The variety of hardware choices to process credit cards has grown in recent years. One unique method which came on the scene once the iPhone received widespread popularity was the mobile card reader. Typically, a small plastic device that fits right into the headphone jack of the mobile phone, this simple addition enabled businesses on the go to accept a payment card with just a simple swipe. Since then, the tech has advanced to have other options that claim the best mobile credit card processing status. But first, let’s look closer at this unique demographic.
Generally speaking, the business proprietors who were drawn to this type of tech where likely smaller businesses, and more mobile businesses. The reasoning for mobile is self-explanatory. Credit card processors that usually offered it were aggregators, meaning they lump together many transactions for processing, rather than providing the business with their own dedicated merchant account. This fit the needs of smaller businesses, who usually processed a lower volume of transactions, or otherwise accepted payments infrequently.
In recent years, this type of credit card processing has undergone some bumps in the road. First off, the new EMV chip card requirements have been around since 2015. While not a nail in the coffin for the simple headphone jack swiper technology, the accompanying regulations that shift liability to businesses if they aren’t EMV-compliant, are a factor for people going with something a little more robust. Other changes in the industry (like the iPhone doing away with the headphone jack entirely) muddies the waters for small businesses wanting a quick, simple solution to accepting cards on the go.
That being said, what is the best option for this demographic? Oddly enough, the best mobile credit card processing hardware might not have anything to do with a mobile device. That’s because it’s inconvenient to have to use your mobile phone for processing. If you’re processing a lot of transactions at the farmer’s market, for example, you’re probably going to also want access to your mobile in case you need to answer a call. From a security standpoint, too, it’s better for PCI compliance to have a dedicated device to process those transactions. Cleanly separating business from your personal life is always a better choice, especially when money is involved.
The alternative? A dedicated mobile device. The Poynt 5 was designed precisely with this in mind. It’s the size of a smartphone, and does everything you’d need in a payment situation, and a good deal more. Not only does it read those pesky chips; it allows you to accept apple pay and other NFC payments, EBT payments, and many more. Plus, it integrates with the Poynt Smart Terminal, which you get for free when you sign up with Moolah.
Mobile payments are expected to keep growing as a payment situation; it’s expected to claim 20% of payments by 2021. As your business continues to grow, odds are you’ll be outgrowing the headphone jack swiper soon, if you haven’t already. Why not commit to one of the best mobile credit card processing innovations for small business?