Associated Bank’s Pogo application allows business customers to accept credit card and signature debit payments with their smartphone or tablet using the free card reader. There is a monthly service charge of $5.95, and a $0.15 per item fee. The interchange rate ranges from 2.69% to 3.69% for swiped and key entered transactions. Click here for more information.
Square introduced a new pricing structure geared towards small businesses. This new structure eradicates the processing fee per transaction, leaving the merchant to pay a flat monthly fee of $275. There are no additional hidden fees or contracts to sign with the new offer. Square provides sellers with free credit card readers for the iPhone, iPad, and Android devices. Click here for more information.
JPMorgan Chase announced the launch of their new merchant services device, FutureProof terminal, through Chase Paymentech. This new device allows merchants to accept all forms of payment, traditional and electronic, on one device without compromising security. Electronic payments include EMV, Mobile Wallets, and Contactless Payments. Click here for more information.
Wells Fargo customers who open a new Wells Fargo Merchant Services (WFMS) account by 09.30.2012 will receive $100. To qualify, customers must open a new WFMS account, direct deposit the Wells Fargo Merchant Services funds into a Wells Fargo deposit account, activate the WFMS account by processing at least $50 in Visa, MasterCard, or Discover transactions within 30 days of account open date, and submit the required offer fulfillment form within 30 days of WFMS account approval date. The $100 direct deposit will be made to the customer's Wells Fargo deposit account within 60 days after the customer has submitted the required online offer fulfillment form and met offer qualifications. Click here for more information.
PayPal announced the launch of PayPal Here, a mobile payments solution that allows small businesses to process credit and debit card payments and send invoices. The new service includes a free app and fully encrypted thumb-sized card reader, compatible with any iPhone, and soon Android smartphones. PayPal Here offers a competitive fee structure with no monthly account or set-up fees; merchants pay a simple flat rate of 2.7% for card swipes and PayPal payments. PayPal Here is currently available to select merchants and will be available to the general public next month. Click here for more information.
Elavon, a wholly owned subsidiary of U.S. Bancorp and a global payments provider, introduced Elavon MobileMerchant. The solution is currently running as part of a pilot program, transforming mobile devices into terminals, allowing small businesses to accept payments quickly and securely anywhere, anytime. The app is downloaded onto the merchant’s existing smartphone, and a Bluetooth-connected Chip and PIN device securely captures and encrypts card data, ensuring that no information is stored in the smartphone. Receipts are sent to the customer via email or text message. Click here for more information.