Cell Phone Credit Card Reader

hello again and welcome to another editionof martyã­s midweek momentum. midweek momentum contains ideas, strategies and tactics topropel your business forward and today weã­re going to talk about something that will allowyou to close the sale and get your money no matter where you are and iã­m really excitedto share todayã­s tip with you. a little background on this tip. i was inlas vegas last week speaking at a conference

Cell Phone Credit Card Reader, and it was probably among the top three mostproductive and profitable conferences that i personally have attended. every time i satdown at a meal, it was interesting. it was almost always meal time, breakfast, lunchor dinner or ã± actually it was meals. almost every single time i sat down, i got a newclient. it was amazing.

one particular prospect who i was talkingto was so excited to work with me, they were ready to pay right then and there and moveforward in working with me for some business coaching. and of course how do you take paymentsif youã­re far away from your office? they donã­t have their checkbook. they certainlydonã­t have the amount of cash that would take to buy my particular service. so howcould you process that transaction when youã­re far away? well, paypal is one option and i have usedpaypal in situations like that where you say, ã¬well, whatã­s your email address?ã® so youwant paypal and then you kind of grab your mobile phone, your laptop. you create an invoice.you send it over and you can do that fairly

quick. but what if you donã­t want to usepaypal or what if they have a credit card and you sell products? what if you sell booksor you sell other types of services? if youã­re a speaker, you have your booksand cds in the back of the room. what if you sell memberships to your inner circle? whatif you sell widgets out of the back of your truck? i donã­t know. but the point is, whatif you sell products or services and you want somebody to be able to purchase them rightthen, right there from you using their credit card? whatã­s the fastest and easiest wayto do that? there are some new services. theyã­ve beenabout a year, but i wanted to tell you about it because i was surprised at how many peoplearenã­t aware of these particular services;

and even if they are aware of them, they arenã­taware of how important they can be to have and i fall into that second category becausei almost missed out on that sale because iã­m not using the services which has changed now.i am now using one of these services. and now if somebody says, ã¬how can we get started?ã®i will say hand me your credit card and we will go and start right now. but here is a little bit about the mobileservices that are available out there. theyã­re called mobile transaction services and theyã­remobile service payment processors and what they do, is they allow you to process a creditcard using your mobile phone. how about that? you can see this one. this one is called thesquare reader and square was the very first

reader to enter the space and you can seeif you look at the picture here, itã­s a little dongle basically that plugs into your iphoneearbud port and you can swipe a credit card right through there and it will come up withan app on your phone. you can type in the amount of the transaction and process a transactionright then and there. so square kind of launched this space abouta year, year and a half ago. since that time, a couple of competitors have come out. intuit has come out with a service calledgopayment. you can see their dongle also fits right into the headphone jack of a mobilephone and you can see the app, how that works and they can even sign it right on the phone.

then a third one has come out called pay anywhere.the exact same philosophy that you can run a credit card transaction right from yourmobile phone. so the three service providers are squre,go payment and pay anywhere. now another cool feature about these is that you donã­t haveto have the credit card with you or that your customer doesnã­t have to have a credit cardwith them. if they know the number or if you happen to be ã± letã­s say youã­re writingin your vehicle. not driving. very important. youã­re writing in your vehicle and you geta phone call from somebody and they want to buy a product or service from you right thenand there. great! get their credit card number and youcan key in their credit card information right

there on your mobile phone and boom, theircard is charged. transaction is processed and you can provide the product or servicethat they are looking to buy. so these are very, very cool solutions. if you go to a retail store, youã­re usedto running your card through a slot. usually itã­s kind of a big machine and it has a printerattached to it. this is just basically the same thing, only itã­s very small. you cansee with the square, itã­s kind of a sexy-looking little square. the gopayment is kind of acurved model. itã­s very small, very lightweight. you can keep it in your briefcase, keep itin your glove box, whatever, and process credit cards that way.

now, of the three options, which one is bestfor you? well, thatã­s a really, really good question. so what i did is i broke down thethree options so that you can take a look at the differences on the two from a pricingstandpoint mostly but also just a little bit from a services standpoint. so letã­s justtake a look at the screen real quick. you can see that square has a no monthly feeand itã­s a 2.75 percent charge if you swipe the card. if you key in the card, itã­s a3.5 percent transaction fee plus 15 cents. now one thing about the square is that itonly works on iphones, ipads and androids. no monthly fee. gopayment has two different options for youruse. if youã­re low volume and youã­re doing

less than $1000 a month, then they have a2.7 percent transaction fee for swiped payments and a 3.7 percent transaction fee for keyedpayments but they donã­t have that little 15 cents onto it and no monthly fee or ifyou know youã­re going to be doing more than $1,000 a month on a regular basis, then itmight make sense for you to go with their high volume account and that is a $12.95 amonth fee but it lowers your transaction fees substantially by a whole point. 1.7 percentfor swiped and 2.7 percent for non-swiped. so that might be pretty helpful for you ifyouã­re doing some decent volumes. the other thing about the gopayment is that it doeswork on blackberry so itã­s the only one of the three that does work on blackberry atthis time.

so if you use a blackberry and youã­re planningon using a blackberry for some time, gopayment is probably your only option. if youã­re onan iphone, you can use any of them. the last one is pay anywhere and pay anywhereis also a no-monthly fee. theyã­re at 2.69 percent of the transaction plus 19-cent transactionfee and 3.49 percent if itã­s keyed in plus 19-cent transaction fee. so, mathematically, theyã­re kind of closeon the swiped with square, actually with both of them. theyã­re very, very close. so whatyou want to look at, something else thatã­s very interesting on gopayment is that if youuse quickbooks, gopayment is actually built by intuit and they have very good quickbooksintegration. so when you do your transaction,

you can hit a button and it automaticallyintegrates that transaction right into your quickbooks which can be very, very helpfulif you use that particular accounting platform to keep track of all your transactions. so there you have it. those are the threemain mobile payment providers, square, gopayment and pay anywhere. iã­ve got my gopayment uniton its way. it should be here in the next couple of days and i will never again missout on collecting a transaction immediately when iã­ve got a customer standing there wantingto give me money. now if you have used any of these paymentproviders and you have a story you would like to tell us, i would love for you to raiseyour hand and come on the line and tell us

or if you have any questions about these paymentproviders, please let me know. with that, that is the end of todayã­s midweekmomentum tip for your business. i hope you learned something that you can use thatã­svaluable for your business and for more tips just like this, please feel free to visitwww.midweekmomentum.com. iã­m your host, marty fahncke. thank you.

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