In today’s society, we’ve seen a huge switch in technology. We’ve ditched the cords for small chips that make things easier to do on the go. Companies such as Square, PayPal, and Intuit have all designed card readers that can be easily attached to smartphones and tablets, making it easy to pay for things anywhere, and at any time. Many people view these as inexpensive point of sale systems as an easier way to process credit card transactions, but with the easy accessibility comes processing fees and limited device compatibility.
Here are some pros and cons of using mobile payment apps:
- Simple navigation options
- Can be accessible anywhere with wifi
- Newest technology, giving access to up-to-date daily, weekly, monthly, and yearly reports
- All digital and intriguing to millennials
- Easy to set up mobile reward systems
- Can be small enough to misplace or big enough to become bulky
- Must have wifi or Internet connection in order to function
- Limited human tech support
- Some may not be able to process cash efficiently
- Too many custom features
- Per swipe charge ranging from 1.7% to 3.5% depending on device
These devices are recommended for new businesses or businesses who deal more with online transactions rather than cash payments.