biz notes :: mobile payments part two

photo credit: hellojenuine.

Thank you for everybody’s fantastic comments from my mobile payments part one blog post! As promised, here’s the second part where we talk briefly about credit card processing systems: Beanstream and PayPal Virtual Terminal. As always, this is an open discussion and I don’t have personal experience with all of these systems. If you wish to share your own experiences or have any questions, please leave a comment!

Beanstream: Innerfence has partnered up with Victoria, BC based Beanstream to provide a mobile payment option. Providing clients with a free credit card reader, costs include $0.99 for the app (compatible with iPhone, iPad, Mac, Android, etc.), $35.00 monthly fee, and $0.25 + 2.95% per swipe.

Based on their website they promise no contract term, no hidden one-time fees, no hidden recurring fees and no hidden transaction fees. While the service is more expensive than other options, I have heard many positive things about this company, so it may be worth looking into if you need a stable system with customer service support.

PayPal Virtual Terminal: If you already use a PayPal account for your online shop, then you should already be familiar with this system. As the name suggests, this is a virtual terminal and does not include a credit card reader. Using your computer or mobile device to enter the credit card information, there is no setup fees, minimum transaction volumn fees, or cancellation charges.

Charges for the virtual terminal include a $35.00 per month fee and transaction fees ranging from 2.4% to 3.1% plus a $0.30 charge per transaction. No setup fee and no early termination fee means that you can add it to your account during the times that benefit you, plus many people are already familiar with using PayPal. However, one drawback (in addition to the fact that the percentages charged are higher than other companies) is the lack of proof that you handled the credit card and in the worst case scenario, a customer could contact their credit card company and dispute a charge. If you decide to use this sytem, avoid this issue by purchasing credit card slips and take the extra time to make a card imprint.

I also know that some of you out there use IPOS Pay, but I couldn’t find any information about this system. If anybody is a client or have any details they wish to share, please leave a comment or send us an email, and I will update this post!

{ this is not a sponsored post + is geared towards Canadian users :: also keep in mind that all mobile payment options are not 100% PCI compliant, so you may run the risk of accepting cards which may be fraudulent + you are not able to take full advantage of the pin & chip technology }

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Comments (2)

  1. Sandy

    Again thank you for providing all this info. It is great to have it all laid out to compare. Do you still use Kudos despite having the problems at OOAK?

    • lotus events

      Hi Sandy! Yes, I am still a kudos customer. For me, it’s perfect when it works, and I haven’t had any problems with them after that weekend.