Is Visa in Trouble? Top 5 Alternatives for Processing Payments

 

Walmart Canada recently announced that they will no longer be accepting Visa credit cards as of July 18th, 2016. This is due to the apparently sky-high fees Visa charges merchants. As per a spokesperson for the big box retailer, Walmart has consistently paid more than $100 million CAD in credit card fees each year. The Guardian reports, “Canadian retailers have long complained about what they call the high interchange fees they pay credit card companies.”

Regardless of what country they’re in, small retailers tend to get an especially short end of the stick. The uncertainty of what they can expect will be billed per transaction can wreak havoc on their already tight budgets. If impossibly high and ever-changing fees aren’t your thing, here’s a list of the Top 5 mobile payment processing apps currently on the market for small business owners.

Square is great for upstart business who are still in the early growing stages. In addition to being extremely easy to use, Square offers everything from online invoicing to next-day deposits and inventory management.
Card Reader: Free, $99 iPad Dock
Rates: 2.75% per swiped transactions
3.5% + 15¢ per keyed in transactions

PayAnywhere offers in-depth in-app and online reporting. You can also create item libraries complete with images, modifiers and multiple pricing and add unlimited users to your account to make your job easier.
Card Reader: Free
Rates: $2.69% per swiped transactions
3.49% + 19¢ per keyed in transactions

Shopify allows you to track your balance and payment schedule. Payment details are clearly synced with orders and Shopify makes it easy to recover lost sales from chargebacks in just one simple click.
Card Reader: $129, $849 for all POS hardware, $40/month Retail Package (POS Add-on)
Rates: 2.7% per swiped transactions
2.9% + 30¢ per keyed in transactions

GoPayment is part of Intuit Quickbooks’ line of products and merges perfectly with Quickbooks’ software. You can print/email custom receipts, sync transactions to Quickbooks for hassle-free bookkeeping and keep track of transactions paid in cash.
Card Reader: Free
Rates: 2.40% + 25¢ per swiped transactions
3.40% + 25¢ per keyed in transactions

PayPal Here allows you to manage inventory, add up to 1000 users to your account and generate reports. You can also customize your business profile and receipts.
Card Reader: $14.99 Mobile Reader, $149 Chip Reader
Rates: 2.7% per swiped transactions
3.5% + 15¢ keyed in transactions

Keep in Mind

All of these companies offer phone and email-based support (at the minimum) to answer any questions you may have. Some of them even offer affordable monthly plans that allow you to save more per transaction. Finally, always read the fine print! While mobile payment processing apps are typically easy to set up with little to no up front cost, ultimately, your needs will determine which option is right for you (there are tons more out there). With a bit of minor research, business will be booming in no time!

Dayana Cadet

Dayana Cadet

Dayana’s love affair with writing spans all manner of content. As the Content Specialist at Hubba, connecting people to the things they love is where she thrives.

Follow her at @D_isforDayana
Dayana Cadet

Discussion