In the not-so-distant past, there were three basic ways to pay for goods and services: cash, check or credit card. Now, we have NFC (near field communication) devices that let us pay for goods and services with a fingerprint or a wave of our phone, and mobile credit card readers that let us take our small businesses to the streets.
Gone are the days of lugging around a pocketful of change or a wallet full of plastic money – the world has gone electronic, and the payment solutions your small business offers customers needs to follow suit.
Yet with so many options it can be confusing to decide which e-payment options to offer. To take some of the guesswork out of it, here are four popular e-payment options, along with the pros and cons of each.
1. Samsung Pay
The newest player in the game, Samsung Pay is already vying for title of top e-payment platform. It works with NFC; however, it’s also backward compatible to work with traditional card swipe readers, meaning it’s a great choice for small businesses that might not have the money to upgrade their point of sale system.
If there’s a downside to Samsung Pay, it’s that it’s not compatible with many devices. Samsung Pay is only available on Galaxy S6, S6 Edge and Edge+ and the Galaxy Note5.
2. Apple Pay
IPhone users are quick to jump on board with any new technology, so Apple Pay is a trendy option to offer iOS-toting customers. However, its popularity has yet to pay off since retailers haven’t gotten on board.
In a Reuters survey, less than a quarter of the 100 retailers who responded currently use Apple Pay, and nearly two-thirds said they aren’t planning to implement it this year. The reasons? Lack of demand and the costs to implement the payment system.
PayPal is the oldest e-payment option on our list, and the fact that it’s been around for so long attests to its usefulness.
But like all e-payments solutions, it’s not without its issues. It’s notoriously difficult for merchants to get a hold of support, and payment processing can be slow at times.
Square is a smart choice for small business owners on the go. While the company does offer a fixed POS system, it can also hook you up with a mobile NFC reader so you can accept payments wherever you are. Pricing is set at a flat 2.75% of the purchase price for swiped transactions, and the deposits hit your bank in one to two business days.
According to PC Magazine, the only real drawback is that the card may not always read correctly the first time.
Whether you choose Samsung Pay, Apple Pay, Square or PayPal, Mischa Communications can provide the marketing support your small business needs to get customers swiping their credit cards. Drop us a line!