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Trends in Mobile Credit Card Processing for Fall 2021 and 2022

Over the last 12 months, almost every retailer felt the need to shift from the in-store traditional payment methods to the new-age digital methods. Businesses have also understood that this shift has a vast scope – it is not just a momentary reaction to the prevailing coronavirus pandemic, but a long-term trend. IBM’s U.S Retail Index study revealed that the transition to digital payment was speedy due to the pandemic, which otherwise would have taken five years. E-commerce purchases are predicted to grow by 20% this year.

Even in these uncertain economic times, retailers can be confident that online and hybrid shopping will continue to grow. Today, the customers have become more aware and want more flexibility and security in mobile solutions from these brands. And therefore, brands cannot just sit quietly.

We know that even if the pandemic ends, the e-commerce growth and related customer needs are here to stay. For businesses to keep up with the competition, they must shift to modern payment methods. This article will discuss six trends in mobile credit card processing for fall 2021 and 2022 that will make their way into the future.

#1 E-Wallets

With the increasing number of smartphones, e-wallets have become the most convenient mode of payment for consumers. A mobile wallet syncs your bank accounts and credit cards and turns your smartphone into a contactless payment device. According to some statistics, the global estimate of smartphone users in 2021 was 3.8 billion, compared to 2.6 billion in 2016. A smartphone has become a necessity as it gives you apps for every need from banking to driving, social to nutrition tracking related to all aspects of your life.

55% of Americans use their smartphones when shopping, all due to the increasing use of e-wallets like Google Pay and Amazon Pay. With mobile wallets becoming popular and the growing use of peer-to-peer transfers, the security of these apps has also increased. E-wallets are going to change the way how we pay now. It is one of the most significant trends in mobile credit card processing that cannot go unnoticed.

#2 Social Shopping

A retailer’s most remarkable ability is being able to use personal relationships to his advantage and engage their customers in their business. More than 78% of customers trust the recommendation of their friends and family for shopping, so brands can count on social media sharing and engagement as a better proof of purchase than a direct message to the consumer.

Retailers can hire social media influencers for promotion and make use of social media tools to get to know their customers better. They can further promote positive reviews, give better customer service and sell directly on the platform where their customers spend substantial time.

#3 Contactless Payments

During the pandemic time and earlier, we would hesitate to touch cash as we did not know how many hands the bill was exposed to. With credit cards, handing them over to the cashier for a swipe and typing your card pin is avoided to minimize the touch. Things have changed much over the past months, and Mastercard’s survey suggests the same. The survey says that more than 51% of people use cashless payment in some form. Contactless payments are now more secure than the traditional swipe method with scanning technology to complete the transactions. All this is possible because of the encrypted microchips and mobile apps.

#4 Mobile POS Devices

As more and more consumers use contactless payments, retailers align their shopping experience with POS technology. With the help of mobile POS, retailers can accept payments anywhere as these are wireless devices and not connected to checkout locations. This gives even the smallest brick and mortar storse the flexibility to offer customers multiple checkout locations. With various payment solutions, customers can safely pay in line with social distancing norms. More than 73% of customers want more checkout options with advanced technology. Having said this, mobile point-of-sale devices are fast becoming a necessity for retailers large and small.

#5 Biometric Authentication

If someone had talked about authenticating a process using biometrics five years ago, it would seem like a scene from a futuristic movie. Now this process is everywhere and most of use this technology daily to unlock our phones. Biometric authentication consists of fingerprints, face, and voice recognition that we use today to unlock e-wallets. Biometric authentication gives more security as it is unique to each customer, and due to this trust, the technology attracted huge investments. According to a study by Mobile Payment Authentication & Data Security, by the year 2024, the use of biometric authentication is expected to grow more than 1000%, with a transaction value of more than $2.5 trillion. By the end of 2019, transactions valued at $228 billion were already authenticated by biometric technology.

#6 Flexible Payments

With consumers demanding more convenience and security while using mobile wallets for payments, the pandemic has also forced them to maintain and stick to a budget. Retailers now offer options like installments or Buy Now Pay Later to their customers. With enhanced security, convenience, and accountable spending, consumers have accepted these offers enthusiastically. Consumers get maximum flexibility with the zero-interest installment schemes which the retailers offer at the point of sale. It helps the customers to make large purchases easily without worrying about the having the full payment up front. The popularity of e-commerce and online shopping is growing drastically. The mobile payment strategy of the retailer will play a significant role in the purchase pattern of their customers. This strategy is almost 80% responsible for the rise or fall in sales. If the customer is getting complete flexibility in payments, multiple payment choices, and a streamlined checkout process, nothing can stop him from completing the decisive step of the final purchase.

Bottomline

As the digital world is changing fast, all kinds of e-commerce stores and other retailers need to adapt to the latest payment trends as soon as possible. With contactless payments and e-wallets offering complete convenience to consumers, they are becoming popular at an unimaginable speed. If your customers get absolute security along with seamless checkout, they will keep coming back to shop at your store. Therefore it is important for all fintech companies to keep a watch on. One thing is certain – that even if the pandemic ends, the e-commerce growth and the related customer needs are here to stay. For businesses to keep in the competition, they must shift to modern payment methods.

Are Cash Discounts Right for Your Business?

More and more merchants have to contend with a growing consumer habit of cashless transactions. Given the rise of this trend, many merchants that may have shunned a merchant account for some time are finally accepting it as a new normal and payment processing fees as the cost of doing business.

However, since those fees can be burdensome and not accounted for in their business model, merchants have increasingly embraced another trend, cash discounting, to avoid having to pay merchant account fees. Below we explore what is cash discounting, the pros and cons of such a program, what businesses need to be careful about, and if it is right for them.

What is a cash discount program?

Cash discounting is a program where merchants offer a discount to consumers who pay with cash for the goods or services they procure. If a customer walks into a tire shop and buys a tire with a list price of $100 which has a cash discount program the store will also post clear signage stating that a 4% service fee applies to ALL transactions.

However, customers paying with cash will receive a 4% discount. So for the tire with a list price of $100, its total cost is $104 including the posted service fee. Customers paying cash will pay $100, however, customers paying with a credit card will pay $104. The extra service charge is used to cover interchange costs, so the merchant receives $100 for the $100 tire, and their merchant services statement reflects $0 in fees at the end of the month.

It’s very important to understand that a cash discount program offers a reduction in the listed price if the customer chooses to pay in cash, including any service charges that must be posted.

Businesses need to tread carefully with a cash discount program

The reason merchants have to be careful is that it can be very easy to confuse cash discounting with surcharging. That’s when a merchant applies an additional charge to a customer using a credit card. Using the tire example, if that shop had a surcharge of 4% for credit card transactions, the customer may have ended up with $104.

Based on legal precedence according to the Truth in Lending Act, the regular price is whatever price is available if businesses only publish one price for their items. A merchant would have to charge below that for it to be classified as a cash discount, and if a business charges above that for using a credit card, that’s a surcharge.

The reason why these granular classification details are important is that merchants can easily confuse the two. Merchant account providers offering new technology to enable this may not be upfront about what guidelines merchants need to adhere to. This is because legal and business ramifications are significant to offering one program over the other. There is no harm in offering a cash discount as long as it complies with the legal definition.

However, if businesses confuse a cash discount with a surcharge program and start offering the latter, they must be aware that Surcharging is illegal in many states, including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, Puerto Rico, Texas, and Utah. Merchants would also have to notify their customers with sufficient signage informing them of the practice. They are also obligated to notify their merchant account provider of the practice.

As a result, merchants should carefully review the language of any program they are implementing with a third-party service provider and be clear that it is a cash discount program.

What are the benefits of a cash discount program?

There are clear benefits to implementing a cash discounting program for merchants. Since a cash discount would be on the listed price of items, It is a great way to present the program as a bargain to customers. Another great advantage is that you don’t have to wait for your merchant account provider to clear your payment, you have readily available cash on hand.

Another benefit of facilitating more cash transactions, merchants would have to deal with fewer administrative tasks related to payment processing, such as statement reconciliation, disputing chargebacks, etc.

What are the drawbacks of a cash discount program?

Not to cast everything with a rose-tinted hue over cash discounts, but they do carry significant drawbacks. Not all customers may have the cash to pay for items above a certain amount. That threshold of cash that consumers feel comfortable carrying around has been dropping for a few years.

Many customers paying with a credit card may not be too happy with the fact that they aren’t eligible for a discount because they chose a credit card. It’s really difficult trying to explain to an already upset person the granularities of cash discounting and interchange fees.

Such emotions of feeling bilked may be enough for customers to take their business elsewhere. Also, there is sufficient research that consumers spend more when paying with plastic as they don’t physically account for the amount of cash remaining after their spending.

Finally, as a drawback, keep in mind that cash transactions are trending downwards. To try to maintain that status quo is going against the grain. From an economic and government perspective, cashless transactions are in their best interest as they reduce the costs of physical currency and can aid in reducing the informal economy.

Is it right for your business?

It is difficult to make a cookie-cutter call on whether a cash discount program is right for your business, a lot has to be taken into consideration. What percentage of a merchant’s existing sales arise from cash versus non-cash transactions? Do the positives sufficiently outweigh the negatives of such a program?

It is important to realize that creating unnecessary friction at the very last stage of a transaction may not be right for all businesses, however, it can be a perfect way for traditionally cash-only businesses to accept cards without changing their model.

How to Securely Set up and Accept Recurring Payments?

If you are starting or moving your business to a subscription-based model, you need to choose an appropriate recurring payment plan to accept payments from your customers at regular intervals. Recurring payments, also known as automatic electronic payment, is a payment model where a certain amount from the customers’ bank or selected payment method is deducted every month or year. Customers are asked to complete the authorization form, agreeing to pay the company a specific fee according to a preset schedule to continue receiving the services or membership benefits.

Take Netflix and Amazon Prime, for example. These companies offer live streaming services for movies and web series lovers and charge a specific fee monthly or yearly. Many similarly subscription-based service providers have collaborated with reputable payment processors. Not only do you need to work with a payment processor, but for processing such types of recurring payments, you should use the software system for recording and managing the automatic payments seamlessly.

How Do Recurring Payments Work?

As mentioned above, many software providers offer a wide range of features that enable easy management of payments and billing. Although these systems come with varying price ranges, they offer the same benefits and work in a similar way. Customers sign a one-time authorization form and accept timely payments to continue receiving the specific services.

They sign up for the recurring billing model and are charged at regular intervals, whether it’s a quarterly payment system or a monthly subscription plan. Your customers’ credit/debit card details or other financial information is saved in the system and used for processing automated payments at specific intervals. They don’t need to enter the financial information repeatedly, as the payment is deducted directly from their accounts unless they cancel the subscription. Here are the steps for how the system works:

Customers enter their card details on your website when signing up for the membership or particular service.
Their card details are saved on your device for processing future payments
They are permitted to store this information and deduct a specific amount from their accounts at regular intervals
The saved data is then used to process the recurring transactions

How to Setup Recurring Payment?

First, you need to select a suitable payment method supporting the recurring billing model. PayPal is often the users’ first choice, as it is one of the most reputable payment processing companies. However, PayPal charges a high fee per transaction. Plenty of options exist, and most have the same recurrent billing process. The setup part is also the same for most software systems, but we have used Square to explain it to you in detail.

Square has a secure and robust payment vault where customers can securely save their credit/debit cards and other financial information. You can send the invoice for their purchase through email, and they can open Square’s payment page using the link.

They can process the payment following the link, or the merchant can do it on the customers’ behalf using the virtual terminal. Square and other recurring billing software systems trigger automated payments, where the amount is charged to the customer directly. They don’t have to repeatedly enter their credit card details when renewing their subscription plan. The amount is directly deducted, or they are asked for a confirmation message to decide whether they’d like to renew the membership or end the plan.

The process is pretty fast and convenient. It doesn’t need hectic management or a complex setup. Once you finish the setup part, the system will automatically start storing customers’ financial information and charge them the fees with the add-ons (if they have purchased any).

Benefits of Recurring Payments to Your Business

Recurring payments are becoming increasingly popular in online shopping, and it’s not hard to see why. Subscription payments simplify the entire billing process and provide a seamless checkout experience for your customers.

The main advantage for your clients is convenience. The recurring billing system is completely automated and hassle-free. They don’t have to go through a lengthy checkout process or input payment details every time they’re billed. Once they’ve set up an automatic payment plan, the money will automatically be deducted from their account, requiring no action.

Merchants also benefit from numerous benefits when it comes to recurring payments. Here are some of the most compelling advantages of subscription billing:

Reduce Late Payments

Late payments can harm businesses by impacting revenue and customer relationships. With recurring payments, you set up the system once and trust that payments will be collected automatically according to your schedule. This means less time spent chasing customers for payments and having uncomfortable discussions about late payments, freeing up more time for other essential business activities.

Reduced Effort

With the recurring payment model, businesses avoid chasing late payments or sending reminders to customers every billing cycle. The process is automated, saving the company time and effort.

Similarly, automatic payments lessen customers’ effort. They don’t have to respond to invoicing reminders or deal with the inconvenience of manual payments for their subscriptions. They only need to authorize payments at the beginning, and the rest is handled automatically. Automation also minimizes friction, a common issue with one-off payments where customers must decide for each purchase.

Enhances Customer Experience

Recurring payments provide extra convenience for customers. This model also offers them predictability regarding when and how much they’ll need to pay. By reducing the effort required to access your company’s products, recurring payments give customers the sense of saving both time and money in the long haul.

Protect Against Fraud

Integrated payment gateways handle recurring payments securely and store customer payment information on their servers. They safeguard against fraud using techniques such as tokenization and adhering to industry standards like the Payment Card Industry Data Security Standard (PCI DSS).

These fraud detection and prevention measures shield funds from fraudulent activities and enhance the business’s reputation for trustworthiness among customers. Additionally, they save resources that would otherwise be spent on identifying and resolving fraudulent transactions.

What is the Processing Fee for Recurring Payments?

These automated invoicing apps charge a small percentage of the transaction cost as the processing fee. The fee structure varies from company to company. For example, Square charges a 3.5% fee on every transaction plus 15 cents for all recurring payments. This means a $100 transaction costs you a flat fee of $3.65.

The best part is Square doesn’t charge any additional fee for account maintenance or hidden charges. You may have to pay additional account maintenance costs if you choose other recurring billing systems.

Who Needs the Recurring Payment Model?

The recurring payment model works wonders for any business that charges a regular fee for membership or any service. Let’s see who needs to set up the recurring payment system for their business.

Tuition: You can charge a monthly recurring fee if you offer tuition, fitness training, music or dance classes, yoga classes, or other services.
Service Providers: If you provide house cleaning, lawn maintenance, personal training, therapies, counseling, and similar services, you could charge your customers in batches or individually—whatever suits your preference.
Memberships: Memberships are required for gyms, fitness centers, blogging sites, and other services. A membership is also required to continue using video streaming services. As mentioned above, a subscription-based model is an ideal payment system for such membership plans.

In summary, if you are in any business that requires recurring payments, where customers are to be charged at regular intervals, the subscription-based payment invoicing model is your best bet. These software apps can either group customers into a specific batch or charge each individually. The goal is to make it easier for your customers to process the payments flawlessly.

Things You Need to Start Accepting Recurring Payments

Accepting recurring payments encompasses two primary elements. First, there’s the billing logic, which calculates the costs associated with purchases. This includes calculating purchase prices, considering factors like grandfathering and proration, and requesting customer payments. Second, payment processing is crucial as it involves the actual transaction process. During this phase, the amount is credited to your merchant account.

You can accept recurring payments with just a payment processor if you have a self-built billing engine or use the basic billing engines provided by popular payment gateways. However, as your business grows rapidly, managing payments becomes increasingly challenging.

Factors like extensions, free trials, discounts, evolving pricing tiers, upgrading customer plans, credits, and taxations for different countries add complexity. Recurring billing systems, working alongside payment gateways, automate recurring payments as your subscription business scales. While accepting payments is crucial for any business, it’s also an opportunity to provide a positive payment experience to your customers and build trust. Now, let’s explore some essential elements for starting to accept recurring payments:

Payment Gateway

A payment gateway is a technology that verifies and securely transfers payment information among the parties in a payment transaction.

Payment gateways typically include security features like encryption, tokenization, and fraud prevention solutions. Additionally, they must adhere to strict procedures outlined in the PCI DSS compliance standard. This involves undergoing annual audits and recertifications to maintain compliance. When selecting a payment gateway, you should consider:

Cost: Take into account transaction fees, monthly charges, and setup fees. Your transaction volume and value should influence your choice.
Security: Look for a PCI-compliant gateway to ensure your customers’ payment information stays secure. Features like transaction routing, response verification, and data encryption also enhance security.
Customer Support: Reliable support is crucial for addressing technical issues or inquiries. Check reviews and testimonials to assess their support quality.
Integration: Ensure easy integration, especially for mobile apps used by merchants and developers.
Payment Methods: Choose a gateway that supports various payment modes, such as debit cards, credit cards, digital wallets, and gift cards.

Here are some popular examples of payment gateways:

PayPal
Square
Stripe
2Checkout
Adyen

Recurring Bill Software

Recurring billing software assists businesses in handling their periodic billing tasks for subscription-based products or services. These tools can automate tasks like generating invoices, processing payments, and managing recurring billing schedules. Overall, they streamline the revenue management process for businesses. When choosing a recurring billing solution, consider the following factors:

Determine if the solution meets your billing needs, whether simple or complex.
Check if the solution can seamlessly integrate with your current systems.
Look for an intuitive interface to minimize errors during operations.
Ensure the solution offers strong support for troubleshooting and ensuring smooth functioning.
Assess if the solution can handle a growing number of subscribers and adapt to changing requirements.
Confirm if the solution supports various pricing models, subscription plans, and customization options.
Verify if the solution accommodates transactions in multiple currencies.

Conclusion

Securely setting up and accepting recurring payments is integral for businesses transitioning to subscription-based models. This payment approach, exemplified by services like Netflix and Amazon Prime, offers convenience to companies and customers. Understanding the process—from transaction authorization—is critical. Essential elements include robust payment gateways and recurring billing software. Transparent consideration of processing fees is vital. The recurring payment model benefits various sectors, including tuition, service providers, nonprofits, memberships, SaaS companies, insurance providers, and telecommunication companies.

All in all, the primary purpose of the recurring billing system is to streamline the processing of your customers’ payments. These services are designed for membership or subscription-based service providers. They make it easier for your customers to process transactions with simple clicks and offer you the convenience of managing the payment records most efficiently.

Frequently Asked Questions

Top Merchant Services Trends to Watch in Fall 2021 and 2022

The past year has been full of surprises for merchants, processors, and everyone involved in the payment processing ecosystem. There have been many unexpected highs and lows, but overall the trajectory of the industry has been positive despite some immense challenges. We saw the evolution of payment channels to handle consumer demands and COVID-19 threats. Governments imposed social distancing rules. Customers of all ages quickly shifted to contactless digital payments. There are many important and emerging trends to watch in merchant services through fall 2021 and into 2022.

COVID19 had a major impact on the economy over the past 18 months. While it isn’t going away anytime soon, we have reasons to be optimistic about the future. A study by JP Morgan showed that about 54% of consumers said that they started using digital payment tools more due to the pandemic. There have been significant developments in the industry, and looking at the trends we have all the reasons to be excited about merchant services in 2022.

Here are the top merchant services trends to watch in the fall of 2021 and 2022.

#1. Online Shopping Changed Digital Payments

When we had the COVID-19 first wave, we saw more and more consumers using online services. And businesses had to adapt to the new situation. A study showed that more than 76% of companies agreed that most consumers are now using different payment methods. Digital wallets are now a new normal and people are using them in buying all types of things over the internet. Even those customers who were not comfortable sharing their financial details with businesses have started to shop regularly. More than 18% of the consumers shopped online for the first time during the pandemic. People became confident and habituated to online payments. 38% of consumers said that even after COVID-19 is entirely gone, they will continue to shop online more. This is one of the most encouraging signs for merchant services trends that are going upwards in 2022. It is expected that even after 2022 it will grow exponentially.

#2. Spending and Tracking Tools for Payments

During the pandemic, the businesses saw that consumers had a different paying pattern. They also saw that consumers needed to manage their spending accurately too. With the rise of multiple digital wallets, consumers are getting added advantages. With wallets, the biggest advantage is that they now have a clear picture of how, when, and where they spend their money. This trend was accelerated further due to the COVID-19 pandemic. There are many mobile apps that offer wallets and quick payment options. They also offer you options to manage your spendings and also provide financial advice. With the use of AI (Artificial Intelligence) in future apps, it will be easy to track and control spendings.

#3. Increased Use of Biometric Authentication

The first factor that shook the payment industry is PSD2. The industry will see a significant impact on the growth trends next year. This is also because the time limit to implement the PSD2 strong customer authentication was ending soon. From January 2021, the transactions without any multi-factor verification will be automatically declined. We will witness a significant increase in the use of biometric tools for payment verifications. A study by Juniper Research also predicted that the use of biometric verification for transaction value would be more than $210 billion just in 2021. And the figure will touch $3 trillion by the end of 2023. This trend will increase in the coming years. With the introduction of compulsory biometric verification, people have started to trust online payment gateways. They feel it is far safer now to spend online. Thus the increased use of biometric authentication has boosted the trend in a positive direction.

#4. Global Rise in Real-time Payments

With the COVID-19 pandemic, experts predicted that real-time payments would see good growth in the US. This trend was increasing in 2021 where the value of real-time payments increased by more than 50%. But it did not just limit the growth to the US. One of the studies predicted that real-time payments will grow at a rate of 29% globally between 2020 and 2025. COVID-19 started the trend of real-time payments and will also accelerate its growth in the next year too.

#5. New Focus on 5G Technology

The year 2020 also saw a prediction about the growing importance of 5G and IoT. Where the pandemic accelerated many expected trends, the adoption rate of 5G slowed down. At the same time, far more people were spending much time at home, entertaining themselves over the internet. The number of people who shopped online grew exponentially. And the 4G could have not matched this overload. It failed miserably. 46% of businesses agreed that they lost sales due to slow checkout times. All credit to the 4G technology. The businesses wanted a frictionless in-store experience for their customers. So they now have started shifting their focus to 5G technology to overhaul the store checkout time. The sooner 5G technology is adapted by the market, the better results for merchant services trends in 2021 and 2022.

#6. A Steep Rise in Subscription Models

The pandemic saw many businesses launching their subscription models because of the business need. The customers were also looking for more benefits and they also showed great interest in subscription-based services. More and more customers were planning to increase their subscriptions from what they had earlier, and the age group of 18-34 years was a frontrunner in this trend. Surprisingly, this trend was not limited to digital services only. The famous Pret A Manger coffee chain started its in-store subscription service for coffee in the UK. The subscription model was a success and many businesses will use it and replicate a similar success for their products and services.

#7. Crypto Payments Go Mainstream

Anything that can boost the entire ecosystem of merchant services in the coming years is the use of crypto payments. The fintech companies have been working to find more real-world use for cryptocurrencies. Initially, it was a big challenge to start a system of crypto payments. Big projects like Facebook Libra saw significant setbacks due to regulations. 2021 saw a breakthrough in eCommerce payments. Many big payment processors announced that they would be enabling payments in cryptocurrencies at merchant locations as a priority. This is encouraging and will certainly boost the online payment numbers in the years to come.

#8. Using AI and Machine Learning to Prevent Fraud

AI is comparatively a new technology. But the rate it is growing is astonishing. And the banking sector was the pioneer in implementing this technology. As this technology grows, the online payment gateways will get more secured and robust. For the last few years, online crimes have been increasing rapidly. And the only way to control this is AI implementation that can learn fast and respond with enhanced security. Banking sectors need to expedite the process of implementing AI systems because during the corona pandemic online transactions grew multifold. And fast implementation of AI to protect consumers and merchants is the need of the hour. Although a recent report shows that banks have spent more than $217B for implementing AI. And they plan to implement it further and faster to safeguard consumers from any type of fraud.

#9. Payment Apps with the Customer Loyalty System

Businesses are not only adapting digital payments but also encouraging their customers. They are pushing their customers to use the digital mode for transactions. To do so they offer rewards, discounts, loyalty points, and various other loyalty schemes to their customers. The customers have responded well. Each time they make a transaction, they get benefits. This is a mix of traditional and digital systems. The customer loyalty program has been successful in the past and it will still define merchant services trends in 2022 and beyond.

#10. Peer-to-Peer Payments Merchant Adoption

Another prediction that came true was about the increase in peer-to-peer payments. In the US alone, more than 50% of consumers are now using P2P apps. The use of cash has been declining. The use of apps to send money to family and friends is increasing rapidly. And this will see faster growth in the next few years. But this growth will not be for the US alone. Other regions like South America will also see an explosion in the use of such apps. P2P networks have been positively pushing the merchant services trends since the beginning of the pandemic. And it is expected that this trend will continue to grow upwards for many more years to come.

5 Essential Features You Need In A Global Payment Processor

Did you start an online business in the past year? Good for you! With the rise of the pandemic, millions of people worldwide have become self-employed entrepreneurs by starting their businesses online. Many people have been able to sell things that would’ve been too niche to make returns before, like specialized jewelry, art prints, and even pottery art!

All these developments have been fantastic, but if you’re an online business owner yourself, you know how hard it can be to expand. Sometimes you can feel stuck in a rut, especially when you’re constantly getting comments from people on social media telling you that they wished they could support you but live overseas, or they don’t use your same currency!

Don’t worry; we are here to help! Online businesses can significantly benefit by adding a global payment processor to their websites since it allows them to expand their customer base worldwide.

Do you want to learn how? Well, here are five essential features you need to take into account if you want to start using a global payment processor.

Speak The Language (Literally)

The tricky thing about international e-commerce is something that you’ve probably already guessed: language barriers. While English is spoken at least as a second language worldwide, some people have difficulty understanding it, especially when it’s not their native language. This type of confusion can increase tenfold when dealing with an online purchase since they don’t want to lose money by accidentally buying something they don’t want.

As you can see, language detection and conversion is a crucial feature you have to look for when shopping for a global payment processor. The numbers can back this up as well. A survey conducted recently on consumers from ten different non-English speaking nations said that 73% of them prefer to buy things from websites written in their native tongue, and more than half of them would never buy from only English-speaking websites.

Therefore, if you want to engage these customers, you have to learn to speak their language!… literally.

Not All Currencies Are Made Equal

If you didn’t have the pleasure of being born in a third-world country, then you probably don’t know the stress of having to try to memorize how to do decimal conversions in your head.

It’s true! Many currencies represent a fraction of a dollar; therefore, when people living abroad see the final cost in dollars, they tend to get scared or confused because they can’t make the conversion in their heads. According to another study, 17% of customers claim abandoned shopping carts because they could not calculate the final cost.

It is essential that any global processor that you get converts both the language and the currency of the user as quickly and accurately as possible. That way, international customers will feel more relaxed when shopping at your online store, which means more revenue for you.

Let Them Pay How They’re Used To

Support for international payment methods is an essential part of any global payment processor. Big card brands are a thing of the past. Nowadays, most consumers (especially international ones) prefer paying with cash vouchers, e-wallets, and bank transfers. E-wallets are especially important since tons of people, mainly internationally, use them for everyday purchases.

The same survey we mentioned before found that 7% of customers abandon their carts at checkout because they can’t use the payment method they usually do. This is why adopting a more comprehensive range of payment methods is essential to growing your business.

Work With Banks Worldwide

It may surprise you but working with banks worldwide helps reduce false positives and declines from international transactions. It means fewer angry customer emails for you to read and more glowing customer reviews to fill your inbox.

Working with international banks is essential for any online business to grow since it helps them work with an online market. It is also a significant step in growing as a brand. Many people who live in countries abroad use bank transactions to pay for everything since it’s easy and convenient. In other words, working with offshore banks offers you the opportunity to make payment of goods faster and more effective than ever before.

It also helps to improve your image since working with world-renowned banks makes international customers see you as a trustworthy source. Many people who live abroad are afraid of getting scammed online, so seeing that you work with a bank they’ve known for years dramatically increases their confidence in you! Not to mention, it increases the chances of raising the number of purchases.

Another survey found that 17% of people abandon their online carts because they don’t trust the website to handle their personal information safely, and they’re probably right to be wary. Nowadays, there are plenty of online scams, and giving all your information to an unfamiliar business can be risky.

Introducing renowned banks will also help increase customer satisfaction since many cards tend to be rejected at the time of purchase by not working with international banks. So, if you want to increase your revenue, a global payment processor that can link you to foreign banks is the way to go.

Protect Yourself Against Fraud

Alright, we’ve talked plenty about customers and how to satisfy their needs, but let’s talk about you for a second. While international trade can be a new and exciting way to grow your business, it can also leave you vulnerable and exposed to international hackers. So, how can you protect yourself against this new enemy? The best way to do that is to find a global processor with global network-based feud protection built in. This will protect you from foreign hackers while keeping your customers safe, too!

Conclusion

Owning an online business can be exhilarating, heartbreaking, and rewarding all at the same time. You have independence and many benefits when you are your boss, but that freedom comes with responsibility. So, be conscientious by finding a suitable global payment processor and help your business grow!

Don’t Forget the Post-Purchase Experience for eCommerce Merchants

Have you ever bought something nice and haven’t heard from the store again? That is not supposed to happen; usually, stores try to follow their customer purchases with some message. This allows them to maintain specific contact and, in the future. So, when the customer is looking to buy again, they will consider buying from the same store instead of buying somewhere else.

Most people, after a purchase, are highly interested in the post-purchase experience. For others, it is not a big deal. However, the seller should always leave a good impression. Many customers buy from the same store and do not change because of the post-purchase treatment. Also, attracting a new customer to your eCommerce business is more expensive than retaining an existing one. Indeed, to attract a new customer, you will have to make a bigger effort, so be smart and keep the ones you have; they are the ones that will generate a positive balance at the end of the day.

Strategies for a Better Post Purchase Experience

There are some things that you can do to make the customer enjoy more of their post-purchase experience. Some are more obvious than others, but at the end of the day, they all have the same objective: to generate more revenue by selling more to the same people.

As said before, marketers use many strategies to make the customer return to the store because of the post-purchase experience.

The first strategy is related to the delivery, how the customer is going to receive the product. Personalization is one of the essential features a customer is looking for in a product. So being able to customize the delivery of the product is essential for the customer. You need to be able to know your customer and learn to think like them. Then, you will understand what is on their mind and what they want.

Nowadays, online reviews are the ones dictating if your product is good or not. Many good products never got to where they should have because the online reviews were terrible. So, creating an online base for your customers to talk and discuss could be a huge help, like a forum. Here, you would be able to connect with your customers and do some Q&As for them.

Ideas for Customer Engagement

You can do many things to make an excellent post-purchase experience; however, engaging your customer with your brand might be the best.

Many stores will thank you after buying from them and nothing else. They might seem “cute” or “nice,” but they are not engaging at all. There are some examples of stores that will give you some discount for your next purchase. Giving people a reason to go back to the store page is what the company is looking for. Many stores will send you a follow-up mail offering you a big discount or giving you a coupon.

Here are some ideas of how to maintain contact with your customer and retain them as interested buyers:

First, inviting them to download the store’s app is a great idea. For example, Disney will offer an invitation to download their app. To this, you can add a loyalty membership and offer some deals. Also, you can use the follow-up emails to engage them as well. Once the customer bought the product, they will be alert to any emails they received from the store.

That is why you can use those emails to engage them. Also, in these emails, you can assure your customer that they made the right choice and keep them excited about their purchase. If you achieve it, it is more than probable that the customer will revisit your store; and you never know… maybe they end up buying something else.

Another strategy you can use is to recommend other similar products to what the customer bought. For example, if the customer bought a pillow for the bed, maybe show them sheets or some other pillows, always trying to get the customer interested in your site.

Loyalty programs

As I mentioned before, loyalty programs are an excellent way for customers to feel more attracted to the company and keep them “on the hook.” In this section, we will go in-depth with this strategy. Loyalty programs also accelerate the engagement to the store. And, they set the environment for a better post-purchase experience.

Loyalty programs are made for recurrent customers. If they get into this program, they usually receive special offers, coupons, free shipping, and all sorts of benefits. What is great about these programs is that they will probably continue buying from your store once the customer is in.

Conclusion

It is very common for stores to forget about the importance of the post-purchase experience, but as you now know, it might be crucial for the customer to go back to the store. Imagine a customer who bought the same or a very similar product from two different stores, and one of them offered him a great post-purchase experience.

The next time, he will probably choose the one with the better experience. Why? Because the post-purchase experience makes the customer feel cared for and essential to the company.

To sum up, companies should focus on having an excellent post-purchase experience. With many stores being online, where the customer does not interact with employees, it is vital to make them feel good and safe. Remember, an existing customer is cheaper to keep compared to a new customer. After checking out and purchasing anything, follow-up contact is essential, especially if it is an expensive or unique item.

7 Ways Your High-Risk Business Can Prevent Chargebacks

Your business may already be a high-risk entity because you’ve been dealing with chargebacks. Chargebacks are inconvenient for how they cause you to lose money from both lost transactions and fees imposed by your merchant service provider.

The worst part about chargebacks is that they can occur for various reasons. It could be from fraud, a technical error, duplicate billing, or because someone did not receive a product or service as advertised. While you might want to ensure the customer is satisfied, you’ll lose money while doing so due to your chargeback.

But your high-risk business can prevent chargebacks if you use a few points for your work. Here are seven things to do to keep chargebacks from being a possible threat to your business.

Let your customers know what they are buying.

Start by providing your customers with details on what they are buying from you. You will reduce your risk of chargebacks when you let people see what you’re offering for sale. You can provide full descriptions of everything you’re selling. Videos and pictures that show your items from multiple angles will also help.

You can also answer questions people have about whatever you’re selling. Answering these questions will help people feel confident in the purchases they are making while reducing your risk of chargebacks. They will also know more about these products and how they might be advantageous for their needs, making them more likely to complete these purchases.

Include a sensible billing descriptor.

One reason why chargebacks occur is that people aren’t fully aware of who is on a bill. A customer may dispute a charge if that person doesn’t recognize the billing party.

You can reduce this threat by producing a more accurate billing descriptor. The descriptor can include things like your company name and a phone number where people can contact you if they have issues. People can communicate directly with you if they have any problems with their orders.

Prepare a sensible return policy.

You must have a suitable refund and return policy to prevent chargebacks. You can post details on your return policy on your website, at your register, or anywhere else you do business. The customer can review the timeframe for making a return, any fees associated with the return, and possible exclusions to the policy. The customer will contact you instead of the credit card company if that person knows you can handle the return and refund process. The direct effort prevents a chargeback, plus it improves your standing with the customer. The client will feel confident in doing business with you.

The return policy should still be reasonable and easy to handle. The policy should be something you can fulfill without risking possible losses.

Provide details on your shipping efforts.

One problem with today’s online shopping world is that people expect to get their purchases delivered to them right away. Your business could be subject to chargebacks if your customers are unhappy with the shipping process. They might figure their orders won’t reach their destinations, resulting in chargebacks.

List whatever shipping policies you have on your website to let customers know what they can expect when buying something from you. Let the customers see how long it will take to ship something and if expedited options are available at extra cost.

Be realistic when telling people how long it will take for them to receive their orders. Don’t get anyone’s hopes up by promising you can get their orders ready in less time than most others.

Offer the best possible customer service.

Your customer service efforts are critical to preventing chargebacks. Customers will feel confident in doing business with you when they notice you’re listening to their every need. They will contact you first instead of the credit card company if you pay attention to their needs and respond to whatever they require for work.

Always respond to customer calls and requests as they arrive. Be ready to answer questions and respond to whatever requests someone might hold. You can support a customer’s needs if you look at how well you’re answering one’s questions and facilitating the unique demands that person may hold.

Review your fraud protection tools.

Every business can use fraud protection tools to keep them safe. You can use a firewall that blocks suspicious IPs. You can also use identity verification systems and protocols to reduce fraud risk. A security system can also include filters that identify potentially risky transactions based on value, frequency, location, and other factors.

Your merchant service provider can help you with various fraud protection tools that can protect your business and prevent chargebacks. Look at what your provider offers and see how you can use these systems. Don’t assume your provider will cover everything, as you might need to add outside materials of your own to help you prevent fraud from being a concern with your business.

Look at your prior chargebacks to see what caused them.

The last way to prevent chargebacks is to look back at some of the chargebacks you’ve dealt with in the past. A high-risk business will likely have plenty of prior chargebacks to review. But there might be a trend surrounding all these chargebacks.

You might notice trends like chargebacks coming from purchases of certain values or specific locations. Some chargebacks may also come from terminals or shopping carts not meeting PCI standards.

Look at what you’ve been doing when seeing how you’re getting chargebacks. You can figure out how to fix things the right way when you look at what is open.

All seven of these solutions are worth reviewing when you’re aiming to prevent chargebacks. But make sure when using these points that you know where you’re going with your work. Your plan for stopping chargebacks will help you build your reputation, but you will require a thorough approach that entails supporting your customers and providing enough info to keep people comfortable with your work.

Fiserv Delivers POS QR Codes With PayPal and Venmo

People have been using Venmo and PayPal to handle many financial transactions as of late. People are also using QR codes more often, as they are easy to scan and are more secure than other communication methods.

The financial payment service provider Fiserv is working with both Venmo and PayPal to manage mobile transactions. Fiserv will help introduce new QR codes that can work through PayPal and Venmo to run contactless payments.

Fiserv’s new system will allow businesses that use the Clover POS platform or the Fiserv Carat omnichannel system to accept Venmo and PayPal QR codes. The effort provides businesses the option to make in-person shopping and commerce more convenient.

Contactless payment options have never been more important than they are now. Providing customers the option to handle QR payments from PayPal or Venmo will be a plus for any business to consider.

But merchants often struggle in trying to find contactless payment solutions. It can be challenging for some merchants to support multiple payment platforms. The great news about Fiserv’s move is that it can work with the same platform that one uses right now. People who use Carat or Clover platforms can produce new QR codes that can work with existing PayPal and Venmo-supported devices, making it easier for them to complete transactions in moments.

How the System Works

The Venmo and PayPal app have become essential tools for contactless payments. But not all businesses are capable of collecting payments from these sources. The QR code system that Fiserv is supporting will allow businesses that use their POS system to accept these codes from a PayPal or Venmo account. The system works in moments and does not require the company to produce anything new.

The system can work with a few steps:

The customer can open one’s PayPal or Venmo app. The app is available for all major mobile phones and tablets.
The customer will then select an option to scan an item. The setup will link to the device’s camera. The customer can then look for a QR code to scan here.
The user then scans the QR code the retailer produces on the Clover or Carat program. The QR code must be on a customer-facing display.
The buyer will then confirm the purchase information on the PayPal or Venmo app. The app will display the funds the user will send to the seller.
A second verification method may work in some situations. The buyer has the option to use this for security purposes.
The money will move between the two parties, completing the transaction.

The system is very convenient and provides a simple approach to payments that everyone will appreciate. The process offers a touch-free way to pay for items. The customer can also link one’s credit or debit card to a PayPal or Venmo account, giving that person more freedom over what someone will use when paying for items.

What Makes the Process Ideal For Businesses?

Businesses that use the Clover or Carat platform should look at how well Fiserv’s support for QR codes can work. There are many positives for businesses to note:

Accepting QR codes can boost customer loyalty. Customers will be more likely to return to a store because they know the retailer can support the payment methods they want to utilize.
Customers might prefer to use QR code payments because they are easier.
A company may be interpreted as being more modern and with the times if it can support new payment methods and processes.
QR codes are more secure than other scanning methods. All items in a QR transaction will be encrypted, as the data is hard to decipher without the proper equipment.
Each QR transaction can work with a unique code. QR codes can store more data than a traditional platform, providing a consistent system for work.
QR codes are easy to produce on any computer. The code design can also be read on any screen. A user could even scan that code if it is partially obscured or if the screen is covered in dust, fingerprints, or anything else. The user can also spot it at an angle, as a scanner can identify QR data faster than a barcode scanner can monitor that unique code.
People who use Venmo and PayPal will have an easier time linking their credit cards, bank accounts, or other things to their payments. PayPal and Venmo both support many solutions for payment purposes. Customers will appreciate how they have more control over the payment types they will manage through this setup.

Testing Has Been Working

The expansion comes as PayPal has been testing its QR code payment system. PayPal established a pilot program last year where QR code payments were made available in a few global markets. The testing helped review how well QR-based transactions work and if they can make the sale process easy to follow.

PayPal’s testing has helped forward new QR-based solutions for payment purposes. Venmo’s setup is similar to what PayPal already uses for transactions. By expanding the payment options people can use, it becomes easier for all parties to handle their transactions well and without risk.

The process ensures transactions can flow well and that they can work as necessary. The problem with some traditional payment methods is that some cards are hard for devices to read. By using QR codes, it becomes easier to transfer the data between parties. It is also a safer approach, as the QR code will be different for each transaction. Moving towards this payment option will be a necessity to explore as the payment industry continues to shift.

Fiserv’s effort in managing QR transactions will be a practice worth watching. Fiserv has been at the forefront of payment technologies for years. The group’s new effort in handling QR codes from Venmo and PayPal will be a sight to be seen to stay on top, especially as many others might adopt the same payment process.

Differences Between a Credit Card Machine and POS System

Starting out, many new business owners may feel baffled by a huge list of technologies and terms, especially in the payment industry, such as POS systems, credit card terminals, credit card processing, and so more. Many startups may feel confused when selecting the right device or technology for handling their day-to-day transactions and sales.

Today we will analyze the difference between credit card machine and POS system and where they can be used in a shop or any organization. before deciding on the right system for you, you need to assess what your particular organization needs.

Although both POS systems and credit card terminals allow merchants to accept multiple payment forms besides cash, they have their differences. In truth, we cannot say that one is better than the other. However, there is always the most suitable device based on your business model and requirements.

What is a Credit Card Machine?

A credit card terminal is a payment gateway that doesn’t come with many features and capabilities besides its fundamental ability to process credit cards. In other words, a credit card terminal, also known as EDC Terminal (or Electronic Data Capture Terminal), enables merchants to accept debit or credit card payments.

Based on the terminal you are using; some credit card devices may come with unique features like connecting to a check reader or even processing loyalty cards or gift cards. However, most of them are simply responsible for swiping or tapping debit or credit cards to read the information encrypted in the customers’ cards.

The moment the customer’s card is swiped against the credit card terminal device, the information stored on the card is submitted to the machine for further processing. This method is considered highly cost-effective and, in fact, an eCommerce business depending heavily on its online sales cannot do without a credit card terminal.

There are numerous types of credit card terminals, including smaller, hand-held ones, which are generally easy-to-use and lightweight. Some of these devices come with a screen, a magnetic stripe reader, an EMV-chip reader, a keypad, and a signature pen. What’s more, some of them even come with a printer for payment receipts.

To put it briefly, not all credit card terminals are the same. They vary depending on the manufacturer and the brand selling it.

Therefore, finding the most suitable credit card terminal for your specific business is crucial. Besides, businesses whose sales are extended beyond one single market or location, would require a wireless terminal machine to cater to its unique payment processing needs.

What is a POS System?

A POS system has the same ability to process credit or debit cards but usually comes with additional features and smarter functionalities. The role of a point-of-sale system is not simply to process cards. Instead, these machines are designed to help the merchant manage his/her business by offering full integrated features and tools.

Generally, most POS systems would offer –

Credit card processing
Receipt printing
Cash-drawer management, specifically designed for enhancing cash sales
Barcode scanning
Inventory system to help merchants track stocks and merchandise
Business reporting and real-time analytics
Employee time clocks

Businesses must choose their POS system based on their specific preferences and requirements. In short, the advanced features of a POS system enable merchants to manage their core business areas, and not just their sales.

A good example of a POS system would be Clover Station from the payment solutions provider First Data. This system accepts cash, all card types, and prints receipts. Additionally, modern POS machines also have the capability to track employee activity, inventory, and generate real-time analytical reports for merchants.

Some point-of-sale systems are best suitable for people owning supermarkets and retail stores. These are usually the industries in which merchants don’t usually accept payments for their consumers on-the-go, mostly because POS devices cannot be transported easily.

These types of POS machines come with EMV-chip and magnetic stripe readers, keypads, etc., which are similar to terminals. Other tools and features included in a POS system are printers, larger screens, and cash drawers.

Types of Credit Card Terminals

The three basic kinds of credit card machines include –

Traditional or Conventional Terminals: Traditional terminals usually come with a small display screen, a magnetic stripe reader, and a keypad. These devices are also known as physical terminals, and they help to save both time and money.

Virtual Terminals: These machines are best suitable for merchants who use the phone, internet, fax, and others, to conduct their day-to-day business operations. For these merchants or business owners, traditional credit card terminals are not the right solution. Some merchant account providers, in these cases, offer business owners a virtual terminal as well as software to help manage their everyday credit card transactions.

Wireless Credit Card Terminals: The wireless credit card machines are more beneficial for mobile businesses as they help to increase their efficiency. Further, merchants using these terminals can accept credit cards even from temporary locations. Besides, some wireless terminals also come with inbuilt printers for faster checkouts and transactions.

The best thing about these wireless credit card terminals is that they are small, reliable, and are quite simple and uncomplicated to use. However, one downside to these otherwise amazing devices is that they can become quite expensive at times, especially for those business owners who don’t require them much. Also, one can easily lose these terminals since they are carried around more frequently.

But whatever be your credit card terminal, you can never accept card payments without one.

Credit Card Machine and POS System: What is the Right Solution for My Business?

While deciding whether to opt for a credit card machine or a POS system, the key factor to consider is which one is more advantageous and profitable for your business in the long run. Ask yourself questions like –

Where and how do you accept payments from your customers? Accepting credit card for your business can increase your sales by 40%
Which device is going to cater to your needs most efficiently and cost-effectively?
What are the additional features or services you would receive from your machine brand/manufacturer, and how is it going to help your business succeed?

As mentioned earlier, businesses accepting payments in one location, like a restaurant or a clothing store, would find a POS system more beneficial for them. However, companies or contractors who travel from client to client to make a sale, would prefer a credit card terminal, since they need to receive payments on-the-go.

To conclude, whichever solution you choose, make sure to check the key features it is offering. Look for some common features that almost every credit card processor or reader is providing.

Using a Credit Card Reader with Apple iPhone

Are you planning to use your iPhone as a POS system for accepting payments from your consumers? Congratulations, you have made a good decision! Accepting payments from an iPhone has the potential to grow your business. One can pay for their purchases using an iPhone compatible credit card reader literally from anywhere!

The best part is anybody can start accepting payments via an Apple device (like iPhone or iPad). You will be surprised to hear that it’s quite affordable and above all, highly efficient, fast, and secure!

Before you start accepting payments via your iPhone, you will need –

An Apple device, of course! It can be either iPhone or iPad, make sure it’s connected to a working internet connection, like WiFi or cellular network.
A credit card reader offered by a good mobile payment processing company.
A credit card processing app that’s installed on your Apple mobile device.

An Apple iPhone card reader offers you the maximum flexibility of accepting payments from any place and at any time. This, in turn, can boost your sales tremendously and make the invoicing process much simpler and more efficient. Because with an iPhone crest card reader, you can receive payments and generate invoices on-the-go!

With Host Merchant Services, getting a credit card reader for your iPhone is not just affordable, but it’s super convenient too! We will help you to get customized solutions for managing your mobile payments, eCommerce payment processing, POS systems, EMV terminals, and many more.

Whether you are getting started with accepting credit card payments or simply willing to switch to a more flexible and mobile payment option, Apple-based credit card readers are the best option for any business looking for quicker, anywhere-anytime transactions.

However, besides choosing the right credit card reader, you must also take into consideration the features accompanying the device, and of course, the costs associated. Also, make sure that your provider is offering a strong customer support service to help during emergencies.

While choosing the best iPhone credit card reader for your business, there are a few things you need to consider. Whether you want it for a curbside delivery or pickup, or simply to manage transactions from various locations, your credit card reader must comply with the latest social distancing norms for ensuring your consumers’ safety. In other words, merchants are searching for safer and more mobile options for accepting payments using their Apple devices.

The key factors you must keep in mind while selecting your Apple-based card reader include –

It must be compatible with your Apple iPhone or iPad
Wireless connectivity like Bluetooth
Initial and recurring costs
Your business type and model
Your consumers’ unique needs and preferences
Hardware options
Your monthly or annual sales volume
Features of the credit card processing app
The reputation and brand image of the credit card processing company.

Let’s check out our top picks in the arena of iPhone credit card readers, and what each has to offer to help your business grow.

1. SwipeSimple

SwipeSimple comes with a flexible and highly portable credit card reader and an intuitive mobile app. By integrating the card reader and the app with your iOS or Android device, you can start accepting payments from your buyers anytime, anywhere.

SwipeSimple Card Reader has –

Compatible tools for catering to modern payment standards, such as –
1. EMV Quick Chip to speed up chip transactions
1. Magnetic stripe to support legacy cards
1. Contactless payment modes, including Google Pay and Apple Pay

The two popular card readers from SwipeSimple are –

B200 Card Reader
B250 Card Reader

Both of the above devices can accept EMV Quick Chip as well as magnetic stripe payments. However, the B250 has an additional option of accepting contactless payments, which is the best choice for businesses in the COVID-19 era and beyond.

SwipeSimple Mobile App has –

Easy-to-use interface combined with robust, time-saving features
Powerful features like –
1. Getting an overview of your past transactions
1. Gaining accurate business insights, including total charges, tax or tip collected, average charge, etc.
1. Performing voids easily along with numerous partial refunds.
Advanced capabilities like –
1. Offline mode
1. Customizable settings for signature prompt, taxes, tips, etc.
1. Sending receipts via text or email or printing them using a compatible receipt printer.

2. Vital Mobile

Vital Mobile is another popular Apple compatible credit card reader that is regarded as an all-in-one, affordable mobile POS solution. Besides, it enables you to operate your business right from your smartphone any time and at any place.

Vital Mobile is the right solution for small and mid-sized businesses that want to accept payments on-the-go beyond any fixed store location. This robust yet easy-to-use reader is compatible with almost all iOS (and Android) devices, and requires a super quick set up process. Its intuitive design offers a superior user experience, and one needs minimal training to get started.

Vital Mobile comes with reliable and simple tools to help you operate your business efficiently. The highlighting features of this card reader are –

Inventory management using real-time data to maximize sales.
Accept all kinds of payments to boost profitability and cash flow.
Establish and manage price points, customer loyalty programs, and discounts across multiple locations and products.
Set up and manage taxes and tax reporting procedures for accounting operations.
Manage employees, track their performance, and configure user permissions and roles.

3. Clover Go

Clover Go is a sleek, lightweight, and compact card reader as well as an app built with tremendous processing power. The device is designed to accept payments on-the-go, while maintaining safety and security.

Some significant features of Clover Go that need mention are –

Take payments instantly from any place at which you have a good WiFi or cellular network connection. You can accept all kinds of payments using Clover Go, such as contactless, swipe, and chip from across multiple apps and payment services, including Apple Pay, Google Pay, and Samsung Pay.
Your Clover Go is ready simply by charging, connecting, and pairing the Clover Go app with your iOS or Android device.
Clover Go offers the highest security levels by protecting you and your customers’ sensitive data end-to-end. The device’s advanced tokenization and encryption technologies help it to provide top-notch security standards.
What’s more, you can even sync your Clover Go device or app with the Clover web dashboard. This way, you can have complete control over your core business functions, such as creating orders, managing and tracking employees and their performance, processing transactions, updating and tracking the inventory, and so on.

Before opting for a card reader, make sure to do good research on the available options and check which caters to your modern business needs.