Small Payments Apps: Your Financial Toolkit is a set of tools designed to help people have money conversations. These tools can also help people manage their debt and meet their financial goals.
Mobile payment apps allow consumers to quickly send and receive payments for low fees with their smartphone or tablet. These consumer-facing payment apps have some benefits for businesses as well.
Square
Square makes software and hardware that help small businesses run, including a point-of-sale system, payment processing and administration of payroll, customer engagement and even banking services. Many of these products work together to form a complete business solution, although some, like Square Payroll and Square Loans, can stand alone. Square also offers a variety of related products, such as Appointments and Square Messages, which allow customers to book appointments or send messages.
In addition to providing merchants with a comprehensive point-of-sale system, Square provides payment processing, security and support for credit cards and other forms of mobile payment. Its POS systems and mobile app are designed to support a wide variety of industries and company types, including retail, food and beverage, service providers (home repair, beauty experts, transportation, etc.), organizations, and entertainment.
The company's pricing model is simple, with no monthly fees and a flat rate of 2.6% plus $0.10 per transaction for swipe, chip or contactless payments. Online sales are charged at 3.5% plus $0.15, and keyed-in transactions cost a little more. Square also offers a free, basic version of its POS system that's suitable for a range of retail and restaurant applications.
In the POS space, Square's strong points include a user-friendly interface, powerful sales analytics and offline capabilities for accepting payments without Wi-Fi. However, the company does not offer a dedicated phone number for customer support, and its live support is only available from 6a.m. to 6p.m. Pacific time Monday to Friday.소액결제 현금화 추천
Square is a solid choice for retailers and restaurants that don't need more specialized or advanced POS features, but it may not be ideal for sellers with complex business operations. In particular, the company's POS systems don't work well with Windows devices.
While it's easy to sign up for a Square account, the company may place a hold on your funds or close your account if you sell items or services that violate its terms of service. You should review Square's list of forbidden goods and services before signing up. This will prevent you from running into problems and losing money.
Venmo
Venmo is a popular P2P payments app that allows you to instantly send and receive money. The app can accept funds from a linked debit or credit card, bank account, or Venmo balance. Users can also add notes or emojis to each payment, making the app more fun and interactive. Its social integration also makes it an attractive option for millennials, who like to conduct most of their business online. The app’s popularity has increased since its acquisition by PayPal.
Small businesses can use Venmo to take payment from customers without needing a point-of-sale system. The app is easy to use and requires no specialized equipment. Its user-friendly interface makes it easy for customers to pay, and its instant transfer options speed up cash flow. The service is free to use, but it charges merchants a transaction fee.
While the convenience of Venmo is a great benefit, it may not be right for all small businesses. Its high transaction fees may be a burden for some, while the lack of features that support growth can hinder business success. However, there are other alternative mobile payment solutions that can provide more cost-effective, flexible services.
Unlike Stripe, which offers an all-in-one solution, Venmo is not a complete payment processing platform. It does not offer fraud protection, sales tax reporting, or purchase protection. Moreover, it does not offer a customer support team, which can be a drawback for some businesses. Nevertheless, it has a wide range of other features that make it an excellent choice for small businesses.
Venmo’s user-friendly interface and social integration allow for a smooth transaction process, making it a convenient option for both businesses and consumers. In addition, the company’s secure encryption methods and other security measures protect customer information from unauthorized access. However, the privacy settings on the app aren’t clear. The default setting is public, but you can change it to private if you prefer.
In the United States, Venmo is available to both personal and business accounts. Business accounts have a number of additional features, including a personalized QR code for in-person transactions. These features can be helpful for brick-and-mortar establishments, pop-up shops, and events. They can also be used by retailers to promote their products and encourage repeat business.
Apple Pay
Apple Pay is a contactless mobile payments service that lets users make purchases in stores, using their iPhone or iPad, and with select apps. It uses NFC (near field communication) technology to transmit payment information between a phone and a store’s point-of-sale terminal. It also uses Touch ID or FaceID to authenticate the transaction, which is designed to reduce the risk of unauthorized use.
Users can set up Apple Pay in the Wallet app by selecting a card that’s already on file with iTunes or scanning one in with their camera. They can also set it up as part of the initial setup process on a new iPhone or iPad. Once a card is added, it will be available to use in any retail or online store that supports Apple Pay.
Some major retailers that accept Apple Pay include Walgreens, Whole Foods, Petco, Sephora and more. It can also be used at some public transport networks, including London’s TfL, Stockholm’s SL, and NYC’s OMNY (closed loop), and Hong Kong’s Octopus Card (open loop).
Apple Pay has several features that make it more secure than traditional credit or debit cards. For example, the device’s security features include encrypting the card details, and it does not share the actual card number with merchants. Apple also does not save a copy of the user’s card image on their phone, so it cannot be used to create fraudulent transactions.
In addition to these benefits, Apple Pay offers customers a more convenient way to shop. Apple Pay allows users to tap and pay with their phones at checkout in most stores, and the Apple Wallet app will show all of their purchases and account balances in a single place.
Apple also recently introduced Apple Pay Later, a feature that allows qualifying U.S. customers to split the cost of a purchase into four equal payments over six weeks, with no interest or fees. It can be accessed from Wallet, and is compatible with iPhone, iPad, and Mac devices. Apple Pay Later is a great option for small business owners looking to offer flexible financing to their customers.
PayPal
PayPal offers users a variety of payment methods to choose from. The site accepts credit and debit cards, as well as a mobile app for Android and iPhone. The app uses end-to-end encryption and two-factor authentication to keep transactions safe. It also provides business owners with a number of services, including business loans and marketing solutions. In addition to these features, the PayPal app has a comprehensive invoicing system that allows small businesses to manage their billing and payments more efficiently.
Personal PayPal accounts are free to use, and they provide an easy way for consumers to send money to friends and family. To pay someone online, simply enter their name or email address and the amount you wish to send. You can also scan a QR code to send the money instantly. If the recipient doesn’t have a PayPal account, they can claim the money by creating one. You’ll be asked whether the transaction is for “Friends and Family” or “Goods and Services.” The latter will incur a fee, but there are exceptions.
For small businesses, PayPal offers a range of features to help them sell online and in person. Its POS solution, PayPal Zettle, includes a card reader and competitive processing fees. In addition, the software lets small businesses track inventory and provide customers with an easy checkout experience. The company’s ecommerce platform can also host listings and create links for social media, emails and text.
As a business owner, it’s important to weigh the benefits of each type of payment processor. Some, like Apple Pay and Venmo, offer lower processing rates than traditional credit card companies. Others, like Square and Stripe, offer more streamlined merchant services, such as point-of-sale software and in-person card readers. Ultimately, the decision to switch to a different provider should be based on the unique needs of your business and its goals for growth.
PayPal has a strong reputation for security, and it protects buyers and sellers with its Buyer Protection and Seller Protection programs. These safeguards are critical for small businesses and can save them from losing revenue in the event of a fraud or dispute. The company’s advanced encryption and 24/7 fraud monitoring are also a major plus.