All You Need to Know About Mobile Credit Card Reader
Mobile credit card readers that can easily connect to a tablet or a smartphone are changing ways in which any business owner can start taking credit card payments. This only means that the size of your company doesn’t matter and that any person can accept credit card payments.
All thanks to companies like Square, Sumup, and iZettle which offer the new generation of the credit card machines. Now it doesn’t matter if you have a big or a small business all you need is a tablet or a smartphone a chip, free app, and pin device and you are ready to use the credit cards.
1. Mobile credit cards changing the retail game
There is a need for businesses to take mobile and credit card payments. Consumers aren’t carrying large sums of money nowadays, and they find using credit card payments more convenient. Credit cards also offer an alternative way of managing personal finances, even if you are paying for small amounts of cash. In the recent years, a credit card couldn’t be used by small firms with low volumes of transactions due to the high costs of terminal rent and monthly fees.
The modern smartphone credit card is cheap which is why all businesses should consider getting themselves one. Users can download the free app for the service they choose to their iPhone device, Android or iPad. You can buy the card reader once for a fee of 25$ to 75 $. For you to take payment with the card reader, you have to connect it with your tablet or smartphone by Bluetooth.
In the United Kingdom, mobile credit card readers don’t have monthly fees or contracts that are locked in. The only charge is during a card transaction where you are charged a range between 1.5%-2.75%. There’s no need for you to have a different merchant account all you need is a bank account which has the name of your business or association. Before some providers of the credit card readers, offered private accounts for an individual, but they no longer do it. Majority of the services provided include a variety of credit card brands in their list of accepted cards, and this includes American Express.
2. The innovation
The new set of mobile credit card payment systems shouldn’t be confused with the traditional credit card readers or terminals. The credit card terminals are joined by an Ethernet cable, or a landline and shoppers are required to enter their pin number for them to authorize the transaction. The traditional credit card readers come in portable and mobile versions. The mobile credit card terminals mostly use 3G technology or GPRS to connect to a mobile network.
Mostly these credit cards are used by merchants or in restaurants. The mobile card machines aren’t identical to the mobile credit card readers which use a smartphone or a tablet. One of the primary reasons why the older versions are expensive is because of the data connection and is also the reason as to why Sumup and iZettle represent the new technology.
Sumup and iZettle utilize the same data connection of the app and smartphone meaning they don’t need to have their communication system and a problematic software. Since a lot of the traditional and terminal systems are difficult and expensive, a couple of companies decided to offer services such as rental services both with long term and short term contracts and credit card machines.
You can start using the mobile credit card reader in making transactions immediately. The credit card readers are ideal especially if your business has low transaction volumes.