Mobile Merchant Account
Why would a small business owner, professional, seasonal seller or tradesperson want a mobile merchant account? And where would you find the best mobile credit card processing service?
Statistics show that in most sales situations, sales increase by 20% or more when a seller decides to accept credit cards. It can also speed up the sales process, simplify bookkeeping, clear up past due invoices, and avoid excessive accounts receivable in the future.
Unfortunately, while retailers and mid-sized businesses have understood this for some time and already have standard systems, it has simply been too complicated and too expensive for these smaller merchants or professionals to have a regular merchant account.
How does mobile credit card processing work?
- You call a toll-free number from a phone, even your cell phone.
- You enter your account number.
- You follow the simple prompts for entering the card number and details.
That’s it. You’ve processed a sale.
Where is this applicable?
Imagine a home repair service person. Instead of doing the work on a customer’s home and having to collect a check (which could be bad) or, worse, bill them, now you can actually accept payment on your cell phone. This is not only better for you, it’s often much better for your customer as well.
Say you’re an attorney. How does it “normally” work? You talk with a prospective or past client, and come to an agreement to represent him or her. Usually, you would request they send you a check, and, after a week or two of inevitable delays, the check might show up. Or, if you bill them, it just adds to your accounts receivable. If you’re like most individual practices or small firms, past-due receivables can be putting you in jeopardy. Picture yourself, instead, at the end of the phone call offering to take your retainer via a credit card. Again, it’s faster, more convenient for you and your client, and it reduces a whole lot of billing reductions and headaches. Telephone credit card processing could significantly affect your law practice.
Who else might benefit?
- plumbers
- electricians
- carpenters
- carpet cleaner providers
- landscape companies
- limo services
- craft show vendors
- trade show vendors
- flea market sellers
What do you need to watch out for?
- Monthly Fee. Often, for a small account, a processor will insist on a monthly minimum fee of $20 - $25. It doesn’t have to be that much, though.
- Rate. For mobile accounts, it’s usually a set rate from 3.5 to 4 percent. While some processors will tell you they can get you a better rate, this is often a bait-and-switch tactic. Only use a proven, ethical vendor.
- Transaction Fees. This is another area that can cost you a fortune. It is possible to have no transaction fees if you use the right provider.
- Setup Fee. With this kind of account, it is not unreasonable to have one-time setup fees for the account and for PCI compliance if they’re providing this service. Just know ahead of time what these fees are, and if they’re reasonable.
- Payment. After accepting a card, when will the money be deposited in your account? Typically, this is 48-72 hours max.
- Online Access. While this isn’t critical, it is nice to be able to view an up-to-date statement of your account on a secure online site.
- Transaction Security & PCI Compliance. Today’s technology makes mobile sales safe, but with homeland security now getting involved, even the smallest of companies needs to be in compliance with the new federal laws. If you’re not, you could face exorbitant fees and even criminal charges (can anyone say, “TJ Max” and their $55,000,000 penalty?). Believe me, do not mess around with this issue.
So what is available out there?
One program charges only a $5 a month fee, with no transaction fees. They have a one-time setup fee, and a low annual PCI compliance fee. The fixed rate is reasonable (I like that it’s fixed), and there are no hidden fees or surprises (which I like even more). The company is run by very ethical folks, and I’ve been impressed with their service.
If you think mobile credit card processing might help increase your sales, speed up doing business, organize your bookkeeping, avoid receivable headaches, and make it more convenient for your customers, then check out this mobile merchant account.
Click Here For Our Pick For Mobile Merchant Accounts
Now you can process credit cards using any touchtone phone for only $5 /month, with no additional monthly fees. Toll free call, easy to do, no terminal required, get paid anywhere. One time set-up fee of $79 (refundable if not accepted), 3.95% fixed rate, and NO transaction fees, NO minimums, NO monthly fee, and NO cancellation penalty. If you’re a professional or do work outside your office, this is an ideal solution to increase sales, simplify bookkeeping, and minimize accounts receivable.
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