Man scanning his phone using NFC to make a mobile payment

Although financial literacy month is still two months away, it’s never too early to hit the books and learn about payments.

Sending and receiving payments are at the core of the financial health of your small business. So, it’s important to learn how they function, and what trends dominate the business world today. 

To begin with, the mobile payment industry today is tremendous. In fact– this may surprise you– it is projected to reach a whopping $4,574 billion globally by 2023. Now, with the first quarter of 2019 in full swing, the industry seems set to go from strength to strength.

February is all about understanding the various convenient mobile payment options at your disposal. You can use these wherever you find yourself in the world, and no matter what industry niche you occupy. Remember– this is just the tip of the iceberg. 

In addition, with VEPAA, you can even hire virtual assistants to take care of these transactions for you!

Square

By turning your iPad into a point of sale, you can take your business on the go wherever you are with Square.

In just a few minutes, you are able to send or receive a payment by simply signing up and requesting your free Square Reader, downloading the free Square Register app and plugging in your Square reader to begin taking payments. The pricing model is pretty simple also as each swipe, no matter how small or large the purchase, is always 2.75%.

Google Wallet

Google Wallet harnesses the power of NFC (near field communication) to let businesses accept payments online and in store. It’s quick, efficient, and without hiccups. 

In case your small business already uses an online payment service, Google Wallet can be seamlessly integrated into the service– at no additional cost. Alternatively, if you use Google as your new payment processor, the standard transaction fee begins at 1.9%. 

Amazon Payments

Capitalize on the mobile shopping movement by utilizing Amazon Payments! This will make it easier for customers to purchase products or services from you.

Amazon Payments is a solution that lets customers make purchases with an account that already exists. This means they don’t have to remember any usernames of passwords! Instead,  with just a few clicks using the information stored in their Amazon account, their order is confirmed and they are good to go!

Dwolla

Dwolla has a mission: to allow anyone or anything connected to the internet to move money fast, safely, and at a low price. This payment network that allows you to transfer money for $.25 cent per transaction. What’s more, it’s free for transactions that are $10 or less!

`This mobile payment option allows you to send money anywhere from email addresses to your Twitter followers in a secure way. All you have to share is your email address, phone number or unique Dwolla ID.

Intuit PaymentNetwork

With Intuit PaymentNetwork, you can simply initiate a payment with the other person’s email address. It’s free to send a payment to a member and to pay a request.

However, if you want to receive a bank payment, you will need to pay $.50. It is also $.50 to send a payment to someone who is not a member of Intuit PaymentNetwork.

Chase PaymentTech

Similar to Square, Chase PaymentTech has a solution called Chase Mobile Checkout. This allows you to accept credit and debit card payments wherever you are. All you need is the Chase Mobile Checkout app on your phone, the card reader and an account with Chase PaymentTech.

The monthly fee to use this mobile solution is $9.95 and includes additional pricing guidelines.

Do you have experience using any of the mobile payment resources above? Do you use a different service altogether?

Share your experiences with us in the comment section below!

Photo by Jonas Leupe from Unsplash

 

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