New Electronic Payment Services for Small Businesses that Hate Credit Card Processing Fees
Businesses that specialize in electronic payment services are starting to realize that cheap options to the typical credit card processing terminal are now possible. There have been market studies done by the promoters of a few of these electronic payment services; and they find that nearly all of America is whole happy with the idea of going completely with the smartphone for money transactions.
Let’s start with an especially versatile system known as OboPay. What makes OboPay as powerful as it has come out to be the fact that it can be used not only on smartphones but on every mobile phone, regardless how basic it may be. As far as a basic cellular phone goes, practically everybody in the world has one – be they in Africa, Mongolia or anywhere else. If it can be managed, a mobile phone then would be a tremendous tool for electronic payment services. For small to average level payments, to businesses or to individuals, OboPay can accomplish transfers from bank accounts, cards or anything else. While it does come with a little fee that a merchant is asked to absorb, a merchant can generally refuse to pay. Customers then will be asked to pay a small convenience fee alternatively. It all works out to be very inexpensive for the typical small-business owner. Far more in order than whatever credit card.
Unluckily, all the other electronic payment services available for the mobile phone today work exclusively on smart phones.
Take PAYware Mobile; this safe and secure payment method pointed at small and medium-sized business‘s functions only on the iPhone (past version 3) and on Android smartphones. This payment method may actually make quite a bit of headway in the market, seeing as how it is promoted by the payment solutions‘ giant Verizon. They have a version for large businesses known as PAYware Mobile Enterprise and one for all other businesses, called PAYware Mobile. This is how it works. When you buy the PAYware kit for your business, you get what is called a sleeve – a sort of credit card swiper that you plug into your smart phone. The swipe has built-in encryption. So customer credit card information is encrypted even before it ever enters your phone. That’s what makes this payment method specially secure. And then, the PAYware app on your smartphone sends the information to Verifone for processing.
If you’re seeking simplicity, there is a new player on the market that actually makes it happen. It’s by the founder of Twitter, Jack Dorsey, and it’s called Square. The merchant gets a little card reader to attach to his iPhone. And he can start processing payments for a 2.75% fee. It’s simple and painless.
