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Utilizing Mobile Payment Technology

Thursday, February 12th, 2015

Giving your customers more ways to pay you is never bad, right? You want to reduce any barriers or friction during the payments process. Making it as easy as possible for new customers to pay you is critical. In fact, they are a must have for a Client Service Representative selling your services out and about in the marketplace. Especially this time of year for large backwork amounts, tax preparation fees, etc. Simplifying the process for your customers is about getting more future business, but point-of-sale systems are incredibly expensive and clunky. There is a better way — mobile payments. Mobile payments are gaining adoption from consumers and are not a fad. This type of tech is evolving (cloud-based, near field communication, etc.) and there are many players out there. We put together a handy-dandy comparison of just some of the many options out there:

Square: One of the first and most well-known. It has extra security enhancements and lots of options for add-ons or displays. There is an offline mode and print receipt options.

  • Compatible Cards: Visa, AmEx, MasterCard, Discover
  • Need: Hardware
  • Processing Fee: 2.75%
  • Fee for Reader: Free
  • Extra Fees: Keyed Entry fee 3.5% + 15¢

Go Payment: From Intuit, so it integrates with QuickBooks accounting software for reports.

  • Compatible Cards: Visa, AmEx, MasterCard, Discover
  • Need: Hardware
  • Processing Fee: 1.75% & Monthly Fee $19.95
  • Fee for Reader: Free
  • Extra Fees: Keyed Entry fee 3.15% + 25¢

PayPal Here: Linking with your PayPal debit card earns 1% cash back on signed purchases.

  • Compatible Cards: Visa, AmEx, MasterCard, Discover
  • Need: Hardware
  • Processing Fee: 2.70%
  • Fee for Reader: $15 in stores that is reimbursed
  • Extra Fees: Keyed Entry fee 3.5% + 15¢ Additional 1% for non-US cards

Flint Mobile: QuickBooks integration, coupons, scan cards without swiping, No fees for 7 days.

  • Compatible Cards: Visa, MasterCard
  • Need: Software
  • Processing Fee: Debit: 1.95% Credit: 2.95%
  • Fee for App: Free
  • Extra Fees: Keyed entry fee 1.95% Debit; 2.95% Credit

Security concerns should play a part in your decision making here. Check with your provider that they have implemented these important security features: Payment Card Industry (PCI) Data Security Standard, the Secure Sockets Layer (SSL) protocol, the three-digit Card Verification Value (CVV2) code and end-to-end encryption (E2EE). It will give you and your customers peace of mind.

Big benefits are: getting your money faster, avoiding bounced checks and happy customers. This will deliver a huge blow to that cash flow monster that most accounting practices deal with.

Todd Steinberg, Executive Vice President of Sales and Marketing

Todd Steinberg offers more than 20 years of experience emphasizing sales, marketing and business development in the industry of marketing accounting services. The scope of Todd’s experience has spanned virtually all aspects of the accounting practice marketing industry. A respected leader in the industry, his experience includes developing new marketing strategies, NCI program sales, integrating financial planning and payroll services into accounting practices, providing sales and marketing support to NCI’s 4,500+ clients, hiring and training of marketing personnel for accounting firms nationwide and speaking at regional and national conferences as an authority on marketing accounting services.