume then this pay-as-you-go option is really wonderful, but if the volume is higher then we would suggest you go with a subscription plan that lowers per-transaction fees.
Mobile credit card processing is booming today and it’s only going to increase in the future. It would be best to spend your money on both a chip card and a contactless payment system.