Mobile Payment Processing Comparison Essay - Homework for you

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Mobile Payment Processing Comparison Essay

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Mobile Payments - A Comparative study between European and Non-European Market

Mobile Payments - A Comparative study between European and Non-European Market

Mobile Payments’ is a new technological mantra not only for researchers, innovators, company executives, but also for every household across the globe. True to the statement, Mobile payments are in the verge of taking a giant leap towards a cashless society. Accordingly, mobile payment services are still followed in both developed and developing countries. In the developing economies, mobile based payment services has reached a pinnacle of success in a short span of time due to the favouring conditions such as very few banked people with more mobile phone penetration etc. But in the developed markets such as Europe, USA etc. with more advanced technology and payment solutions find it difficult to reach a steady growth.

In this thesis, the main objective is to find out the factors that are hindering the uptake of mobile payments in European market. This is done by comparing the Non-European market with the European one and analysing the factors for success in the developing market and this success factors are considered for the European market which can be the lessons learnt for a better uptake of mobile payments. For this, four countries are selected in each of the markets. This analysis is made by diving into two phases. In the first phase, different cases of mobile payment present in both the markets are taken and analysed. In the second phase, factors considered for influencing the success of mobile payments such as Socio-economic conditions, Technology and Hardware used, Actors involvement, Pricing, Regulatory issues and Consumer acceptance are collected, analysed for both the markets.

The analysis is done for two phases and for each phase a separate framework is used. Once the analyses are done, a summary of the results are produced. Based upon the summary of both the phases, the overlying factors causing success in Non-European market are identified and explained. Then they are compared with the European market to identify where certain suitable lessons can be learnt from the developing market. The identified factors are considered as the lessons to be learnt for a big break in mobile payment industry. In the future work section, Contactless mobile payments (CMP) is explained and their future scope in mobile payment ecosystem is discussed.

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A Comparison of Mobile Payment Procedures in Finnish and Chinese Marke by Junying Zhong

Researchers are particularly interested in factors that affect the adoption, innovations and diffusion of mobile payment, which is a typical and wide application of ICTS (Information Communication Technology Services) in developed and developing countries. Though mobile payment is an exciting domain and rapidly evolved in recent years, the existence of standardized, interconnected and widely-accepted mobile payment procedures is crucial for successful diffusion of mobile payment and has mobile commerce globally, even in one country or region. In this paper we make a comparison of mobile payment procedures in the Finnish and the Chinese market. Current payment procedures can be categorized by using strategic, participatory and operational criteria, according to the morphological method. Based on these, we analyze the current contraints on the mobile payment procedures in the Finnish-Chinese market in order to make it clear whether we can develop a generally accepted mobile payment integrative solution or merge different procedures into an interoperability system via interconnected participants with high-level protocols and regulation when necessary, because different market participants may have separate benefits.

Recommended Citation

Zhong, Junying, "A Comparison of Mobile Payment Procedures in Finnish and Chinese Markets" (2009). BLED 2009 Proceedings. 37.

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Four Mobile Payment Systems Tested and Compared

Four Mobile Payment Systems Tested and Compared

Accepting credit cards used to be expensive and complicated: You needed to set up a merchant account with a bank, you had to buy or lease a card reader, and you had to pay a setup fee, subscription fees, and fees on every sale you made. Today, a swarm of credit card processing apps for smartphones and tablets has rendered the process easier, cheaper, and highly mobile.

PayAnywhere has developed a strong app for its mobile card reader. Most of these mobile payment processing services offer pay-as-you-go plans, in which you pay only a fixed percentage fee per transaction. Although these fees are typically higher than what you’d pay under a traditional arrangement, these newer services can provide any small business a simple, economical way to accept payments via credit card. And instead of making you invest in an expensive card reader, these services offer free readers that can fit in your pocket or bag. Just plug one into the audio jack on your smartphone or tablet and launch the accompanying app, and you’re ready to accept credit card payments for your goods or services.

Most of these plans add value with features such an inventory system, where you can save prices and descriptions of the products you’re offering for sale. Several provide a full point-of-sale system, which enables you to attach cash drawers and receipt printers.

We examined four mobile payment processing services, along with their respective card readers and software. Each supplies both an app for iOS devices (iPad, iPhone, and iPod Touch) and Android phones and tablets (although one provider's Android software is still in beta). Only one service currently supports BlackBerry devices.

Choosing the Right Service

Accepting credit card payments can be a boon to your business, but the associated fees can be a drag on profitability. PayAnywhere’s pay-as-you-go fee of 2.69 percent per swipe is the least expensive of the four services we looked at, while Intuit's GoPayment and VeriFone's SAIL tie for second with fees of 2.7 percent per transaction. Square’s 2.75 percent fee is the highest of the four.

If you’re processing more than $1300 in payments each month, you might be better served by one of the subscription plans that combine a monthly fee with a lower per-swipe rate: GoPayment costs $13 per month with a swipe fee of just 1.7 percent, and SAIL costs $10 per month with a swipe fee of 1.95 percent.

Low transaction fees aren’t important if the software and service aren’t a good fit for your business. If you need to accept and track cash as well as credit card payments, for instance, GoPayment won’t work for you. If you need to print paper receipts from iOS devices, you should consider PayAnywhere or Square. GoPayment is the best option for printing receipts from Android devices, and if you want the ability to charge cards via a Web interface in addition to using a mobile device. If you need a synchronized database for your inventory, or if you like the idea of scanning bar codes, SAIL is a good choice.

For more information, see our in-depth reviews of the four systems:

Update: If your small business bills by the hour, you might be interested in reading about Intuit's new MoneyDue app, which turns calendar appointments into billable hours and provides the option to send E-bills through the Intuit PaymentNetwork. You can read all the details here .

Note: This article was updated on 7/6/2012 to reflect the new features that some service providers are now offering.

Eric Geier is a freelance tech writer. He’s also the founder of NoWiresSecurity. which provides a cloud-based Wi-Fi security service for businesses, and On Spot Techs. which provides on-site computer services.

To comment on this article and other PCWorld content, visit our Facebook page or our Twitter feed.

Online Payment Gateway Comparison

Choosing the Best Payment Gateway

1 This comparative information is based on an average for these providers. Many of these payment processors have fluctuating pricing structures and fees according to volume.

2 This table also compares the capabilities of the Formstack integration and does not necessarily reflect the full capabilities of the payment processor.

Choosing An Online Payment Gateway: 4 Major Factors

When choosing a payment gateway, there are four major factors you need to consider: transaction fees, card types, on-form payments, and recurring billing. These factors will vary by processor, so make sure you choose one that meets your needs and budget.

Transaction Fees

When you process a payment, some payment gateways will keep a small part of the charge for letting you use their app. You will either pay a flat fee per each transaction, an established percentage from each purchase, or a combination of both charges.

Card Types

It's important to know what types of credit or debit cards are accepted by your chosen online payment gateway. Additionally, some processors require users to link their bank accounts rather than entering a card.

On-Form Payments

If you use a pre-built form integrated with a payment gateway to collect your funds, pay attention to this factor. Some gateways will collect the payment right on the form, while others will direct users to another page to complete the purchase.

Recurring Billing

Recurring billing gives you the ability to set up a payment that reoccurs over a set period of time. If you need to bill your customers on a monthly basis without having to worry about performing this action manually, then you need an online payment gateway that supports recurring billing. Examples of companies that might need this feature include subscription-based companies or nonprofits who have repeat donors.

Payment Gateway Comparison: Know Your Fees

Different payment gateways have different cost structures, but you will encounter a few standard charges during your research. Read on to learn about the different charges you must account for.

Transaction fees

Some payment gateways keep a small part of the charge for letting you use their app. You will either pay a flat fee per each transaction, an established percentage from each purchase, or a combination of both charges.

Monthly Fees

Some payment gateways will charge a subscription fee to let you collect money with their app. This monthly charge might vary based on the volume of payments being processed or the number of bank accounts where the payments are going.

Setup Fees

Setup fees include any costs that might be associated with setting up your payment gateway account. You will only need to pay this fee once.

Merchant Account vs. Payment Gateway

Merchant accounts and payment gateways both provide ways to collect money from your customers, but they do it in very different ways. It's important to know the difference between the two as you assess the ways to manage your company's funds.

Payment Gateways

For every credit card transaction online and in-store, a service must communicate with the customer's credit card company to check for sufficient funds. In-store, typically, a POS (point of sale) machine performs this action. For online transactions, a payment gateway verifies the funds.

Merchant Accounts

A merchant account is a lot like a bank account, but its purpose is to collect funds from credit card payments until they are transferred to a normal business bank account.

Ready to start boosting revenue for your business?
Sign up for a Formstack 14-day FREE trial or demo our product get access to a powerful form-building platform with over 10 different payment integrations.

A leading provider of payment gateway services, Authorize.Net offers customers a reliable and secure processing system. This provider easily integrates with many online apps and offers phone, email, and live chat support.

* Integrates with Formstack

Beanstream's payment gateway is compatible with 150 currencies in over 200 countries. Users can pay with several major credit or debit cards, and you can easily access your balance on Beanstream's online account tool.

* Integrates with Formstack

Specializing in Web 2.0 and SaaS companies, Chargify offers an easy solution for recurring or subscription-based billing. Their scalable pricing plans, starting at $65/month, will grow with your small business.

* Integrates with Formstack

Dwolla is an awesome payment processor with super low fees. It's secure because you only share your unique ID or email address versus your credit card number or banking information.

* Integrates with Formstack

First Data is committed to providing customers an integrated payment processing experience, making it easy to collect funds in-store, online and via mobile devices.

* Integrates with Formstack

Collect payments securely with one of the most popular payment gateways. With PayPal, you can set up single, multiple, or recurring payments. PayPal also gives users the ability to pay through their bank accounts, in addition to credit or debit cards.

* Integrates with Formstack

Use PayPal Website Payments Pro to collect recurring or subscription payments. PayPal Pro also gives you the ability to process payments on-form instead of redirecting to an external page.

* Integrates with Formstack

Need to keep costs low? PayPal Payflow's 10-cent transaction fee is great for retailers who process large volumes of transactions.

* Integrates with Formstack

Advertised as the payment gateway for developers, Stripe markets open APIs and no hidden costs. The only fee you can expect with Stripe is their low transaction fee. Formstack's Stripe integration allows users to be PCI compliant. For more details, please visit our Support page .

* Integrates with Formstack

WePay allows you to collect secure payments, set up recurring and subscription billing, and easy create invoices. WePay is a great option for organizations that need to collect money from large groups of people.

* Integrates with Formstack

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