When small businesses create merchant accounts, they expect to receive payments from many different customers, with varying types of pay. They are created in order to accept payment via credit cards or debit cards. However, for small businesses that are typically on the go, such as food trucks, mobile vendors, and services that may simply require payment away from a cash register, alternative credit card processing options may be required.
To these ends, mobile credit card readers are often necessary. These readers hook into mobile decides, such as cell phones and tablets, and enable credit card processing anywhere. When the appropriate application is downloaded for the mobile device, and the mobile credit card reader is attached, the phone or tablet functionally becomes a credit card processor and can accept card swipes as a normal cash register could. Though many customers may opt for cash or check payment, the added functionality of a mobile credit card reader will give businesses further options when accepting payments, increasing their potential user base and offering consumers more payment options as necessary.
While the added functionality of being able to accept credit or debit cards on the go is convenient, there are notable drawbacks. Primarily, there are fees associated with mobile credit card readers that should be considered by potential users. Many processors require both monthly fees to use, as well as a small cost per transaction when the reader is used. Business owners should consider their user base when deciding whether or not to use a mobile credit card reader. If most of their customers may pay with cash or checks, it might not be worth the investment of a mobile credit card reader.
Mobile credit card readers are extremely useful for small businesses on the go. Though there are associated fees with usage of these readers, the added convenience of being able to accept multiple forms of payment on the go is often worth the costs. For the most part, however, small businesses will find these mobile credit card readers useful, and perhaps even necessary, at some point. Most companies realize this, and will often offer these readers for free with merchant accounts, as a form of incentive to help out businesses that are starting up.