Are you using mobile payments yet? If you are, you are right on trend. By the time 2017 hits, we will be buying $1 billion worth of goods and services around the world via mobile devices, according to IDC Financial Insights. If you haven’t taken the plunge yet, here are 6 mobile payment solutions to consider:
This forward-thinking social commerce and payments platform lets customers buy from you in-stream on Instagram and Twitter. Just embed your listing, and all your customers have to do is reply (on Twitter) or comment (on Instagram) with “buy” – no linking, shopping carts or checkout process.
Cost: 5% per transaction
Disclosure: I am a blogger for GrouponWorks. Groupon just launched their own mobile payment solution, which pairs up their Groupon Merchants app with a card reader attachment. Besides accepting credit card payments, the app lets you redeem Groupon vouchers and get real-time business reports.
Cost: 1.8% per transaction
This free app for iPhone and Android uses the Interchange Zero™ payment network to let customers pay with their phones. You are charged 0% payment processing fees. Their suite of campaigns can help you attract new customers, convert them into loyal customers and more.
Cost: Payment processing is free; campaigns cost $0.40 for every $1 of credit redeemed by customers
PayPal has dispensed with the phone altogether. Customers can pay by simply typing in their mobile phone number at the point of sale – a compelling reason to offer PayPal as a payment option. They also offer a mobile plug-in card reader, which is part of their free Standard account option.
Cost: 2.9% plus $0.30 per transaction fee
Their small, white iOS and Android mobile card reader made them famous, but Square’s next iteration is moving them into science fiction territory: Their Pay with Square app lets customers walk up to the checkout and pay by simply saying their name (the customer’s name and photo appear at the register so you can confirm it’s really them).
Cost: $275 per month or 2.75% per transaction
If you’re in the hospitality industry, check out TabbedOut, the only POS-integrated mobile payment solution built exclusively for bars and restaurants. Going way beyond mobile payments, their platform captures order history and preferences, processes real-time feedback and rewards loyal customers – and engages new ones.
Cost: Customized based on your needs, but about as much as your monthly Internet bill
Do you use any of the above mobile payment platforms? Do you like it? Do you have another one you prefer? Leave a comment below!
Image courtesy of TabbedOutGoogle+