Finance

Credit Card Processing for Businesses

If your business is just starting out or you realize that accepting credit cards will help your business grow, you might want to find a mobile credit card processing service. These services are designed for ease of use from accepting credit cards while you are on the move to sending out invoices and even helping with your accounting. You will want to find that one that works best for your type of business, whether you are a plumber, woodworker, or service professional. The top 3 services currently available are PayPal for Business, PaySimple, and Square. Read on to find the one with the flexibility and function that will help you reach more customers and get paid without worrying about accepting checks or handling cash.

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Is it free to sign up?

It is free to register your business will all three payment systems. However, you will either face a percentage fee for each transaction or a monthly fee that covers a maximum number of transactions. These services are designed for small businesses that don't have many credit card transactions. PaySimple charges a monthly service fee between $50 and $100 depending on the number of services you desire.

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Can you swipe a credit card anywhere?

Only Square has a portable credit card swipe that plugs into a smartphone or tablet. PayPal Business uses an app to read the RF chip on newer credit cards, which is considered more secure. PaySimple allows your customer to enter their credit card number into the payment system for processing.

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What fees do they charge?

PayPal Business charges thirty cents plus 2.9% of the purchase price. You decide if the buyer pays the fee. Square charges 2.75% per swipe. You can also accept debit payments if you sign up for Square Cash. PaySimple charges twenty-five to thirty cents plus a variable percentage rate per transaction.

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How fast is the money in your bank account?

Square puts the cash in your linked bank account in about two business days. If you are working a weekend trade show, it may take longer to get paid. PayPal Business deposits the payments into your PayPal account when the payment is accepted. You can direct deposit the payment if you link your account. PaySimple pays you each business day after your payments are processed.

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Does PayPal Business send payments to a bank account?

It is possible to send cash from your PayPal account to a traditional bank account, but the credit card payments will pause at the PayPal account first. You will have to schedule a direct deposit or complete a transfer. You must register the bank account with PayPal in order to transfer any significant amount of cash and there are limits.

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Can you send out invoices?

While all three payment solutions offer invoicing, only PaySimple is designed to support invoicing on a large scale. PaySimple was created with service providers in mind, not retail merchants that are selling many small items in a short time. It even allows you to set up routine billing for customers that purchase recurring services.

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Is it possible to accept payment through your webpage?

PayPal Business offers web design partners that can create a webpage for you that has fully integrated credit card payments. Square does not support this service. PaySimple allows you to install plugins on your existing webpage.

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My business is really taking off. Will one of these services grow with me?

Square is designed for a small part-time business like an artist that sells their products at weekend craft shows. The processing time is slower than a dedicated merchant account. PaySimple was created for the trade industry, ready to accept one or two payments a day through a website or app. Both PaySimple and PayPal Business offer services ready to support a business that is growing.

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