Modernization and continuous
improvement is imperative in the mobile payment market. Mobile credit card
processing is becoming increasingly handy day by day. The scenario until last
year was that the merchants wanting mobile card processing solutions would need
to lighten their pocket by several hundred of dollars to buy a cordless credit
card processing contrivance. To top it up, they also needed to shell out for
set up fees and monthly charges.
Companies like PayPal and Google
are working their way out to include sensibly priced mobile aids to their product
lines.
Google has lately come up with an
extension for Chrome which hopefully will be admired by users of Android
phones. Merchant connected to a computer system will have a new method to execute
Google Checkout dealings/transactions by way of their Android phones. This new
extension allows the merchants to create a QR code image on the checkout
webpage of their online store, which in turn provides apposite details to the
Android device to permit the transactions. This method may not be ideal for all
kinds of situations, but further innovations are bound to take place.
PayPal and Google Checkout both
have their own set of admirers. However, some people still think of traditional
merchant accounts as a superior choice, especially for small businesses. PayPal
had been having issues associated with customer service causing many merchants
to estrange it. Google Checkout is not a low-priced option. There may not be
initial set-up fees, gateway fees or even monthly fees, but the charge per
transaction is significantly high, as follows.
|
Amount of transaction
|
Charge per transaction
|
|
Less than $3,000
|
2.9% + $0.30
|
|
$3,000 - $9,999.99
|
2.5% + $0.30
|
|
$10,000- $99,999.99
|
2.2% + $0.30
|
|
$1,00,000 and above
|
1.9% + $0.30
|
Fees for merchant accounts lies
between 1.5 percent to 2.1 percent depending upon the type of transaction and level
of risk involved, as well as the type of card- debit, credit or prepaid.
Merchant accounts need the merchants to incur initial set-up fees, cost for buying
or renting the device and its maintenance charges. Online alternatives like
PayPal and Google Checkout do not entail hardware fees.
Lookout for more- 'What is a merchant account?' and 'International merchant account'.
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