Is Mobile Credit Card Processing the Best for You?
There are three ways to process a credit card payment. These include the mobile credit card processing, processing through an ecommerce merchant account, and processing through a wireless terminal.
If you are not yet familiar how each options is distinctive from each other, read the following details. To help you with your choosing, you shall see here the pros and cons each mode has, as well as the other things that you need to consider in choosing the best option.
Charges highly differ among the three options. If you are concerned about fees, you will also have to weigh if you can sacrifice monthly fees in exchange for lower transaction fees. Both the mobile processing and e-processing requires only monthly fees but the wireless mode requires an access payment in addition to a monthly fee.
The following information gives you the idea about certain fees you can expect when deciding among the three options.
? A mobile credit card processing has monthly fees ranging from $5 to $9.99 per month. This comes with the higher transaction fee that ranges from $2.19 to $3.95/ month.
? On the other hand, the wireless type costs around $7 for monthly statement and additionally, $15 for monthly gateway access. This mode comes with the smallest transaction fee amounting to $1.69 per transaction only. If you choose this, you will also need to purchase the wireless machine for $395-$495 as one-time fee.
? Lastly, processing through an e-merchant account can costs you less than $2. This is very convenient because aside from the fee is low, you can waive high monthly fees if you sign up with service providers that charge minimally like Paypal.
The mobile processing involves the use of mobile phones, wireless processing includes the use of wireless terminals, and the ecommerce account requires internet use.
While both the mobile and ecommerce processes do not require the physical presence of the customer?s credit card, the wireless processor requires the credit card in its physical form. It is mandatory for any consumer to have the credit card swiped before any payments can be transacted.
Security wise, there is not much difference among the three. Some people think though that transactions on a mobile phone are less secure because the security applications to protect mobile phone users are not well-developed, unlike those of the e-transaction and the wireless device. This may not be entirely accurate though. Mobile phone transactions are less popular not because they are viewed of an inferior quality but rather because they are promoted with less active marketing.
However, when it comes to convenience, apparently, the e-transaction has an advantage. E-transactions erase geographical limitations that make mobile and wireless transactions difficult to carry out. Aside from that, there are usual lag times attached with mobile and wireless processing because these two can be affected by the physical or any damage that can hinder the transaction from occurring properly. On the other hand, an e-transaction does not have any physical damages to consider and as long as the system is up and running, transaction can be processed in seconds.