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If you’re trying to decide whether you should accept creditcardpayments, it’s never been easier. Years of studies and polls back up the claim that creditcard users make more purchases and spend more per transaction. Another economic phenomenon surrounding creditcard use is so-called “payment coupling.”
However, in 2013, Shopify ventured into the world on brick-and-mortar stores, added their own system to the list of POS systems available to retail store owners. The Basic account comes with a 2.7% + 0¢ fee on each in-person creditcardpayments, a 2.9% + 30¢ fee on online creditcardpayments, and an external payment gateways rate of 2.0%.
A payment service provider will supply your business with two necessary tools in order to accept online payments: a payment gateway and a merchant account. Essentially, a payment gateway is the software application embedded into your online store that authorizes the secure transaction of creditcardpayments.
However, Square places limitations on what you can use the app for, and how much money you can receive in a given time period using Square Cash for Business, Paying using your phone is becoming increasingly popular, and major payment processors are taking notice. Consider PayPal’s acquisition of the mobile payment service Venmo in 2013.
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