One of the difficulties of being a small business — and especially being a microbusiness or a solopreneur — is the cost involved in accepting credit cards. Merchant accounts, sometimes-expensive equipment and ongoing fees can add up, making it difficult for the smaller businesses to afford the cost of accepting debit and credit. However, with the growing popularity of the use plastic for payment, few business can afford not to accept credit cards.
The good news is that a kit has been developed to help small businesspeople accept credit cards and debit cards. Kudos, a system from NetSecure Payments, turns mobile devices and computers into payment terminals.
Turning Your Smart Phone Into a Credit Card Terminal
You can use your smart phone, tablet, laptop, and/or computer to accept payment. The kit can be bought for less than $100 in the U.S. and Canada, and comes with a merchant account. You can receive account statements, and manage your account in other ways with the kit. Instead of paying a monthly fee, a flat 2.7% of the purchase price is assessed, along with a per-transaction fee. But, overall, it’s quite affordable. Plus, the kit offers encryption, so the transactions are secure.
There are apps you can purchase for mobile devices, allowing you to process payment. These types of apps might require you to set up a merchant account separately, or they might have payment options similar to the Kudos kit. The main difference, though, is that the kit from Kudos allows you to swipe the debit or credit card, rather than a need for typing in the information.
The Future of Credit Card Payments
Of course, with the advent of digital wallets, and with the development of near field communication technology, it seems likely, though, that at some point physically typing information, or swiping it, might no longer be necessary. It is likely that further developments could be even more helpful to small business owners, allowing them accept payment digitally, from someone whose phone acts as a credit card. But, for those customers without digital wallets — who still carry plastic — having something like the Kudos payment system might be useful.