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Cash Isn’t King, Mobile is: An Overview of New Payment Methods

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Technology has created a wide range of ways for businesses and individuals to accept and send payments. Has your son or daughter recently asked you to “Venmo” them? Are you concerned when farmer’s market vendors swipe your card on their phone? Today we cover some of the most common payment types and how to use them.

*Disclaimer – Sharkey, Howes & Javer does not endorse any of the following products or services. This post is for informational purposes only.

Mobile Credit Card Readers

Mobile credit card readers, such as Square, have been widely successful. These readers offer the ability for anyone to “set up shop” at little to no cost. The card readers plug into the headphone jack of a phone and connect to an app. Instead of charging a flat fee per transaction, these readers simply take a small percentage of the transaction, usually 2.9%. Readers like Square allow small businesses to accept credit cards on the go.

Just like a regular credit card machine, your information is transmitted to the processor over the internet. The risks of using a credit card on a mobile reader and in your favorite big box store are virtually the same. Read More