Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Intuit GoPayment Mobile Credit Card Processing
Intuit’s GoPayment mobile credit card processing solution has been around for a while, but only recently has the system included the ability to swipe a credit card and transmit that swiped data directly via mobile phone.
Since partnering with Mophie, a complete solutions is now available. The Mophie hardware, called mophie marketplace, is concealed inside of a low-profile, soft-touch case. It allows processing of any major credit card by entering card information directly into your iPhone.
The advantage for mobile merchants, such as Farmer’s Market vendors, food cart vendors, mobile service providers (plumbers, window repair, etc) is that the system is quick and easy to set up. The hardware can be purchased from Apple ($179.95), and there’s a free application at iTunes.
Intuit’s GoPayment Pricing:
Monthly Service …………$12.95
Swipe Rate ……………….1.7%3
Keyed Rate ……………….2.7%4
Transaction Fee …………30¢4
Set-up Fees ………………NONE
Cancellation Fee ……….NONE
Monthly Minimum ………NONE
More information:
Go Payment Video: