Accounts receivables are going mobile! In addition to games, calorie counters and movie times, you can now use apps to receive payments from your customers. To be an accounts receivables management pro, we have always preached that you have to find ways to make it easier for your customers to pay. Mobile payments are just that! Imagine getting paid right in your customers’ offices, while meeting them at a construction site, at a restaurant or even on the street. These (free!) mobile payment apps let you turn your phone into a portable payment portal, using secure and reputable services.
The Top 5 Mobile Payment Apps on the Market:
Intuit is more commonly known as the makers of Quickbooks, one of the most popular accounting softwares for small businesses. To get you started with GoPayment, Intuit sends you a free portable credit card swiper. You can just plug the card reader into your Android, iPhone, iPad or iPod touch and let your customers swipe away–but make sure you are connected to the Internet! Customers sign with their fingers and have the option to receive receipts via text or e-mail, allowing for paperless transactions. If you have multiple employees out in the field, up to 50 individual users can install the mobile payment apps and process payments from their own mobile devices. For the free pay-as-you-go plan, each swipe will cost you a 2.7 percent fee (and 3.7 percent for keyed payments). Alternate paid plans with lower fees are available. As you would expect, GoPayment allows Quickbooks users to integrate their mobile payments into their accounting systems seamlessly.
PaySimple lets you process debit card, credit card and electronic check payments everywhere you can use your phone. You can use this mobile payment app to maintain a customer list and securely store their payment account information to process transactions. You can even key in their credit card information and receive payment on the spot. To save you from hassle, PaySimple sends your customers payment reminders, overdue notices, receipts and expiration notices. The web-based PaySimple Pro service automatically syncs and keeps track of all your mobile payment transactions, providing you with clear and easy-to-read reports. Credit card processing rates vary according to your plan. PaySimple is available on Apple and Android mobile devices.
Square is a portable card reader that allows you to accept customer payments on the go. The attractive square-shaped reader is a sleek way to conduct business conveniently and efficiently. A streamlined interface can help even the least tech-savvy track sales, send text or e-mail receipts and collect tips and tax all from one mobile device. Square will also generate financial reports, so you can keep your finances well organized. The 2.75 percent rate for credit card swipes is slightly higher than Intuit’s 2.7 percent, but Square provides a lower rate for keyed in payment, charging 3.5 percent compared to Intuit’s 3.7 percent.
PayAnywhere is a mobile payment app with a credit card reader that provides some of the most competitive rates. Excluding the inquiry fee, at 2.49 percent for swiped and 3.49 percent for keyed payments, PayAnywhere has lower rates than both Square and GoPayment. PayAnywhere also offers 24-hour live phone and online support, in case anything goes wrong with your mobile payments. PayAnywhere is not just a mobile payment app, as you can create an inventory of your goods and record cash payments to include in your sale reports. The GeoTax add-on instantly calculates the sales tax wherever you are, which comes in handy if you have a far-flung customer base.
The popular online payment website, PayPal, now has a mobile payment app. Perhaps one of the coolest features of these mobile payment apps is check payments. You can take a snapshot of the check with your phone to add the funds directly to your account. PayPal is an especially convenient app to have on your phone simply because it’s everywhere. While customers may feel insecure about the newer forms of online payment, PayPal is a familiar and well-trusted site.
When it comes to accounts receivables, mobile payment apps may help cut down on the cat-and-mouse game of charging for payments. Making the process easier is one of the best ways to ensure you get paid. Credit card payments charge a small fee, but customer convenience creates great returns.