Apps let you use the smart phone like a credit card terminal

[Friday, April 15th, 2011]

There are a couple of new products that are changing the whole dynamics of how the payment industry works. Now with new apps anyone with a smart phone can accept credit card payments. In fact with new devices like PayAnywhere and Square, a lot of tinkering isn’t required. Now, one can easily collect payments for various reasons from friends, neighbours or anyone, even from clients and customers too.

There are millions of customers across the country, who are owners of small business, part time or full time and home based. A lot more people usually sell items at garage sale events or in flea markets. A lot of these people don’t accept credit card payments because of the many complications that are involved in the whole process of accepting credit card payments and the expenses involved in setting up merchant accounts and also to obtain card swiping equipment.

However, that is going to change now. Square for example can be obtained by registering on a site. You would then need to supply a checking account number and routing number of the bank in pretty much the same way as you do while registering for PayPal or eBay’s payment service via internet. The setup completion takes 2 days. You will get confirmation of identity and this has to be tested through 2 small deposits into the checking account. All you need to do is head to the bank’s website and pen down the deposit amounts providing Square’s website as a confirmation.

This will start you up for getting the cash. As you get payments from your customers, the money will be transferred by Square to your bank account with a turnaround time of about 2 days. You can also sign up for PayAnywhere online which is much faster because the company obtains more information about you from the credit reporting agency. However, the downside is that similar to credit card applications, there is a chance that your registration, which could otherwise only take a few minutes, will be rejected if you have a bad credit score.

Square software is also available now without any charge to be run on iPhone, iPad or iTouch, along with a lot of other smart phones running on Google’s Android operating system. PayAnywhere works only with Apple products for now. You will get a device from Square free, to let you swipe credit cards.

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