GoPayment is a mobile credit card processing solution that uses an application and an optional card swiper. The product was created by Intuit Merchant Services and is compatible with iPhones, iPads and Android devices.
Software
The GoPayment software can be downloaded as a free application on compatible devices. The interface is user-friendly, and the security is high for both customers and merchants. Credit card information is never stored within the app or phone; instead, it is transferred through encryption. The application is password-protected in case the merchant’s phone is ever lost or stolen.
The app allows merchants to easily view and manage transactions. Sales tax can be added automatically, and touchscreen phones allow merchants to capture customers’ signatures. Merchants can key in the credit card information or swipe the card using a mobile reader. One convenient feature is the ability to text or email electronic receipts to the customer. The merchant can also input product information and save it for future transactions. The software works for multiple users simultaneously from a single account. Unfortunately, the application does not allow users to save customer information for marketing purposes. There is also no ability to offer refunds, but merchants can void transactions.
Hardware
Merchants who create an account with GoPayment receive a free card reader along with the app; although, this offer only applies to new customers. GoPayment works with three different types of credit card readers. The standard hardware is a credit card swiper that plugs into the headphone jack. IPhone users can purchase a swiper sleeve that attaches to the device. There are also Bluetooth card readers that are available in a reader/printer combo.
Pricing
The pricing system is fairly straightforward, but merchants should read the fine print to fully understand the fees. GoPayment offers the choice between a pay-as-you-go plan and a monthly fee for the service. Keyed and swiped transactions are processed with different authorization fees. With the pay-as-you-go plan, merchants pay 2.7% for swiped transactions and 3.7% for keyed transactions. Merchants who opt for the $12.95-per-month plan receive lower authorization fees of 1.7% and 2.7%.
These fees can get confusing because GoPayment also divides credit cards into “qualified” and “non-qualified” tiers. Qualified credit cards receive the standard 2.7% fee while non-qualified cards hold the 3.7% rate regardless of the method used. Summed up, “qualified” cards are personal debit or credit cards that do not come with miles or reward points. This qualification is unfortunate because a large majority of cards contain some sort of rewards system, so the merchant pays the higher percentage with more transactions. As a result a common complaint by many individuals that use GoPayment is they are typically paying the 3.7% fee when they thought they would be paying 1.7%.
As a mobile processing solution, GoPayment receives high reviews. It stands up to its competitors and has the advantage of compatibility. This product is a viable solution for several types of businesses, and represents a great backup option for small business owners to keep on hand.
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