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All Business Experts, February 2015

5 Mobile Payment Options for Your Business

One of my favorite things about running my own business is the fact that I have a great deal of flexibility. I can run my business from anywhere, as long as I have access to the Internet (or at least a cell signal). I can even make sure I get paid, thanks to invoicing capabilities from apps like Freshbooks and PayPal.

But what if I had a different type of business? I know plenty of artists and others who sell products while on the road, or who need to complete other transactions using their mobile devices. Thanks to technology, it’s possible to accept even credit card payments no matter where you are. Most of us know about some of the main options like Square, but are there other possibilities? Before you just go with what is most common, stop and consider the following 5 mobile payment options for your business. You might be surprised what they have to offer:

1. TouchSuite

If you are looking for a storefront solution for your small business, TouchSuite might be a good choice. There are a number of payment options available (including credit card) with TouchSuite, and it’s easy to take this app mobile, as well as set up a point-of-sale right in your store. You can even manage clients and bookings using this app, and get sales data that can help you later. One of the biggest bonuses of TouchSuite, though, is the fact that it integrates with Quickbooks. This means that you don’t have to mess with double entry, since you can sync right up with your accounting software.

2. Flint Mobile

Rather than get the extra hardware or dongle that is required with systems like Square, you can use Flint Mobile to accept payments. This provides you with a way to accept credit cards and other forms of payment, including coupons. Apple Passbook integration is available, and you can also send invoices and sell online.

3. GoPayment

Because it’s an Intuit product, GoPayment can sync with Quickbooks. However, you do need to get hardware for swiping cards. You can choose between a monthly fee plan, and as a pay-as-you-go plan that allows you to just pay for what you need. This might be useful for someone who only makes occasional sales like this, and doesn’t want the fee for more numerous transactions.

4. Dwolla

If your mobile payment needs are pretty basic, Dwolla can be an option. Dwolla has long been a competitor to PayPal, even though the company remains something of a secret amongst many. As long as you are set up for it, Dwolla can be one of the most cost-efficient ways to accept mobile payments. However, this requires a little more work on the part of customers, requiring them to long in to their own smartphone apps, and this can mean less flexibility for you, as a business owner.

5. LevelUp

This app is more about letting you accept mobile payments from your customers. LevelUp makes it easy to create loyalty programs for your customers. You integrate with your POS system, and then use it to scan your customers’ QR codes on smartphones. There are a number of options with this mobile payment software, including powerful analytic data and the ability to manage marketing campaigns for an additional cost.

Choosing the Right Mobile Payment System for Your Business

The mobile payment system you choose for your business depends on your needs. one of the things I like about programs like TouchSuite is that it’s possible to accept payments while you are on the go, as well as set up a point-of-sale in your store. Some of these mobile payments options aren’t as flexible in that way.

What makes sense for your business depends on the type of products and services you offer, as well as how often you expect to need to accept payments remotely, and whether or not you even have a permanent storefront for your business. You should also consider cost. Some mobile payment options can get pricey, with high transaction fees or monthly fees. You also need to consider how other costs might come into play. Choosing a company that won’t charge you extra for hardware can help keep costs down.

In the end, you need to list you needs, and your budget. Then, research mobile payments options to see which is most likely to satisfy more of your needs.

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