The Best Mobile Payment Services of 2020

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Our mobile payment service reviews are the result of over 40 hours of research on 30+ mobile payment companies from across the web. These reviews and our mobile payment services guide help small businesses and startups find the best mobile payment service for their business.

The Best Mobile Payment Service Companies of 2020

Best Mobile Payment Services of 2020 Badge

How We Chose the Best Mobile Payment Services

Mobile payment services allow businesses to process payments through mobile devices, including smartphones and tablets. It’s a quick, convenient way to accept payments from anywhere and helps businesses grow their bottom line. There are numerous mobile payment services to choose from and they all tout the latest technological advances, services and features. We evaluated these companies on what’s most important, including payment limitations, fund transfer speeds, and loyalty and/or gift card storage.

Payment Limitations

Each mobile payment service comes with its own set of limitations, including transaction limits on mobile services that allow person-to-person transfers. Less obvious limitations that can impact payments are supported devices, accepted credit/debit card networks, and supported locations. We evaluated companies that support popular Android and Apple devices, accept payments from two or more major credit card networks, and offer local and international support.

Fund Transfer Speed

Fund transfers vary based on the type of mobile payment service involved. Mobile services that allow users to send and receive funds from person to person may transfer money instantly or take one or more days. Mobile services that allow businesses to collect payments from mobile devices usually transfer funds from sales into their bank accounts in one or more days. We looked for companies with the fastest fund transfer speeds.

Loyalty/Gift Card Storage

The best mobile payment services can scan and save customer loyalty and gift cards. This feature allows users to complete transactions with these cards using their mobile device, instead of having to physically carry the cards around. Loyalty programs and gift cards are a great way to encourage repeat business and one way to give customers incentive to make mobile payments. We assessed mobile payment services based on their loyalty/gift card storage capabilities.

The 15 Best Mobile Payment Services of 2020

CompanyPriceTransaction LimitsMore
AdyenQuote-based planMinimum monthly invoice $120Visit Adyen
Apple PayFreeApple Pay in messages
Send or receive
Minimum: $1
Maximum: $10,000
Max within 7-day period: $10,000
Visit Apple Pay
Authorize.netMonthly gateway fee: $25
All-in-One Option:
2.9% + $.30 per transaction
Payment Gateway Only: $.10 per transaction + $.10 daily batch fee
Transaction size
limit:
$100
Monthly eCheck volume limit: $5,000
Visit Authorize.net
AzimoTransaction fees applyCard payments
Minimum: 10 GBP
Maximum: 12,000 GBP
SWIFT transfers
Minimum: 200 GBP
Maximum: 250,000 GBP
Visit Azimo
Circle PayTransaction basedMinimum transfer amount: $0
Maximum transfer amount: No limit
Visit Circle Pay
Intuit GoPaymentStarts at $12.50/month for QuickBooks Online
Per-transaction pricing
ACH: 1% (Max $10)
Swiped card: 2.4% + $.25
Invoiced card: 2.9% + $.25
Keyed card: 3.4% + $.25
QuickBooks Pro & Premier handle 14,500 list items
QuickBooks Enterprise handles up to 100,000 or more
Visit Intuit GoPayment
LevelUpQuote-based planMonth-to-month service agreement with a flat rate of 1.95% for transactionsVisit LevelUp
Lightspeed Retail$69-$229 per month
Tapped, inserted, or swiped rate: 2.6% + $.10
Keyed rate: 2.6% + $.30
Not ProvidedVisit Lightspeed Retail
NCR Silver$79-149 per monthNot ProvidedVisit NCR Silver
PayPal One TouchSelling on website, through invoice, or email payments
US sales:

2.9% + $.30
International sales:
4.4% + $.30
Selling in physical store
US sales:

2.7% + $.30
International sales:
4.2% + $.30
Selling on eBay:
3.9% + $.30
Business accounts
Minimum withdrawal:
$1
Maximum withdrawal — debit cards: $50,000 per transaction
$10,000 per day
$250,000 per week
$500,000 per month
Maximum withdrawal — bank accounts:
$25,000 per transaction
Visit PayPal One Touch
Sage Payment SolutionsQuote-based planNo LimitVisit Sage Payment Solutions
Samsung PayFreeLoad or receive funds
Daily:
Up to 8 transactions Max total: $1,500
Weekly: Up to 10 transactions
Max total: $2,500
Monthly: Up to 40 transactions
Max total: $3,500
Visit Samsung Pay
VenmoFree: Buy or sell
3% Fee: Send money using credit card
Unconfirmed identity
Max weekly spending:

$299.99
Authorized merchant
per transaction:

$2,999.99
Max weekly:
$6,999.99
Overall combined sending limit:
$6,999.99 weekly
Visit Venmo
Visa CheckoutFree app Standard credit card processing fees applyMinimum transaction amount must not be greater than $10Visit Visa Checkout
ZelleFree for individuals Small businesses: Fees from financial institutions may apply3 payments per day
$1,000 per day
$2,500 per week
$10,000 per month
Visit Zelle

Adyen

Adyen
Adyen offers a full range of payment options for any business or industry, and mobile capabilities allow them to accept payments anywhere. Its payments platform supports all major payment methods around the globe, including ACH Direct Debit, American Express, Diners Club, Discover, Mastercard, PayPal, Samsung Pay and Visa. Businesses can also accept mobile wallets, including:

  • Google Pay through integration of the Google payment API that enables an effortless checkout experience by allowing customers to pay with any credit or debit cards stored in their Google accounts. Customers enjoy seamless online checkouts in Android apps or on Chrome with a mobile device.
  • Apple Pay has a single integration that supports payments made in the app, on the web or in store, including contactless payments at the point of sale. As a fully certified Apple Partner, Adyen supports Apple’s tokenization standards and offers full-service solutions, including reporting, reconciliation and settlement services.
PriceTransaction LimitsFeatures
Quote-based planMinimum monthly invoice: $120>Compatible credit/debit cards: Visa, Mastercard
>Fund transfer speed: 1 to 3 days
>Supported devices: Android, iPhone/iPad, Mac
>More features at Adyen

Pros & Cons of Adyen Mobile Payment Services
Adyen doesn’t charge setup, monthly, integration or closure fees, but it does require a $120 minimum invoice each month. Funds may arrive in a day, but it can take up to three days. Repeat customers benefit from rewards points and loyalty/gift card storage.

ProsCons
>24/7 in-house support via phone and email>Fund transfer may take up to three days
>Offers rewards points and loyalty/gift card storage>Requires minimum invoice of $120
>Provides international support

What Customers Are Saying
Customers praise Adyen’s ability to accept payments wherever they are. One customer said, “Its flexible platform, with continual enhancements, keeps pace with our evolving needs. So, whether we are expanding into new markets, supporting new methods, or moving to a new business model, we know we have payments covered.”

Apple Pay

Apple-Pay
Apple Pay is an easy, secure way for customers to pay for goods, services and subscriptions and make donations. Customers authorize payments and provide contact and shipping information using iOS and watchOS apps or websites in Safari. Apple Pay can also be used in iMessage and Business Chat extensions. Customers use credentials securely stored in their devices, including Touch ID, Face ID and double-clicking Apple Watch, to keep personal information safe.

Businesses can offer express checkout by displaying the Apple Pay button on cart or product pages that allow customers to complete their purchases with a single touch. Simplifying transactions can help increase conversion rates by decreasing cart abandonment. Web-based Apple Pay integrations work with popular eCommerce platforms, including Shopify, Salesforce, BigCommerce, WooCommerce, GoDaddy, Squarespace, Miva, IBM, neto, Volusion and Symphony Commerce. Businesses can also create contactless passes for gift cards and rewards cards to encourage mobile payments and repeat business.

PriceTransaction LimitsFeatures
FreeApple Pay in messages
Send or receive
Minimum: $1
Maximum: $10,000
Max within 7-day period: $10,000
>Compatible credit/debit cards: Visa, MasterCard, American Express
>Fund transfer speed: 1 to 3 days
>Supported devices: iPhone/iPad, Mac
>More features at Apple Pay

Pros & Cons of Apple Pay Mobile Payment Services
Unlike companies with low transaction limits, Apple Pay offers generous daily and weekly transaction limits of $10,000. It also offers rewards points and loyalty/gift card storage to encourage repeat business and utilizing mobile payments. Fund transfers can be as quick as a day but can take up to three.

ProsCons
>Offers generous transaction limits>Only compatible with iOS products
>Provides rewards points and loyalty/gift card storage>Fund transfers can take up to three days
>Supplies international support

What Customers Are Saying
Apple Pay receives many positive remarks from customers who enjoy the ease and convenience of paying with their phone and from businesses whose customers appreciate the option. One business owner said, “I even upgraded my computers and credit card scanners so that I’m able to accept all forms of payment.”

Authorize.net

Authorize.net
Authorize.net offers payment solutions for businesses that sell in store, online or through mobile devices to make it easy to accept all types of payments, including EMV chip cards and digital payments. It allows businesses to use Visa Click to Pay for single sign-on and easy checkout, Apple Pay for Safari users to make purchases with a touch of a button and PayPal Express Checkout and eCheck processing. Businesses based in the United States, United Kingdom, Europe, Canada and Australia can accept international payments from anywhere around the world. Other features include:

  • Fraud prevention
  • Customer information manager
  • Recurring payments
  • Invoicing
  • Simple checkout

Authorize.net requires a payment gateway and a merchant account. Businesses that already have merchant accounts can choose the payment gateway only option, and those that don’t can opt for an all-in-one option that sets them up with both. Businesses can even add a secure card reader, if needed.

PriceTransaction LimitsFeatures
Monthly gateway fee: $25
All-in-One Option:
2.9% + $.30 per transaction
Payment Gateway Only: $.10 per transaction + $.10 daily batch fee
Transaction size
limit:
$100
Monthly eCheck volume limit: $5,000
>Compatible credit/debit cards: Visa, MasterCard, Discover, American Express, Diners Club, JCB
>Fund transfer speed: 2 business days
>Supported devices: Android, iPhone/iPad, Mac
>More features at Authorize.net

Pros & Cons of Authorize.net Mobile Payment Services
Authorize.net is compatible with all major credit cards, including Visa, Mastercard, American Express, Discover, JCB and Diners Club. It also offers native iOS, Android and SKD support. However, it charges a $25 monthly gateway fee on top of transaction fees and can take up to two days for fund transfers.

ProsCons
>Compatible with all major credit cards>Can take up to two days for fund transfers
>Offers native iOS, Android and SDK support>Charges monthly gateway fee
>Provides 24/7 live rep support

What Customers Are Saying
“Authorize.Net helps us accept credit cards from everywhere … in the shop, online and even at bike races and events with the mobile app and card reader. The service is an integral part of our business,” one customer said. Customers also like its ease of use and reports.

Azimo

Azimo
Azimo offers a fast way for individuals to send money to over 200 countries in more than 80 currencies to mobile phones, bank accounts or 300,000 pick-up locations worldwide. It offers 24/7 deliveries without any weekend delays to selected countries and instant or one-hour transfers to more than 80 countries, with one-day transfers for other locations. Azimo’s mobile app allows users to send money on the go, and individuals receive the first two transfers fee-free.

Azimo Business lets small to medium businesses pay international invoices from suppliers in over 180 countries in more than 60 currencies. Businesses can also pay overseas employees or other expenses. Recipients don’t need an Azimo account to receive their funds. Global money transfers provide same-day delivery with up to 90% savings on international business payments. Businesses can send funds directly from their bank accounts or credit/debit cards and receive their first five transfers fee-free.

PriceTransaction LimitsFeatures
Free app;
Transaction fees apply
Card payments
Minimum: 10 GBP
Maximum: 12,000 GBP
SWIFT transfers
Minimum: 200 GBP
Maximum: 250,000 GBP
>Compatible credit/debit cards: Visa, Mastercard, Maestro
>Fund transfer speed: 1 day
>Supported devices: Linux, Android, iPhone/iPad, Mac
>More features at Azimo

Pros & Cons of Azimo Mobile Payment Services
Azimo supports iOS and Android devices like most companies, but it also supports Linux-based devices — something no other company on the list does. It boasts one-day transfers, with some locations receiving transfers within one hour or even instantly. However, if you read the fine print, some transactions take two days.

ProsCons
>Fund transfers in one day>Only offers money transfers
>Supports Linux, iOS, Mac and Android devices>Pricing in pounds sterling
>Offers rewards points and loyalty/gift card storage>Based in the Netherlands

What Customers Are Saying
Customers frequently comment on the app’s ease of use and quick processing time, including one customer who said, “This is the best money transfer app that i have used, money get to receiver before time specified and their app is easy to use.”

Circle Pay

Circle-Pay
Circle Pay offers users with internet businesses a new way to collect payments with USD Coin, a regulated stablecoin backed by cash and short-term US government treasury bonds. USDC offers a scalable, global alternative for internet payments. Users can receive funds from customers in over 80 countries via bank transfers and credit cards, convert these funds into USD coins and make payments with these coins.

Funds are settled into users’ USDC Business Accounts, which can be cashed out at any time, with one USDC always equaling $1. Settlements take between one and three business days for credit cards, but it’s faster with wire transfers. Funds are irreversible, nearly free and based on specific transactions.

PriceTransaction LimitsFeatures
Transaction basedMinimum transfer amount: $0
Maximum transfer amount: No limit
>Compatible credit/debit cards: Visa, MasterCard
>Fund transfer speed: 1 to 2 business days
>Supported devices: Android, Apple
>More features at Circle Pay

Pros & Cons of Circle Pay Mobile Payment Services
Unlike some companies listed, Circle Pay doesn’t require a minimum transfer amount, and it doesn’t have a maximum transfer limit. Funds are settled within a day or two with USDC Coins equivalent in worth to US dollars. It doesn’t offer rewards points or loyalty/gift card storage for repeat customers.

ProsCons
>No minimum transfer fee required>Doesn’t offer reward points
>No maximum transfer limit>Doesn’t offer loyalty/gift card storage
>Provides international support

What Customers Are Saying
Customers remark on Circle Pay’s quick processing and customer service. One customer said, “You could add money to your circle pay account from any account you had at any bank instantly, then cash out to a different card or bank instantly, eliminating the long drawn out 3-4 day wait at a normal institution.”

Intuit GoPayment

Intuit-GoPayment
Intuit GoPayment is now QuickBooks GoPayment, a mobile point of sale app that allows businesses to receive payments on the go for goods and services. The plug-in card reader works on iOS Android devices, and sales integrate with QuickBooks Online, making it easy to manage funds and expenses. Bluetooth capabilities within the card reader allows business owners to accept magnetic stripe and EMV chip cards, plus Google Pay, Apple Pay and Samsung Pay.

GoPayment offers a free plan with transaction fees starting at 2.4% + $.25, or customers can choose a fee-based plan that includes a $20 per month charge and starting fees dropping to 1.6% + $.25 and includes PCI service. Non-monthly fee plans don’t include PCI service, which costs $9.95 per month. Businesses that don’t already have QuickBooks Online can sign up with subscriptions starting at $12.50 per month. QuickBooks Online is required to process invoices, but merchants can process other payments using the stand-alone GoPayment.

PriceTransaction LimitsFeatures
SStarts at $12.50/month for QuickBooks Online
Per-transaction pricing
ACH: 1% (Max $10)
Swiped card: 2.4% + $.25
Invoiced card: 2.9% + $.25
Keyed card: 3.4% + $.25
QuickBooks Pro & Premier handle 14,500 list items
QuickBooks Enterprise handles up to 100,000 or more items
>Compatible credit/debit cards: Mastercard, Visa, American Express, Discover
>Fund transfer speed: 2 to 3 business days
>Supported devices: Android, iPhone/iPad, Mac
>More features at Intuit GoPayment

Pros & Cons of Intuit GoPayment Mobile Payment Services
QuickBooks GoPayment integrates with QuickBooks Online, which sets it apart compared to some services on the list. It also offers rewards points and loyalty/gift card storage to encourage repeat sales. Funds take two to three business days to transfer, which could delay monies received late in the week.

ProsCons
>QuickBooks integration sets GoPayment apart>Customer support only available during business hours
>Offers rewards points>Fund transfers take two to three business days
>Offers loyalty/gift card storage

What Customers Are Saying
“I love the multi-platform compatibility, and the ease of use for mobiles. The fact that we’re a small business and quite roving also means being able to manage critical payments on the go is key,” one customer said. Customers also enjoy the straightforward interface and Bluetooth capability.

LevelUp

LevelUp
LevelUp is a free app that allows customers to pay for goods and services using their mobile phones at brick-and-mortar locations. Customers download the app to their iPhone or Android phones or use a card with a custom QR code. Businesses need a LevelUp scanner that can be integrated into their POS system, or they can download the free merchant app to a smartphone or other mobile device.

For POS sales, the customer scans their QR code from either their phone or card when prompted, and the sale is processed. When using the merchant app, businesses process transactions using a mobile device. While the app is free and there aren’t any processing fees, businesses still pay for customer acquisition and loyalty programs. They pay $.40 for every dollar of credit a customer uses through the acquisition or loyalty programs.

PriceTransaction LimitsFeatures
Quote-based planMonth-to-month service agreement with a flat rate of 1.95% for transactions>Compatible credit/debit cards: Visa, Mastercard
>Fund transfer speed: 24 hours
>Supported devices: Android, iPhone/iPad
>More features at LevelUp

Pros & Cons of LevelUp Mobile Payment Services
LevelUp offers reward points and various loyalty and acquisition programs to customers to encourage repeat sales. It also delivers funding in 24 hours, a shorter time frame than many of the services listed. However, it only currently supports iPhone and Android phones, so it may not be available to everyone.

ProsCons
>Funding in 24 hours>Only supported on iPhone and Android phones
>Offers email, phone and live customer support
>Offers reward points and loyalty programs

What Customers Are Saying
“I really like the fact that LevelUp combines payment and loyalty functionality in one interface,” one customer said. Another customer said, “LevelUp has the most modern and intuitive UI in the market for mobile payment and rewards available.” Customers also like its ease of use and discreet tip function.

Lightspeed Retail

Lightspeed
Lightspeed Payments allows businesses to take payments in store and online without any third-party accounts required. Lightspeed has built-in PCI compliance, global fraud prevention and end-to-end encryption to keep data safe. Everything is automatic, with a fully integrated system that allows business owners to pull batch reports and settlements directly from the POS in real time. Businesses also benefit from Lightspeed’s free, start-to-finish dispute management and their own dedicated expert to assist with chargeback management.

Accept all the popular payment types with EMV-compatible terminals and pay the same low rate, regardless of which card network is used. Add contactless Mobile Tap payments through an iPad with Bluetooth connectivity. Mobile Tap is only available in the United States and Canada and lets consumers use their cards with a single tap at the checkout, anywhere in the store or even curbside. Accepting payments on the go is convenient and helps deter long lines.

PriceTransaction LimitsFeatures
Basic: $69 per month
Starter: $99 per month
Standard: $119 per month
Advanced: $169 per month
Pro: $229 per month
Enterprise: By quote
Tapped, inserted or swiped rate: 2.6% + $.10
Keyed rate: 2.6% + $.30
Not Provided>Compatible credit/debit cards: Visa, MasterCard
>Fund transfer speed: 2 business days
>Supported devices: iPhone/iPad, Mac
>More features at Lightspeed Retail

Pros & Cons of Lightspeed Retail Mobile Payment Services
Lightspeed offers free one-on-one onboarding sessions, demos, webinars and unlimited 24/7 support to ensure customers have help whenever needed. It also offers reward points and loyalty and gift card programs to encourage repeat customers. However, its mobile app doesn’t currently support Android devices and is only available in North America.

ProsCons
>Unlimited 24/7 customer support>Doesn’t support Android devices
>Offers rewards points>Some products only available in North America
>Offers loyalty/gift card storage

What Customers Are Saying
Customers laud Lightspeed’s ease of use and helpful customer service. One customer said, “Setup and use is super easy. Customer service is great and always there. Being able to sync it to our website and marketplaces … have given us an online business we didn’t think we could ever have.”

NCR Silver

NCR-Silver
NCR Silver offers the payment processing equipment and services business owners need, whether they’re opening a new shop or integrating new technology with an existing setup. NCR is one of the few end-to-end payment processors, so all payments from all sources, including eCommerce and swipe-through authorizations, are covered. Its PCI DSS-certified payment platform ensures safe processing of all major credit and debit cards.

Businesses can take payments anywhere with its mobile SwipeSimple POS system. This system saves customer information, including purchase history to process repeat orders. Other mobile POS features include accessing reports to grow the business and setting up scheduled payments, installments and subscriptions by utilizing a repeat customer’s saved payment information. MyMobileMoney allows merchants to take keyed card payments online or via mobile devices and access transaction data from anywhere with cloud-based software. All of NCR’s readers are EMV compliant, but readers aren’t required to take mobile payments.

PriceTransaction LimitsFeatures
NCR Silver: Starting at $79 per month
NCR Silver with EMV Service: $89 per month
NCR Silver Pro Restaurant Edition: Starting at $149 per month
Not Provided>Compatible credit/debit cards: Mastercard, Visa
>Fund transfer speed: Unknown
>Supported devices: Android, iPhone/iPad
>More features at NCR Silver

Pros & Cons of NCR Silver Mobile Payment Services
NCR Silver has built-in loyalty tools to drive loyalty and increase revenue through repeat visits. It also offers 24/7/365 live customer support to ensure businesses have the help they need and offers all-inclusive monthly subscriptions that include payment processing hardware. Unknown fund transfer speeds make it difficult to compare.

ProsCons
>24/7 live rep customer support>Unknown fund transfer speed
>Built-in loyalty tools
>All-inclusive monthly subscription

What Customers Are Saying
“NCR Silver offers one of the best point-of-sale services with only one app installment on a tablet, the interface is quite simple, including inventory capacity,” one customer said. Other features frequently praised include its favorites menu, option to print or email receipts and simple, customizable interface.

PayPal One Touch

PayPal
PayPal is one of the most recognizable platforms for money transfers, but it also offers several mobile payment processing solutions. PayPal One Touch allows consumers to skip login and billing information and check out at any business that accepts PayPal with one touch on their smartphone. For businesses, the PayPal Commerce Platform makes it easy for their customers to pay any way they want from almost anywhere. Take online payments simply by adding PayPal as a payment option on eCommerce sites and accept in-person card and contactless payments with various chip, tap and swipe readers and accessories that are compatible with most smartphones and tables.

Businesses can use PayPal Checkout to accept PayPal payments, PayPal Credit, Venmo and all major credit and debit cards online. Choose the PayPal Here mobile app to process transactions using a card reader attached to a smartphone or tablet. It can also create invoices and track sales.

PriceTransaction LimitsFeatures
Selling on website, through invoice, or email payments
US sales:

2.9% + $.30
International sales:
4.4% + $.30
Selling in physical store
US sales:

2.7% + $.30
International sales:
4.2% + $.30
Selling on eBay:
3.9% + $.30
Business accounts
Minimum withdrawal:
$1
Maximum withdrawal — debit cards: $50,000 per transaction
$10,000 per day
$250,000 per week
$500,000 per month
Maximum withdrawal — bank accounts:
$25,000 per transaction
>Compatible credit/debit cards: Mastercard, Visa, American Express, Discover
>Fund transfer speed: 30 minutes
>Supported devices: Android, iPhone/iPad
>More features at PayPal One Touch

Pros & Cons of PayPal One Touch Mobile Payment Services
PayPal is a highly recognized name that puts many merchants and consumers at ease. It offers robust fraud protection to protect its users. Some fund transfers are instant, but others take one to five days depending on the bank and transfer method. Customer support is limited to online support only.

ProsCons
>Some fund transfers are instantaneous>Only offers online support
>Offers fraud protection>Fees vary based on product used
>Offers loyalty/gift card storage

What Customers Are Saying
PayPal customers like its pricing and brand recognition. One customer said, “The thing that led us over to PayPal was how easily integrated it was with other platforms as well as how familiar everyone already is with it. The pricing is competitive per transaction and it easily allows for international invoicing and payment.”

Sage Payment Solutions

Sage-Estimating
Sage Payment Solutions, called Paya Mobile Payments on Google Play, is a solution for mobile credit card acceptance, complete with the tools needed to manage a business, including customized receipts, product catalogs, signature capture and tax and tip calculators. It caters to businesses of all sizes and lets them accept payments anywhere from major digital wallet providers using popular mobile devices and carriers. Businesses can process credit cards using a swiper or a terminal for contactless or NFC payments. Customers can securely use Apple Pay, Google Wallet and Samsung Pay with full PCI DSS certification and end-to-end encryption of cardholder data.

Businesses enjoy unlimited monthly credit card transactions and settlements within 48 hours of each transaction. It can also record offline sales and process them later, process voids and refunds and manage inventory. Customized receipts sent via email promote consumer marketing by adding business logos, custom messages and contact information.

PriceTransaction LimitsFeatures
Quote-based planNo Limit>Compatible credit/debit cards: Mastercard, Visa
>Fund transfer speed: 3 to 4 Days
>Supported devices: Android, iPhone/iPad, Mac
>More features at Sage Payment Solutions

Pros & Cons of Sage Payment Solutions Mobile Payment Services
While some processors cap the number or dollar amount of credit card transactions in a given month, Sage offers unlimited transactions. It also touts payments within 48 hours of each transaction, but some payments may take up to four days. Customer support is limited to email and ticket support.

ProsCons
>Unlimited credit card processing>Limited customer support
>Payments within 48 hours of transaction>Funds may not transfer for up to four days
>Reward points and loyalty/gift card storage

What Customers Are Saying
Sage customers often remark on the improvement it has made in quickly processing credit card transactions and accessing recorded transactions. One customer said, “Now we can use our terminals on our [tablets] and phones and other mobile devices. It’s really broadened our range.”

Samsung Pay

Samsung-Pay
Samsung Pay is a mobile purchasing app that works in stores at most credit card payment terminals. Consumers can also use it in-app and online by loading their cards into the digital wallet on their mobile devices and paying for their purchases with a single tap. For business owners, Samsung Pay usually doesn’t require any additional or upgraded equipment for customers to make a payment. It doesn’t require an NFC-enabled terminal and works nearly anywhere customers normally swipe their credit cards.

Samsung Pay allows users to earn cash back and get rewards for everyday purchases, and each transaction is covered by the credit card issuer’s or bank’s fraud protection. Transactions also must be authenticated by the card owner’s PIN, fingerprint or iris scan. Samsung Pay integrates secure functionalities into the mobile app, including Samsung Knox and tokenization, to add extra layers of security. Samsung Pay is the most accepted mobile payment.

PriceTransaction LimitsFeatures
FreeLoad or receive funds
Daily:
Up to 8 transactions Max total: $1,500
Weekly: Up to 10 transactions
Max total: $2,500
Monthly: Up to 40 transactions
Max total: $3,500
>Compatible credit/debit cards: Visa, Mastercard, American Express, JP Morgan Chase, Bank of America, Citi, US Bank, PNC, Chase
>Fund transfer speed: Unknown
>Supported devices: Android, Mac
>More features at Samsung Pay

Pros & Cons of Samsung Pay Mobile Payment Services
Samsung Pay offers incentives to use its mobile app with various reward and loyalty programs, including earning cash back. It also offers chat support should there be any issues. Loading and receiving limits are low, but this should only affect the user, not the merchant.

ProsCons
>Chat support>Unknown fund transfer speed
>Reward points and loyalty programs>Low limits on loading and receiving funds
>International support

What Customers Are Saying
“Having this option was very convenient as many of our clientele would not carry adequate cash and we did not have any other credit/debit card processing system in place,” said one merchant. App users like the convenience of paying with their phone instead of carrying around cash and cards.

Venmo

Venmo
Venmo is a social payments service used for mobile purchases with supported Android and iOS devices. Consumers can share payments with family, friends and select approved businesses by using money in their Venmo account or bank account or debit cards linked to their account. There’s never a fee for transferring money from Venmo using Venmo balances, debit cards, bank accounts or prepaid cards, but there’s a 3% fee when using credit cards. Making purchases online or in other apps is always free.

Businesses can give customers a popular payment option on their online eCommerce sites or apps. To accept Venmo, they must integrate the service into Braintree or PayPal Checkout. Venmo transactions process and settle like regular credit card transactions. Venmo payments incur the same fees as PayPal payments when integrated with this processor, and Braintree fees are 2.9% + $.30 per transaction with custom pricing available.

PriceTransaction LimitsFeatures
Free: Buy or sell
3% Fee: Send money using credit card
Unconfirmed identity
Max weekly spending:

$299.99
Authorized merchant
per transaction:

$2,999.99
Max weekly:
$6,999.99
Overall combined sending limit:
$6,999.99 weekly
>Compatible credit/debit cards: MasterCard, Visa, American Express, Discover
>Fund transfer speed: 1 to 3 business days
>Supported devices: Android, iPhone/iPad, Mac
>More features at Venmo

Pros & Cons of Venmo Mobile Payment Services
Venmo payments are currently only available for mobile transactions and only in the United States. It doesn’t offer international support or any way to transfer money outside the country. However, it doesn’t charge monthly or annual fees and has high weekly spending limits once the user confirms their identity.

ProsCons
>No monthly or annual fees>Only available in the U.S.
>Offers reward points>No loyalty/gift card storage
>High spending limits once verified

What Customers Are Saying
Venmo users and merchants like its ease of use, low cost and quick processing. One customer said, “I’m able to take electronic payments via the app, have immediate access to that money and use the stored funds for payments or transfers it to my bank accounts.”

Visa Checkout

visa-direct
Visa Checkout transitioned to Visa Click to Pay in mid-2020. This free app allows users to save and access their credit cards for a quicker way to purchase items online. Visa Click to Pay supports all major credit cards, regardless of network, including Visa, Mastercard, American Express and Discover. Users can save cards in the app and then choose which to pay with. Visa Checkout will also link with Google Pay and Samsung Pay mobile wallets to use at select merchants.

Participating online vendors post a special Click to Pay icon. The app fills in all necessary fields, and the payment processes. The app eliminates the need to enter a 16-digit card number, expiration date and three-digit security code plus billing and shipping addresses. Businesses can add the Visa Click to Pay option to encourage shoppers to buy from their website.

PriceTransaction LimitsFeatures
Free app
Standard credit card processing fees apply
Minimum transaction amount must not be greater than $10>Compatible credit/debit cards: Visa, MasterCard, American Express, Discover
>Fund transfer speed: Unknown
>Supported devices: Not Provided
>More features at Visa Checkout

Pros & Cons of Visa Checkout Mobile Payment Services
Visa Checkout can be used with all four major credit card networks within the free app that makes checkout simple and fast. It also offers reward points and loyalty programs.

ProsCons
>Free app>Unknown fund transfer speed
>Reward points
>Loyalty/gift card storage

What Customers Are Saying
No written reviews available.

Zelle

Zelle
Zelle is a fast, contactless way to send and receive money person-to-person using a free mobile app. Many mobile banking apps already support Zelle, which makes it accessible directly through this app. If a bank doesn’t have it, you can download the Zelle app on iOS and Android devices. Users complete a transfer by entering the email address or phone number of the recipient and the amount to send and then confirming. Transferred funds may hit the recipient’s bank account within minutes. Bank accounts must be located within the United States. There’s a $500 weekly spend limit when the app user’s bank isn’t already a member of Zelle.

Small businesses can also get paid with Zelle. If a retailer’s bank or credit union currently offers Zelle for their business account type, they can accept Zelle payments; otherwise, there isn’t a business app for download. Financial institutions determine whether to apply fees for using Zelle.

PriceTransaction LimitsFeatures
Free for individuals
Small businesses: Fees from financial institutions may apply
3 payments per day
$1,000 per day
$2,500 per week
$10,000 per month
>Compatible credit/debit cards: Visa, Mastercard
>Fund transfer speed: Within minutes
>Supported devices: Android, iPhone/iPad
>More features at Zelle

Pros & Cons of Zelle Mobile Payment Services
Zelle works inside existing bank apps if the financial institution already supports the mobile payment solution. Otherwise, the app is free to download on Android and iOS devices. Zelle allows relatively high transfer amounts unless the user’s bank isn’t already a member. Zelle doesn’t offer reward points or loyalty programs.

ProsCons
>Fund transfers within minutes>No reward points
>Works inside existing bank apps>No loyalty/gift card storage
>High transfer limits>Low transaction cap for non-member financial institutions

What Customers Are Saying
Users praise Zelle for its quick transfers and dependability. One user said, “Zelle is the easiest app to install and use and doesn’t steal your money … Zelle is integrated with my BMO accounts and works perfect.”

What Are Mobile Payment Services?

Mobile payments are electronically processed through a mobile device, usually a smartphone, tablet, or smartwatch. Consumers find mobile payments more convenient because they can use their mobile devices instead of carrying around cash or cards. Businesses wanting to accept mobile payments need a mobile card reader and/or the appropriate mobile app. There are several kinds of mobile payments.

  • NFC mobile payments are contactless payments made between mobile wallets saved on smartphones and NFC-enabled card readers that communicate payment instructions wirelessly when the devices come within two inches of each other.
  • Magnetic secure transmission payments are also contactless and work like NFC except they use a magnetic signal between a credit card and a card reader or POS.
  • QR (quick response) payments involve QR codes, which either belong to the consumer and are scanned by the retailer or vice versa to confirm and authorize a mobile payment.
  • SMS payments complete mobile payments via text messages with charges tacked on to the consumers’ monthly phone bills. Mobile bank transfers are more common for bill and peer-to-peer payments, don’t require a card reader or POS and work by directly transferring payments out of the consumer’s bank account and into the payee’s account.

Benefits of Mobile Payment Services

Mobile payments have become popular primarily due to convenience and security. People who prefer this payment method frequent retailers who cater to this preference, so it’s a great way to attract new customers. Additionally, mobile payments typically process much faster than swiped or inserted credit cards, so transactions are handled more efficiently.

For small businesses, mobile apps may offer them an opportunity to securely accept credit card payments, which might not have been an option previously due to expense. Mobile payments often have lower processing fees than swiped or keyed cards. Good mobile credit card readers usually cost under $100, and some companies provide equipment to new merchants.

What to Look for in a Mobile Payment Service

When comparing mobile payment services, look carefully at payment limitations. Providers with low per-transaction limits or that cap weekly or monthly sales can cost you sales. This is common with new merchant accounts, individuals with poor credit histories, and/or start-ups without a proven credit history. You can request an increase of these limitations, but if you fall into one of these categories, you’ll likely be denied.

To cater to as many customers as possible, choose mobile payment processors that support many different types of payment options and devices. It’s important to have all the major credit cards covered and devices with popular digital wallets, such as Google Pay, Apple Pay and Samsung Pay.

Small businesses especially need to compare fund transfer speeds, which can greatly affect cash flow. Transfer speeds determine how quickly the transactions you ran today hit your bank account. Most payment processors take one to five days to transfer funds, but three is average. Some companies make next-day deposits or transfer funds in a matter of hours or even minutes. If you need funds fast, compare the “instant” deposit processors. However, instant usually translates to higher priced, so weigh the pros and cons carefully.

Encouraging customers to repeatedly return to your establishment is important to your success. Choose mobile payment services with reward and loyalty programs that provide incentive to consumers to make mobile payments at your business.

The Cost of Mobile Payment Services

There are all sorts of costs involved in mobile payment services, especially for all-inclusive services that operate as both your merchant account and your payment processor. Always compare per-transaction fees, preferably looking for those with lower interchange plus pricing or flat-rate pricing.

The providers in our list ran between 2.5% and 4.4% per swipe, with some also having an extra 20 to 30 cents tacked onto each transaction. Also, per-transaction fees often vary based on the card network and payment method. For example, some processors charge a higher rate for American Express, and keyed card transactions are almost always higher than swiped transactions.

Beware of other “hidden” fees. Some companies charge a gateway fee, and other companies require a monthly subscription for systems that house their payment processing app. Also, make sure there aren’t separate fees for PCI compliance, fraud protection, or other must-have security features. On the flip side, some mobile payment apps are free of charge, but that doesn’t mean there isn’t a fee involved. Depending on how it’s set up, you may still need a merchant and/or payment processor, and these providers will charge you for their services.

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