Mobile merchant solutions are becoming more and more prevalent in our society where everything (including business) is on the go and mobile. Almost two years ago I wrote about an app / merchant service provided by Paynet which I use to process credit cards from my iPhone.
Mobile Merchant Solution from GoPayment
Today I’m exploring GoPayment, which is a mobile merchant solution provided by Intuit. Intuit is the maker of Quicken and Quickbooks software and not to long ago they also acquired Mint (Learn more about Mint for iPhone). Intuit is a leader in business accounting solutions and they have been offering merchant solutions for accepting credit cards for a very long time.
The first thing I wondered was how this would integrate with existing Intuit products, since this is naturally the biggest thing GoPayment has going for it. I was told by their customer service that GoPayment does not currently integrate with Quickbooks online, but that you can export the transactions into Quickbooks 2009 on your desktop.
Online Virtual Terminal
There is an online merchant account terminal where you can review transactions and process new payments, returns, etc. This is crucial since you just never know if your iPhone or iPad’s battery is going to die or if you will have the best cell service where you are going. Having the option to charge a card online gives you greater flexibility overall but remember that this isn’t Quickbooks. The online merchant portal is just that, and nothing more.
The iPhone & iPad Apps for Accepting Credit Cards on the Go
The app has a very clean and reliable interface. You can key cards into the application manually (higher fees) or you can just swipe the card with the included card reader. You can also text or email custom receipts to your customers immediately following the transaction.
Customers can even sign for the charges using your touchscreen which is important to maintain security and a credible business system.
One of my favorite features is the ability to create and save products and services to be easily recalled and added to future transactions almost like a shopping cart.
Monthly and Transaction Fees
When shopping for a merchant account with which to process credit cards I’m always looking for the hidden fees. In this case it looks fairly simple. There are two different plans you can choose based on the amount of monthly volume you plan on charging. The low volume plan has no monthly charge and transaction fees of 2.7 and 3.7%. 2.7% for charges entered by the card reader and 3.7% for transactions manually entered. There is a $1000 monthly maximum of charges on the low volume plan. The high volume plan has a monthly fee of $12.95 but transaction fees of only 1.7 and 2.7% respectively. That is really impressive overall.
The biggest thing that holds me back from utilizing the GoPayment service on my iPhone is the lack of integration options for online shopping carts. I just assume not have multiple merchant accounts for my retail business, my mobile business, and my online business. I want one merchant service that will give me a traditional card reader, an app for my phone, and an online terminal that I can integrate into my eCommerce website. So far, Paynet is the only thing I’ve found that does that and the fees there are equally reasonable. Otherwise, I think GoPayment is a reliable system from a reliable company and if all you need is a mobile solution for charging credit cards this could be right for you.
UPDATE APRIL 1ST, 2013: I’ve recently decided to STOP using Paynet as my merchant provider. I found that their policies worked against helping my business grow. The more I learned about other options in the space the more I also realized that their technology was behind par. It doesn’t integrate with many of the common shopping cart solutions and in the end they just didn’t want to earn my business. Click here to learn more about my latest provider.