Friday Five: 5 Mobile Payment Apps for Your Small Business

Kathleen Borg
Feb 28, 2014

Creating an accessible online website is just the start of expanding your small business. Whether your company tailors to an e-commerce audience, traditional brick and mortar business, or a mixture of the two - there are several mobile payment apps and services that offer ease and accessibility to both consumers and business owners. Although mobile payment technology may still be in its early stages, there are plenty of possibilities and benefits to using a payment application, and I will gladly explain the benefits of the five apps listed below.

1. Square

5 Mobile Payment Apps for Small Businesses - Square
Square is transforming the way we transact. Anyone with a smartphone or tablet can easily accept credit card, cash, gift card, and other forms of payment in exchange of 2.75 percent of each transaction. Luckily, there are no sign-up or monthly fees and payments are deposited into your bank account within 1-2 business days. The Square app also allows you to track sales, print daily summaries, and customize sales reports. Just recently, the company also released a special edition SQUA(RED) Reader which businesses can purchase with a $10 donation. 97.25% of the $10 donation amount will go to the Global Fund to fight AIDS.

2. Dwolla

5 Mobile Payment Apps for Small Businesses - Dwolla
You don't need a credit card swiper with this mobile payment app. Dwolla deals with customers' bank accounts directly by charging the receiver a flat processing rate of $0.25 per transaction and payments under $10 are processed for FREE! So there's no percentages and no hidden fees. You can send money to email addresses, phone numbers, LinkedIn connections, Twitter followers, and businesses that accept Dwolla. Unless you are already a Dwolla member, you'll have to create a free account in order to receive funds. This easy to use app allows any business or person to send, request and accept money - so save the plastic for another day!

3. Authorize.Net

5 Mobile Payment Apps for Small Businesses - Authorize.Net

Business owners can finally put their minds at ease with the help of Authorize.Net's fraud prevention features. With options such as Address Verification Service (AVS) and Card Code Verification (CVV2), consumers and business are less likely to encounter suspicious and potentially costly fraudulent transactions. The payment processing accepts international transactions from customers worldwide. But in order for your business to qualify for Authorize.Net you must be based in the United States, Canada, United Kingdom, Europe or Australia. With payment options that allow businesses to accept credit card, e-check orders by mail, telephone, and fax - it's no surprise why Authorize.Net is rated one of the top payment gateways. However these features do come with a price tag, such as a initial setup fee of $99.00, monthly gateway fee of $20.00, transaction fee of $0.10, and a batch fee of $0.25.

4. PaySimple

5 Mobile Payment Apps for Small Businesses - PaySimple
PaySimple has all your business needs under one roof. Everything from invoicing, reoccurring billing, and customer management can all be accessed from your PaySimple account. One of the unique features I found included in this app was their customizable marketing tools. Business owners can select from multiple email templates and automatically send customers notifications through email regarding their recent purchase. You also can view cash flow through real time reporting, and compare current sales with previous days and months. For $34.95 a month, 2.29% + 29¢ credit card fee, and 55¢ per e-check, PaySimple provides the technology and support that enables small business owners to easily accept payments, manage customers, and automate billing.

5. PayPal

5 Mobile Payment Apps for Small Businesses - PayPal
Many consumers and business owners may already be familiar with one of the world’s largest online payment services, PayPal. From one business to another, Dynadot was actually one of the first domain registrars to accept PayPal payments, so we've got plenty of first hand experience! No matter what payment method the customer uses, or who the customer is, seller fees remain the same. PayPal charges a percentage of the total transaction amount (2.2%–2.9 depending on the seller’s monthly sales volume) plus $0.30 per transaction. Businesses use PayPal not only to process credit card payments, but also provide the entire online transaction process, including shopping cart and checkout services. You also have access to send money to friends, family, or anyone with an email address in 55 countries and regions. And buyers don't need a PayPal account - that's one less username and password to worry about! Not convinced? Check out these 5 reasons to implement PayPal for your small business.

Post by Kathleen Borg

1 comment
Mar 13, 2014 3:46am
Thanks for providing information about these mobile apps. These apps are really very amazing and beneficial for small business because along with the help of these apps we can easily accept <a href=""title="payment by mobile">payment by mobile</a> from our costumer with secure and fast way.