With bill splitting apps like Venmo rising in popularity, especially among younger demographics, many businesses are wondering about accepting those payment methods directly. While Venmo does allow for business use, there are limitations – as well as some concerns – to be aware of.
Non-profits organizations and for-profit businesses alike can take advantage of this easy payment method by understanding the fundamentals of text payments and working with a company that can support the service.
You’ve probably heard of Square, the credit card processing company that lets you take credit cards using your smartphone or tablet. What you may not know is that there are a lot of alternatives.
When a solution called Collect for Stripe promised businesses the ability to use their Stripe accounts to take payments in-person, it was a welcome announcement. But a closer look shows it to be an expensive option for taking credit cards in person.
If you’ve taken credit cards in your store, you probably know that PCI compliance is required. The Payment Card Industry (PCI) set forth a Data Security Standard (DSS) it requires adherence to from any business that processes, stores, or transmits payment card data. But did you know that PCI compliance applies when you take credit cards using your smartphone with a card reader, like Square or PayPal Here?
As of June 28, 2016, CurrentC, the mobile payment app created by the Merchant Customer Exchange, has officially shut down. The move follows an announcement in May that MCX was laying off 30 employees and refocusing its efforts on partnerships with financial partners like Chase.
Payment processing company Square has built a reputation on offering simple, flat-rate credit card processing for small business. The well-publicized 2.75% rate was a good deal for businesses with small average transactions or low monthly credit card sales, but the company no longer offers that rate.