New Mobile Credit-Card Readers Can Pay Off

Credit cards are convenient, but processing payments can be costly for small businesses. Enter mobile credit-card readers, which seem to be swiping more and more business from banks and third-party payment processors. One mobile credit-card reader, made by Square, is now used by more than 1 million merchants nationwide — that’s one in eight U.S. merchants, Daily Deal Media reports. Square’s market share could grow, as it recently announced its reader will soon be sold at OfficeMax and The UPS Store locations. Meantime, software maker Intuit showed off its redesigned GoPayment Card Reader at the Consumer Electronics Show in Las Vegas, the website iSource reports. GoPayment, Square, and a third player — Pay Anywhere by North American Bancard — are increasingly replacing banks and “traditional” credit-card processing companies by offering free mobile credit-card readers. The readers are free, but merchants must sign up for an account — some pay-as-you-go, some with monthly fees. The companies take a cut of 1.7% to 3.7% per transaction , depending on your account type, your volume of business, and whether the credit card is swiped or keyed-in, according to For established businesses, mobile credit-card reader fees may be much lower than what you’re used to paying. For startups and street vendors, mobile credit-card readers can offer legitimacy in the eyes of customers , as a recent article in Silicon Valley’s San Jose Mercury News explained. Experts suggest the mobile payment revolution is just getting underway. Companies like Google are investing in innovations like Google Wallet, which uses near field communication technology: Customers can pay by simply hovering their smartphone over a reader. Currently, however, Google Wallet only works on one type of smartphone. Related Resources: Intuit redesigns GoPayment mobile credit-card reader (ZDNet) Will iPhone 5 have Pay-by-Phone Option? (FindLaw’s Technologist) Small Biz Credit Cards Not Protected by CARD Act (FindLaw’s Free Enterprise) Small Business Center (FindLaw)

Originally posted here:
New Mobile Credit-Card Readers Can Pay Off

Twitter Follow

Follow us on

Contact Us

ATTORNEY ADVERTISEMENT:  This communication or portions thereof may be considered "advertising" as defined by Section 6157(c) of the California Business and Professions Code or within the jurisdiction in which you are viewing this.  Nothing in the discussion above is intended to be a representation or guarantee about the outcome of any legal proceeding in which you may be involved.  By providing the information above in this format, Michel & Associates is not soliciting you to hire it to handle a specific legal matter you may currently have or be anticipating commencing in the future.  Notwithstanding the discussion above, you should not act or refrain from acting on the basis of any content on this site without seeking appropriate legal advice regarding your particular circumstances from an attorney licensed to practice law.  This communication is informational only and does not create an attorney-client relationship between you and Michel & Associates.  Michel & Associates's attorneys are licensed to practice in California, Texas, and the District of Columbia.