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Mobile Credit Card Processing Reviews

Mobile credit card processors have become the best option for new businesses that typically process not more than $3000 every month. Several seasonal businesses, freelancers and sole proprietors also utilize mobile credit card processors to process payments. This has made their reviews essential in enabling merchants to choose the best options available in the market.

There are many reasons for the growing popularity of mobile credit cards. The most significant can be linked to the moderate processing fees merchants pay per transaction. The lack of annual or monthly fees and long term contracts are other contributing factors responsible for the recent spike in the adoption of mobile credit card processors.

We provide businesses with a comprehensive review of top companies and help them discern the right providers for their business. Our in-depth review covers various features, pricing, and contracts involved. This, in turn, will help you make informed decisions during the crucial purchasing process. Read on for a complete review.

Guide to Choosing Mobile Credit Card Processing Services

Your ability to accept payments anytime and anywhere can strategically position your business ahead of your competition. An advanced mobile credit card processing solution can give you the freedom of accepting payments with ease. 

What is Mobile Credit Card Processing?

Consumers today want to explore their options when paying for goods and services; mobile payment is some of the more popular means of payment today. Among these mobile credit cards remain the most popular. Though this does not explain the mobile credit card processing industry, it’s clear that the large transactions need centralized control and moderation. 

Whether you’re looking at e-commerce settings or dealing with physical retail operations, the most preferred channel of payment remains the credit card. Hence, mobile credit card processing has become indispensable for many businesses. Because it necessitates the services of a credit card processor or merchant bank to route your payments. 

As the demand for more mobile credit card processing services has increased, so has the competition within the payment processing industries. As such, the services grew in sophistication, features, merchant offerings, and charges. 

This has put several businesses, especially small business owners at a disadvantage. Because, the lack of industry knowledge and a trustworthy expert can lead to poor choices that later affect both small and big businesses. 

Fortunately, there is enough information available to identify these mobile credit card processing companies and distinguish between the best services out there. You can find a POS system like Square POS and Helcim, which operate on a subscription basis that covers top-notch mobile merchant services. 

Leading Methods of Payment

Commerce is so diversified that, whether you’re on the street corner or browsing a free website, you can transact business with a customer located at the opposite end of the globe. Though the transactions can take a matter of seconds to complete, there are complicated processes that transpire behind the scene to make it possible. 

Together, the different payment options form a global network of interconnected transactions that form a giant wheel with different smaller moving parts. The part of the mobile credit card processing wheel that turns the fastest and delivers the best customer experiences has become the most popular payment method. 

So far, here are the leading payment methods in the mobile credit card processing service used by consumers in the US for online transactions. 

  • PayPal - 22%
  • Amazon Pay - 5%
  • Google Pay - 2%
  • Apple Pay - 2%
  • Others - 3% 

*Statista conducted this survey on over 1000 U.S. consumers. 

Businesses that Use Mobile Merchant Services

Everyone has a fair idea of some goods and services providers that could benefit the most from mobile credit card processing services. However, no matter which ideas you have, more businesses use the services of mobile merchants. Below are some of the industries that depend most on mobile POS systems for accepting customer payments. 

  • Direct sales
  • Restaurants (foodservice industry)
  • Farmer markets
  • Food trucks
  • Retailers
  • Service and mobile businesses

When you consider the number of companies that fall within these industries, you’ll appreciate the magnitude of the mobile payment processing industries, and its significance in global commerce. 

Choosing the Best Mobile Merchant Services

The credit card processor you’ll use and the mobile POS system you select usually go hand-in-hand. Hence, it’s like you end up with a specific mobile merchant service simply because you decide to use POS software from a particular vendor.

Although it is not uncommon to find mobile credit card processing companies that partner with multiple credit card processors, you need to choose your mobile merchant carefully. This way, you get the best terms, charges, mobile POS systems, and even the right hardware to go with it. 

Your Options - Merchant Accounts & Aggregators

Typically, there are two ways you could accept mobile payments. Either you apply for a merchant account or subscribe to the services of a third-party processor, otherwise known as an aggregator. Irrespective of which option you pick, there are pros and cons of both. 

While, your merchant account may be highly stable and lack any account terminations, it also takes longer to setup and more negotiation to finalize agreements. Also, you get to process about $10,000 payments through your merchant account. 

On the other hand, the aggregator will get you signed up in less time with only an ID verification in most cases. Overall, you can begin processing payments in less a day. However, the tradeoff here is that you are more likely to face more account terminations and holds. 

Ultimately, you get to choose the most ideal mobile credit card processing companies after you’ve completed the following:

  • Compared payment plans and charges of mobile merchant services.
  • Verified the hardware compatibility of the systems provided
  • Calculated the taxes and tips 
  • Checked out the internet reliance of the system

The choice to work with any mobile credit card processing company lies in your hands. Therefore, you want to make the best use of it. Both for your sake and your customers’. 

Equipment, Costs & Fees

If we arranged the providers in the payment industry, we would have a sort of pyramid with business owners at the bottom. At the tip of this pyramid, you’ll find the mobile credit card processing companies. These companies charge flat interchange fees from big processors like Flagship, Vantiv, First Data, and Global Payments. 

The big processors also take on some individual customers. However, they usually partner with intermediary services such as Independent Sales Organizations (ISOs). Services such as National Bankcard, Cayan, and Sam’s Club Merchant Services are all ISOs. 

Therefore, business owners must learn to navigate the complex transaction fees of these companies - both aggregators and merchant service providers. Together, these providers offer equipment with their payment services. You can either find them supplying in-house equipment or through a partnership with third-party hardware providers. 

Also, you can take advantage of partnership bundles provided by your payment services provider. In such packages, you can get basic hardware for next to nothing. However, they may come with long-term commitments and termination fees. 

Also, more advanced equipment like intelligent POS systems capable of managing supply chains, doing accounting, and other complex tasks will come at an extra cost. 

Compliance and Support for Payment Card Industry

Due to security reasons, all mobile credit card processing companies must abide by the Payment Card Industry Data Security Standards (PCI DSS). Also, most mobile merchant services include PCI compliance in the basic features of their services. Noticing that a provider has included these should raise a red flag. 

Though, the government doesn’t enforce this, a private self-funded organization oversees compliance with these industry standards. As such, it’s not out of place to find some mobile credit processing companies that charge a small compliance fee. Usually, this fee runs from $20 to several hundred dollars. 

Our Approach

In an attempt to cover major players in the mobile credit card processing industry, we conduct in-depth research. Our research covers the different sectors that are stakeholders in payment transaction processing. Then we consider user ratings and reviews mainly from BBB (Better Business Bureau). Finally, we take into consideration the opinions, statements, reports, and surveys from authority sites. We also listen to industry leaders that have credible voices in the mobile merchant services market. We note what these voices are saying and make up a hypothesis that's tested by facts and real-life evaluations.