- Small business owners who want to use an Android phone or tablet to accept credit card payments have many processing companies to choose from.
- Android credit card readers should be EMV compliant so they can accept chip cards.
- Businesses that process less than $3,000 per month should look for a company that has flat rates and no monthly or annual fees.
Credit card payment applications have made accepting payments on mobile devices commonplace, especially for businesses at trade shows, conventions, festivals and more. Of course, trusting a third-party company with your customer’s credit card information and a significant chunk of your revenue is a major decision.
How to choose a credit card payment app for Android
Researching the many mobile credit card processors out there can be a monumental task. Not only are there many vendors, but each has their own credit card readers, terms, conditions, fees and rates. Sifting through all this information can be a challenge, especially for the busy entrepreneur. Luckily, with the right criteria in mind, organizing the research phase of your buying journey can be easier.
Here’s a look at some key aspects of mobile credit card processing to keep in mind when you’re first examining the market:
- Pricing model: Pricing for mobile credit card processors generally includes a flat, percentage-based rate as well as a per-transaction fee in some cases. Rates generally cost between 2% and 4% of each transaction. Some credit card processors offer an interchange-plus or tiered pricing model instead, which can reduce the rates you pay per transaction, but these typically come with monthly and yearly account maintenance fees that make it more expensive for merchants that process less than $3,000 per month.
- Additional fees: Most mobile credit card processors that have flat-rate pricing don’t charge many fees beyond their per-transaction