October 10, 2011

Square vs GoPayment vs PayAnywhere, Accept Credit Cards on Phone

Square vs GoPayment vs PayAnywhere, which service should you use to accept credit cards on your Phone or Tablet.

If your business is done on the go, to get paid, you need to be able to accept credit cards anywhere – securely and easily. Square, GoPayment and PayAnywhere are three prominent services using which you can accept credit cards anywhere with your iPhone, iPad, Android phone or tablet.

Square is the most popular and simplest to use. It has a single rate for all cards – Visa, Mastercard, American Express and Discover – a simple fee structure that is liked by every business.

GoPayment by Intuit excels by providing a low fee for high-volume businesses (transactions more than $1,000 per month) but has a little complex fee structure - different rates for accepting American Express cards, chargeback fees, ACH reject fees etc.

PayAnywhere is a North American BanCard service, which in turn is a HSBC service provider. For small transactions, PayAnywhere fees are higher than Square or GoPayment’s. For larger transactions, PayAnyWhere is comparable to Square. PayAnywhere requires setting up a merchant account.

Other things being equal, a payment service’s fees determine whether it will work for your business or not. Take a look at the comparison of the three services below to see which one works the best for you.

The services discussed above currently only operate within the US. iZettle has recently started providing a similar service for European businesses

Google Wallet is another service for mobile payments, but with mobility from a customer’s perspective. It is a credit card-less payment service intended to work with new, compatible POS terminals. The service is too new and tiny right now to replace physical credit card payments.