How to accept credit card payments anywhere using your mobile phone - YouTube

Hello again and welcome to another edition of Martyís Midweek Momentum.

Midweek Momentum contains ideas, strategies and tactics to propel your business forward

and today weíre going to talk about something that will allow you to close the sale and

get your money no matter where you are and Iím really excited to share todayís tip

with you.

A little background on this tip.

I was in Las Vegas last week speaking at a conference and it was probably among the top

three most productive and profitable conferences that I personally have attended.

Every time I sat down at a meal, it was interesting.

It was almost always meal time, breakfast, lunch or dinner or ñ actually it was meals.

Almost every single time I sat down, I got a new client.

It was amazing.

One particular prospect who I was talking to was so excited to work with me, they were

ready to pay right then and there and move forward in working with me for some business

coaching.

And of course how do you take payments if youíre far away from your office?

They donít have their checkbook.

They certainly donít have the amount of cash that would take to buy my particular service.

So how could you process that transaction when youíre far away?

Well, PayPal is one option and I have used PayPal in situations like that where you say,

ìWell, whatís your email address?î So you want PayPal and then you kind of grab your

mobile phone, your laptop.

You create an invoice.

You send it over and you can do that fairly quick.

But what if you donít want to use PayPal or what if they have a credit card and you

sell products?

What if you sell books or you sell other types of services?

If youíre a speaker, you have your books and CDs in the back of the room.

What if you sell memberships to your inner circle?

What if you sell widgets out of the back of your truck?

I donít know.

But the point is, what if you sell products or services and you want somebody to be able

to purchase them right then, right there from you using their credit card?

Whatís the fastest and easiest way to do that?

There are some new services.

Theyíve been about a year, but I wanted to tell you about it because I was surprised

at how many people arenít aware of these particular services; and even if they are

aware of them, they arenít aware of how important they can be to have and I fall into that second

category because I almost missed out on that sale because Iím not using the services which

has changed now.

I am now using one of these services.

And now if somebody says, ìHow can we get started?î I will say hand me your credit

card and we will go and start right now.

But here is a little bit about the mobile services that are available out there.

Theyíre called mobile transaction services and theyíre mobile service payment processors

and what they do, is they allow you to process a credit card using your mobile phone.

How about that?

You can see this one.

This one is called the Square reader and Square was the very first reader to enter the space

and you can see if you look at the picture here, itís a little dongle basically that

plugs into your iPhone earbud port and you can swipe a credit card right through there

and it will come up with an app on your phone.

You can type in the amount of the transaction and process a transaction right then and there.

So Square kind of launched this space about a year, year and a half ago.

Since that time, a couple of competitors have come out.

Intuit has come out with a service called GoPayment.

You can see their dongle also fits right into the headphone jack of a mobile phone and you

can see the app, how that works and they can even sign it right on the phone.

Then a third one has come out called Pay Anywhere.

The exact same philosophy that you can run a credit card transaction right from your

mobile phone.

So the three service providers are Squre, Go Payment and Pay Anywhere.

Now another cool feature about these is that you donít have to have the credit card with

you or that your customer doesnít have to have a credit card with them.

If they know the number or if you happen to be ñ letís say youíre writing in your vehicle.

Not driving.

Very important.

Youíre writing in your vehicle and you get a phone call from somebody and they want to

buy a product or service from you right then and there.

Great!

Get their credit card number and you can key in their credit card information right there

on your mobile phone and boom, their card is charged.

Transaction is processed and you can provide the product or service that they are looking

to buy.

So these are very, very cool solutions.

If you go to a retail store, youíre used to running your card through a slot.

Usually itís kind of a big machine and it has a printer attached to it.

This is just basically the same thing, only itís very small.

You can see with the Square, itís kind of a sexy-looking little square.

The GoPayment is kind of a curved model.

Itís very small, very lightweight.

You can keep it in your briefcase, keep it in your glove box, whatever, and process credit

cards that way.

Now, of the three options, which one is best for you?

Well, thatís a really, really good question.

So what I did is I broke down the three options so that you can take a look at the differences

on the two from a pricing standpoint mostly but also just a little bit from a services

standpoint.

So letís just take a look at the screen real quick.

You can see that Square has a no monthly fee and itís a 2.75 percent charge if you swipe

the card.

If you key in the card, itís a 3.5 percent transaction fee plus 15 cents.

Now one thing about the Square is that it only works on iPhones, iPads and Androids.

No monthly fee.

GoPayment has two different options for your use.

If youíre low volume and youíre doing less than $1000 a month, then they have a 2.7 percent

transaction fee for swiped payments and a 3.7 percent transaction fee for keyed payments

but they donít have that little 15 cents onto it and no monthly fee or if you know

youíre going to be doing more than $1,000 a month on a regular basis, then it might

make sense for you to go with their high volume account and that is a $12.95 a month fee but

it lowers your transaction fees substantially by a whole point.

1.7 percent for swiped and 2.7 percent for non-swiped.

So that might be pretty helpful for you if youíre doing some decent volumes.

The other thing about the GoPayment is that it does work on BlackBerry so itís the only

one of the three that does work on BlackBerry at this time.

So if you use a BlackBerry and youíre planning on using a BlackBerry for some time, GoPayment

is probably your only option.

If youíre on an iPhone, you can use any of them.

The last one is Pay Anywhere and Pay Anywhere is also a no-monthly fee.

Theyíre at 2.69 percent of the transaction plus 19-cent transaction fee and 3.49 percent

if itís keyed in plus 19-cent transaction fee.

So, mathematically, theyíre kind of close on the swiped with Square, actually with both

of them.

Theyíre very, very close.

So what you want to look at, something else thatís very interesting on GoPayment is that

if you use QuickBooks, GoPayment is actually built by Intuit and they have very good QuickBooks

integration.

So when you do your transaction, you can hit a button and it automatically integrates that

transaction right into your QuickBooks which can be very, very helpful if you use that

particular accounting platform to keep track of all your transactions.

So there you have it.

Those are the three main mobile payment providers, Square, GoPayment and Pay Anywhere.

Iíve got my GoPayment unit on its way.

It should be here in the next couple of days and I will never again miss out on collecting

a transaction immediately when Iíve got a customer standing there wanting to give me

money.

Now if you have used any of these payment providers and you have a story you would like

to tell us, I would love for you to raise your hand and come on the line and tell us

or if you have any questions about these payment providers, please let me know.

With that, that is the end of todayís Midweek Momentum tip for your business.

I hope you learned something that you can use thatís valuable for your business and

for more tips just like this, please feel free to visit www.MidweekMomentum.com.

Iím your host, Marty Fahncke.

Thank you.