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Comparing the most popular mobile payment systems

Whether selling services or products at a conference, or in a traditional store, there are endless reasons to add mobile payments as an option for your consumers, but which one is best for you?

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battle of the mobile payment systems

battle of the mobile payment systems

Making a big business decision: taking mobile payments

There are several moving parts that comprise a successful business; thinking about business plans, new go-to-market strategies and branding take a lot of time and serious thought in order to be rolled out effectively. However, one area that is easily overlooked is the operations side of things, more specifically – what payment system to use in order to charge for your product or services. The choices vary depending on the type of business that you’re in, whether you’re an online Etsy retailer or a small business owner with a brick-and-mortar store. So if you’re evaluating your current payment system or starting a new business, read on to find out more about an option that may work for you.

If you’re an online-only seller, Amazon’s Flexible Payment Services or the PayPal X Platform are both great options to process your transactions and receive a quick payment. Both charge $0.30 USD fee per credit card transaction as well as 1.9-2.9 percent of each purchase cost. Both of these systems also allow for mobile payments, providing an added convenience for shoppers browsing on their phones.

For owners of a small business with a retail front, Square is a great option to assist in processing payments whether in-store or in a mobile storefront such as a trailer. Owners can attach the white card reader to a phone or iPad and process credit card transactions as customers make purchases. There is a 2.75 percent fee per swipe and the payment system doesn’t accept cash transactions, however Square does allow sellers to sync to a cash register through its Square Register offering, which lets merchants operate a cash drawer as customers make purchases. If you don’t have a register, you can also track cash transaction just using the app without paying any fees. Intuit GoPayment also works well for in-person credit card transactions.

The Takeaway

In order to keep your business running, it pays to take a look at what options you have available to collect payment for your products. There are several out there, but not all are created equally, so evaluate your business needs and then implement accordingly.

Destiny Bennett is a journalist who has earned double communications' degrees in Journalism and Public Relations, as well as a certification in Business from The University of Texas at Austin. She has written stories for AustinWoman Magazine as well as various University of Texas publications and enjoys the art of telling a story. Her interests include finance, technology, social media...and watching HGTV religiously.

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2 Comments

2 Comments

  1. start up business blog

    October 17, 2012 at 2:06 am

    This is good idea. paying charges or bill is really hassle so it’s better to always pay online instead of going to somewhere just to pay your bills.

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Business Finance

A tiger shows its stripes: The growth of Tiger Global and their investments

(BUSINESS FINANCE) Tiger Global has been acquiring a load of tech companies – let’s talk about who they have and how they’ve been so successful.

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Two business partners shaking hands as part of a Tiger Global acquisition deal.

In 2003, Tiger Global was founded by Chase Coleman who began his career at Tiger Management (brilliant name choice). In the ensuing years the investing firm expanded to include private equity and venture investing. Today it’s hitting the charts at $65B with its employees (number at ~100) being the firms’ biggest shareholders.

Earlier this month, Tiger Global raised one of the largest pots of VC money ever recorded, coming in at $6.7B. These came from a list of occurrences and investments.

  • Roblox: A sandbox gaming startup, Tiger Global owned 10% when it went public in March and the value is hitting ~$38B+
  • Stripe: A fintech firm Tiger Global leaped onto this investment when Stripe announced a $600m rise in value at a $95B monetary evaluation of the company.
  • M&A wins: In 2020, 3 portfolio companies (Postmates, Kustomer, & Credit Karma) of Tiger Global were acquired in billion-dollar deals.

The tactics that Tiger Global stands by are well documented in a few different locations. One of the biggest that they push is speed. The deals that fly across their tables are completed in just 3 days, far outpacing other firms. When you are an investment firm hour are a time between success and failure. To keep up with these ideas, they have a pre-emptive approach to startups. Doing thorough research and throwing money at people before they even start looking for it. Knowledge is power and this lets them get their foot in the door faster than anybody else.

Resources and a monstrous war chest are 2 of the other factors that they set their claim to fame on. The numerous portfolio companies have high-priced consultants thrown at them for advice on a regular basis. These consultants just add to the success of the companies and keep things building. Where does this money come from? The stakeholders. The mountainous mounds of money that this firm keeps on hand is matched very few in the world. Scrouge McDuck would be hard pressed to keep up with these guys.

They also keep to long-term holdings as an approach to their methods. Unlike traditional VCs, Tiger Global operates public market hedge funds which provides price stability for startups since it doesn’t have to distribute funds after an IPO, unlike traditional VCs.

In the first quarter of 2021 Tiger Global has closed 60 deals, keeping with their hit the ground sprinting approach. They have bids on a number of different companies already as well (ByteDance, Discord, Hopin, & Coinbase). At least one of these reaches a value into the tens of billions. This company is set to be one of the fastest growing groups in the globe. Who knows where it will stop? Let’s wait and see, or join. Whatever hits your fancy.

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Business Finance

India bans cryptocurrency prior to releasing their own

(BUSINESS FINANCE) India is potentially planning to ban cryptocurrency — and instead, they’re planning to introduce their own version of it for purchase.

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Cryptocurrency coin on a phone open to a purchasing app.

Owning mainstream cryptocurrency these days is a bit like owning a pair of Crocs: Potentially lucrative (especially if you’re Post Malone), but mostly just weird. A recent report shows that India is planning on adding “illegal” to that list, possibly ahead of launching their own cryptocurrency in place of the banned ones.

The proposed law would also fine anyone found tradingor even simply owningbanned cryptocurrencies in India. Mining and transferring ownership of cryptocurrency would similarly warrant punitive measures.

CNBC notes that this law would be “one of the world’s strictest policies against cryptocurrencies” to date. While some countries have imposed strict laws regarding things like mining and trading cryptocurrency, India would be the first country to make owning it illegal.

Some talk of jail timeincluding sentences of up to 10 yearsfor cryptocurrency owners and users was floated by Indian lawmakers back in 2019, but there is no explicit indication that those terms would be present in this rendition of the bill.

To be fair to the lawmakers involved here, the bill wouldn’t be as cut-and-dry as “has bitcoin, gets fined.” According to the CNBC report, people who own cryptocurrency would be able to “liquidate” their earnings for up to six months preceding the bill going into effect. This would theoretically allow investors to hold onto their portfolios for a bit longer before having to cash out.

But that leniency might not matter anyway. It doesn’t take a genius to see that this move could do two dramatic things to the cryptocurrency market: Add yet another niche option for investors, and destabilize every other pre-existing cryptocurrency optionor, at least, make them less stable than they already were.

In fact, the simple introduction and threat of this bill could be enough for the cryptocurrency market to take a nosedivesomething that can’t be discounted as a factor in making this decision. Current reports put Indian-owned bitcoin values at roughly $1.4 billion, though, so it’s clear that the bill hasn’t had a deleterious effect at this point.

The fact that India’s central bank has plans to introduce a government-sponsored cryptocurrency of their own cannot be separated from this bill, either. While the official government position is that blockchain is to be trusted while existing cryptocurrencies are eschewed and dismissed as “Ponzi schemes”, it’s clear that at least part of this bill is motivated by a desire to thin out the competition.

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Business Finance

Which generation has cried the most over money?

(BUSINESS FINANCE) Financial stress is tough on everyone. Here’s who has cried the most about money woes, and a few tips on how to alleviate some of that stress.

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Upset young man seated on bench with head in hands thinking about money.

There’s been serious critique in the last several years about the educational system and what basic knowledge young people should be taught in the United States. Home Economics (Home Ec) comes to mind (everyone should probably know how to cook or sew a button), as well as financial literacy.

There are many young Americans who grow up not really having a deep understanding of budgeting and fixed and variable expenses… But it may not be their fault. Perhaps, Mom and Dad (or other guardians) have always been paying for all of their expenses, making sure they had a roof over their head, clothes on their backs, and food in their fridge. Because, that is what you’re supposed to do as a parent, correct?

So, while there’s no reason to blame anyone, often the process of learning what it costs to live and pay your bills is a rite of passage.

The current state of debt and financial fears also doesn’t mean that Millennials and Gen Zers weren’t educated around savings or working. Many young people have had part-time jobs (although much less in comparison to Gen X or Baby Boomers) but they may also be able to use the majority of that income for discretionary spending – which never created room for feelings of lack when they didn’t have to pay rent or a mortgage.

This scenario can ultimately create a challenge when you are finally out on your own and now have student loan debt, credit card debt, utility bills, and required car insurance. Especially if you are young person moving to a big city for exploration and/or new opportunities, where the cost of living can be quite high.

If you are feeling nervous or sad around finances, you are not alone. If you have cried over your personal balance sheet or your bank statements, you are also not alone. According to yahoo!money, a recent online survey of 1,004 Americans by CompareCards.com found that “7 in 10 Americans said they have cried about money in their lifetimes. Many cited worries over their job or making ends meet. Younger Americans appear the most vulnerable to financial tears. About half of millennials and half of Gen Zers said they cried at least once in the past month over money.”

So how can you cry LESS about money? Well, the first thing is to not be too hard on yourself. But you will also want to create a plan that works for you. Each person deserves financial freedom and not a bank statement that makes them cry on the regular.

Here are some financial literacy resources that may help you figure out how to navigate your way out of crippling debt.

Dave Ramsey Books – The Total Money Makeover – A Proven Plan for Financial Fitness

Bravely Go with Kara Perez – Feminist economics + inclusive personal finance

Debt Relief Programs – you’ll have to do your research but there may be a program that is right for you and an agency that can help you set up a realistic payment program for you

Student Loan Forgiveness – it is worth looking in to your options if you are feeling overwhelmed with student loan debt and there may be ways for your loans to be forgiven

Financial Advisor – consider working with a professional that can help you with your budgeting, investing and retirement savings/funds

And you may still cry because this is big adult stuff… But hopefully you trust yourself to do the research, explore, ask, and find options that work for you to gain a little more control over your financial situation.

If you are not already doing so, it may be as simple as starting with a budget to better understand your income and outgoing expenses. Being informed can help you to plan better for the future and make you feel less like crying.

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