Businesses need payment apps, no question. Here are some reasons. In 2017, about half of respondents to a survey by Zion Market Research said that they had used an app to pay for goods and services. This number had risen to 90% two years later. The majority of people used mobile payment app that they downloaded to their smartphones.
Which ones are the best mobile payment apps? It all depends. You choose the payment app that works best for you.
What is Mobile Payment Apps?
These are also known as Digital Wallets. An app is connected to a bank account that holds the money. A linked account could be a debit card or credit card that is connected to a bank.
Why are consumers so excited about mobile payments? There are two reasons mobile payments are so popular: speed and ease of use. To send or receive money, you don’t need to go to the bank.
An app adds an additional layer of security. Websites don’t store credit card or bank account information. The app doesn’t store any account information, including credit card numbers.
The majority of consumers own a smartphone, whether it’s an iPhone or Android. Which are the best products?
How does a Payment App Work?
The customer downloads a payment application to his smartphone or computer. To send money, the app links to his preferred source (typically a credit card). The source of the money can be a bank account, credit card, or debit card. After the information has been set up, the customer can use the app to make a payment. This can be done online or at point-of-sale contactless.
An app can be installed on both a smartphone or computer to accept payments. Certain apps are unique to one another – merchant to merchant and consumer to consumer. Other payment apps for businesses accept many types of consumer payment apps. Some work only between certain types of devices. Apple Pay works only between Apple phones, for instance. The fee scale can be as low as 1% up to as high as 3%. Some fees have payment limits.
There are so many payment options! Which one is the best? Let’s take a look at the differences between each.
16 Best Mobile Payment Apps
Perhaps you prefer to get paid in cash or by check. Here’s the problem. Customers want mobile payments. It is essential that customers can accept mobile payments, as they replace cash.
You don’t have to be able to see the future post-pandemic. The future is already known. It accepts online and in-person contactless payment. Merchants and customers don’t like handling money. They prefer to use the digital wallet over the physical wallet.
What are the top mobile payment apps?
1. Apple Pay
Supported Devices: Can be used with any iPhone with face or touch ID, Apple watch with the contactless reader, and an iPhone. Apple Pay can be used in Apps.
Apple Pay is popular because it allows consumers to redeem or receive rewards in their Wallet. Apple Pay cannot be accepted by a company so the consumer can use a credit card linked to their Apple Pay account to pay. You can choose to pay monthly installments for purchase with 0% financing.
Apple Pay Pricing
Apple Pay can be linked to credit cards. Merchants are charged the same fees like credit card transactions. To accept Apple Pay, the merchant might need to upgrade POS equipment.
2. Google Pay
Supported Devices: Android phones with an NFC (near field communications) chip are supported. Works with tablets as well.
It can be used to make online and contactless payments as well as mobile payments. To create a Google Pay account, merchants can download the app from the Google Play Store. Google Pay accepts payments from Android and Apple devices. This is one of the best features.
Google Pay Pricing
Customers can link a Google Pay account with a debit card or credit card. Accepting Google Pay is free for merchants.
3. Venmo
Supported Devices are available via App, online, and in person.
Venmo is a subsidiary of PayPal. It is unique because of its social style platform. Venmo merchants can create a profile. You can also include reviews. This is a great feature as consumers often use reviews to help them make their decisions.
Customers can “like” the company’s profile and leave comments. This type of content is popular with customers.
Venmo can be used wherever PayPal is accepted. It can be linked to credit or debit cards. These cards are then linked to a bank account. Venmo is loved by consumers because it allows them to transfer money to family and friends.
Venmo is a popular payment method for merchants because it allows them to transfer money instantly to and from their bank accounts.
Venmo Pricing
Venmo charges 2.9% plus.30 per transaction.
4. PayPal
Supported Devices are available via App, online, and in person.
PayPal has been rated one of the top mobile payment apps. Both consumers and business owners have many options. PayPal is accepted by millions of websites. PayPal can be used by consumers to send money to family and friends.
PayPal is a top choice for business owners who want to sell goods online. Split payments can be made by consumers and they can do this at the time of purchase. PayPal can be used with a linked payment card such as a Visa/Mastercard.
PayPal Pricing
Consumers can download the app for free. It costs 2.9% plus.30 per purchase.
5. Samsung Pay
Supported Devices Works with Galaxy phones, some Galaxy smartwatches, and other Galaxy smartphones. Compatible with systems that use Google Pay
Samsung Pay is now available in 27 countries. Samsung Pay is available in Visa, Master Card, and Discover. Consumers with these credit cards may apply for a linked debit card, Samsung Money.
Samsung Pay is a big pro for many biz owners. It works on all public transit systems including New York City’s.
Samsung Pay Pricing
Consumers can use the App for free. Businesses pay 2.9% plus.30 for each sale.
Also read: Mobile Wallet Comparison: Apple Pay vs Google Pay vs Samsung Pay
6. Zelle Pay
ZellePay can only be used by an owner if the bank/credit union that the biz uses accepts ZellePay. Many banks and credit unions offer ZellePay to consumers but not too small businesses.
The website lists a list of credit unions and banks that accept Zelle Pay. This list includes Wells Fargo, Bank of America, and others. Zelle is growing steadily.
Zelle Pricing
Each bank or credit union determines the fees for using Zelle.
7. Quickbooks Go Payment
Supported Devices: iOS and Android, Windows, Mac, and Windows.
There is a monthly fee. This app is popular with businesses because it can sync to Quick Books. It can track and create invoices. You can also record bank transfers and process cash and check payments. It can match invoices and payments. It will accept payments from Visa, Mastercard, and American Express credit cards.
Quickbooks Go Payment is a merchant service that can help simplify tax time.
Quickbooks Go Payment Pricing
A $20 per month fee is charged. Its value as a mobile payments app isn’t limited to the sale time. The sync with Quickbooks is the biggest Pro. The transaction fee is 2.9% plus.30. Businesses that process more than $7500 per year can receive special pricing.
8. Circle Pay
Supported Devices: iOS, Android, Windows, Mac.
Circle Pay, a Boston-based financial services company, developed Circle Pay, which is a money transfer application. It allows businesses to request or send money internationally.
Like Venmo’s Circle, it started as a way to exchange money between family and friends. It was later expanded to allow for commerce. The business Circle Pay account can be linked to either the email or biz phone. The Ethereum blockchain, which is 2-factor authentication, protects security.
Circle Pay Pricing
Circle Pay does not charge any conversion fees and there is no fee. Circle Pay calculates the exchange rate for international transactions using the mid-market rate.
9. Square Cash
Supported Devices: iOS, Android, Windows, Mac
The CashApp website allows businesses to sign up, selecting “for business purposes”.
An account is created by the owner, which creates a user name (usually, the business name). A Cash Tag is the user name. Once the Cash.me page is set up, the business will be able to use it. Customers can make payments to the Cash.me page. To make payments to the Cash.me page, customers don’t have to have a Square Cash account. The Cash.me page can take payments from many apps as well as credit and debit cards.
Square Cash allows businesses to buy and sell cryptocurrency through the app.
Square Cash Pricing
Transaction fees are charged at 2.75 percent, which is slightly lower than usual. Square Cash has been criticized for its $1,000 transaction limit. The limit is not automatically applied to new accounts. A business can remove this restriction by going through a quick process to verify additional information.
10. Xoom
Supported Devices: iOS, Android, Windows, Mac. Pay Pal accepts all payment options, including debit and credit cards with a linked bank account.
Xoom is a PayPal payment service that was originally created to allow people to send money overseas. Xoom can be used by business owners to send money to a US bank account or to pay international bills. Xoom is available in 158 countries and is a popular alternative to MoneyGram and Western Union.
Xoom Pricing
For transactions, the basic fee to send money from a bank account is $4.99 Costs for moving money depend on the type of transaction and the country. Xoom offers a free exchange rate calculator and fee for overseas transactions as a service to member businesses.
11. Veem
Supported Devices: iOS, Android, Windows, Mac.
Veem has many pros and cons. However, the biggest advantage is its ability to be linked to other business accounting programs such as Oracle + Netsuite, Xero, QuickBooks, and Xero. Veem connects your business account with verified buyers and suppliers from more than 100 countries.
This means that a business owner can invoice and pay businesses around the globe. Keep accounting and tax information current.
Veem Pricing
There is no subscription or setup fee. Veem uses current interbank rates to assess fees but does not impose an interbank rate. There are no transaction limitations. Veem pricing uses live rates for international payments. USD abroad is $20
12. Adyen
Supported Devices: iOS, Android, Windows, Mac. Accepts payment methods in over 150 countries.
The mobile payment app acts as both a gateway and processor. It may have the best feature, according to the pros and cons ratings. Merchants can gather valuable information by aggregating payment data. The app can be linked to a credit card.
Adyen Pricing
Fees vary depending on the currency used and the credit card used. Transactions linked to Visa or Mastercard are charged at 2.9% plus.12. The fee for American Express and Discover cards is 3.95% plus 0.12 per transaction.
13.LevelUp
Supported Devices: iOS, Android, Windows, Mac.
Customers can download the app and link a valid method of payment such as a debit or credit card. This mobile payment app android can then be used to scan QR codes for payment.
LevelUp’s customer loyalty platform is a major advantage as a payment provider. Customers can enjoy promotions through the platform. Customers who use the loyalty platform are able to save on average 10% on deals
Customers can find out about special deals via Twitter or Facebook. Customers can also share information about deals with their friends. Your business will benefit if a customer shares information on deals on products and services with friends. These friends could become your customers.
LevelUp Pricing
Merchants pay LevelUp a 1.95% transaction fee. The best part of LevelUp is the ability to bundle transactions. If your business is an entertainment venue you can bundle tickets for certain groups, such as Community Music Club members who wish to attend your Concert. To save money, you can bundle the tickets for this group.
Also read: How to Apply For A Business Credit Card : A Complete Guide
14. Lightspeed Retail
Supported Devices: iOS and Android, Windows, Mac, and Windows.
This is just as it sounds: you can accept payments via a digital wallet within your retail business. Lightspeed Retail is more than just an app.
The app can also be used to manage inventory, purchasing, and ordering, as well as invoicing. You can link the point of sale purchase to your business FB page. You can also use the App to generate reports on sales and other data. You can also use the app in Spanish, French, German, and Dutch.
Lightspeed Retail Pricing
The monthly cost of the basic package is $79, but it can be reduced to $69 if you subscribe for an annual.
15. Visa Checkout
Supported Devices: iOS, Android, Windows, Mac.
This app isn’t just for Visa. The app accepts debit cards as well as other credit cards such as Mastercard, Discover, and American Express.
Visa Checkout Pricing
It costs 2.95% plus.30 for each transaction. The app can be downloaded by the business to become a Visa Checkout Merchant. It can be integrated on multiple devices.
How to Choose the Best Mobile Payment App For Your Business
Do you want to continue using only the debit and credit card routes? But you can. It’s just one more step to link your debit or credit card accounts to a payment app that is part of a digital wallet. Customers want it, and that is the future for payment processing.
It is easy for consumers to create a digital wallet to pay for goods and services they require. Are you looking for more reasons to join the growing number of businesses and customers who use apps to send and get money for goods and/or services?
Which one is the best business payments app? And which should you choose when you visit the app store? These are some things to keep in mind:
What are the App Fees?
Most apps don’t charge any fees to transfer money. The business will pay a fee if the consumer uses mobile payment apps to move money instead of real cash.
It can be difficult to accept that businesses must pay money when they send or receive money. It’s possible to ease your pain by recalling how it was back in the days when debit cards were just an idea and credit cards were the norm. Businesses were charged a fee.
It is important that customers like you. Customers prefer to use apps to pay instead of cash.
CashApp and Square offer a free credit card reader for customers, but the hardware must be upgraded ($49), in order to process contactless chip cards. Prepaid cards can be processed by the Square and CashApp readers.
What is App Security?
Sending money via an app is safe. The app can be linked to a debit or credit card but the card numbers are protected. The website does not save the card numbers.
Advantages and Disadvantages Mobile Payment Apps
There are advantages to using mobile payment apps for business
- Customers love the convenience and security of the digital wallet.
- Customers might not want to deal with actual money.
- Downloading a mobile payment app for your customer is completely free.
- When a customer downloads a mobile payment app, it is not affected by their credit score.
- Customers can enjoy loyalty programs through many payment apps.
There are disadvantages to using mobile payment apps for business
- To run the app, the biz owner must have a smartphone or tablet. Some might find it difficult.
- Payments may take up to 24 hours to reach the bank.
- You may have to pay a certain amount.
- It is possible that the customer’s phone is not compatible with the biz software.
- Compatibility issues may exist.
Which is the best mobile payment app for small businesses?
PayPal is the granddaddy of all, thanks to its trusted links for credit and debit cards.
Which is the most secure payment app?
Apps add an extra layer of protection. They can connect to your banking information via debit or credit cards. Only the app can be used if money has been paid. The number information of the debit or credit card is encrypted.
Which is best for the Android payment app?
Google Pay is the best Android payment app. Google Pay also accepts Apple Pay, which is another reason to choose it.
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