Mobile payments are on the rise. Square, Intuit GoPayment, VeriFone Sail, and PayAnywhere are some of the main mobile payment providers. PayPal is entering the mobile payments arena with their new product PayPal Here that is currently only available for select merchants.
Most of the providers offer free readers that simply plug into a mobile device and allow the user to start accepting payments. Most of the pricing ranges from 2.69% to 2.75% for swiped transactions and 3.49% to 3.7% for keyed transactions, with some charging a small fee in addition to the % for keyed transactions. See the pricing breakdown in the table below.
| Provider | Pricing | Funds Availability |
| Square |
Pricing for V, MC, Dsc, AmEx Swipe Rate: 2.75% Keyed Rate: 3.5% + 15¢ |
Funds deposited within 1-3 days |
| Intuit GoPayment |
Pay as you go (V, MC, Dsc): Swipe Rate: 2.7% Keyed Rate: 3.7% Monthly plan (V, MC, Dsc): $12.95/month Swipe Rate: 1.7% Keyed Rate: 2.7% AmEx fee based on industry type |
Funds deposited within 2-3 days |
|
PayPal Here (not available yet) |
Swipe Rate: 2.70% Keyed Rate: 3.5% + 15¢
PayPal Business Debit Card (linked to funds in PayPal Account): 1% cashback on eligible purchases |
Funds deposited immediately to PayPal account. User has to transfer funds to bank account. |
| VeriFone Sail |
Pay as you go: Swipe Rate: 2.7% Keyed Rate: 3.7% AmEx: 3.7% Monthly plan: $9.95/month Swipe Rate: 1.95% Keyed Rate: 2.95% AmEx: 2.95% |
Funds deposited within 1-2 days |
| PayAnywhere |
Swipe Rate: 2.69% Keyed Rate: 3.49% + 19¢ |
Funds deposited within 2 days |
With so many current options out there, how does a company choose which one is best for them? If you offer mobile payments or plan to offer them in the near future, what were/are the deciding factors for your organization on which provider to go with?
