Businesses need to send and receive money every now and then. In 2017, almost half of the respondents of a survey stated that they used an app for payment of goods and services. This number has risen to 90% in recent years. The majority of people who use mobile payment apps have increased significantly. So, how do you know which ones are the best mobile payment apps for business? It all depends on your business needs, and then you can decide which payment app works best for you.
What are Mobile Payment Apps?
Mobile payment apps are also known as digital wallets. The app is connected to your bank account that holds the money. A linked account could be a debit card or credit card that’s connected to your bank.
Why are consumers so excited by mobile payments? If you want to know why mobile payment apps are incredible for businesses, there are just two reasons:
- Speed of payments
- Ease of use
The app adds an additional layer of security, websites won’t store credit card or bank account information. A majority of consumers own a smartphone, and all those smartphones can support mobile payment apps. So how do you figure out the best mobile payment apps for business?
10 Best Mobile Payment Apps
It doesn’t matter if your business wants to get paid in cash or by check, your consumers prefer mobile payments. Customers accept mobile payments as they replace cash. The future of payments is here, and businesses have to start relying on mobile payment apps.
Here are the top mobile payment apps:
1. Apple Pay
Apple Pay is the proprietary “mobile payment app from Apple”. It can run on any iPhone with a face or touch ID. You can also run it on an Apple watch with a contactless reader.
Apple Pay is popular as it allows consumers to redeem or receive rewards in their wallets. Apple Pay can’t be accepted by a company so consumers can use a credit card linked to their Apple Pay account. You can choose to pay via monthly installments for purchasing with 0% financing.
2. Google Pay
Google Pay works with every possible Android app with an NFC chip. Businesses and individuals can use it for online and contactless payments as well as mobile payments. To create a Google Pay account, anyone can download the app from Google Play Store.
Google Pay can accept payments from Android or Apple devices. This is one of the best features of Google Pay. Customers can link a Google Pay account with their debit card or credit card.
3. Venmo
Venmo is a subsidiary of PayPal, and it’s unique because of its social style platform. Anyone can create a profile on Venmo. This is a great feature as consumers often use reviews to make payments decisions.
Venmo works everywhere and anywhere PayPal is accepted. You can link the app to your debit card and credit card. These cards are then linked to a bank account. Venmo is incredibly famous in the USA, as it provides ease of use for payments. You should know that Venmo charges 2.9% plus .30 per transaction.
4. PayPal
PayPal can be used via the App, online, and in person. This is one of the best mobile payment apps in the industry. The service is used by millions of websites and can be used by consumers to send money to whoever they want.
PayPal is a top choice for business owners who want to sell goods and services online. Split payments can be made by consumers and they can do it at the time of purchase. PayPal is linked to a debit and credit card for payments. And if you want to close or delete a PayPal account then the process is pretty simple.
5. Zelle Pay
ZellePay can only be used by an owner if the bank/credit union that businesses use accepts ZellePay. Many banks and credit unions offer ZellePay to consumers but not to small businesses.
Their website has a list of credit unions and banks that accept ZellePay. This list includes Wells Fargo, Bank of America, and more.
6. Samsung Pay
Supported devices include Galaxy Phones, some Galaxy smartwatches, and other Galaxy Smartphones. Samsung Pay is available in 27 countries, and it supports Visa, Master Card, and Discover. Consumers with these credit cards may apply for a linked debit card, Samsung Money.
Samsung Pay is a huge mobile payments app for businesses, and it works on all public transit systems, especially New York City’s. Consumers can use the App for free, Businesses pay 2.9% plus .30 for each sale.
7. Quickbooks Go Payment
Quickbooks payment supports devices including iOS, Android, Windows, Mac, and Windows. There’s a monthly fee for using this mobile payment app. Quickbooks Go Payment is famous for businesses because it can track and create invoices. It can match invoices and payments. It will accept payments from Visa, Mastercard, and American Express credit cards.
You’re charged a $20 monthly fee. Its value as a mobile payment app isn’t limited to the sale time. There’s also a transaction fee of 2.9% plus .30.
8. Circle Pay
Circle Pay is a Boston-based financial services company that developed Circle Pay, which is a money transfer application. It allows businesses to request or send money internationally. The business Circle Pay account is linked to either an email or a business phone. Circle Pay doesn’t charge any conversion fees and there’s no other fee. Circle Pay calculates the exchange rate for international transactions.
9. Square Cash
The CashApp website allows businesses to sign up, by selecting “business purposes”. Whenever an account is created by the owner, it creates a user name/ business name. A Cash Tag is the username, once the Cash.me page is set up, businesses will be able to use it to send and receive money. 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 as many apps as credit and debit cards.
Transaction fees are charged at 2.75 percent which is a bit lower than industry standards. The only limitation is that Square Cash is its $1,000 transaction limit.
10. Xoom
Xoom can be run on iOS, Android, Windows, Mac, and other devices. The app supports all payment options including debit and credit cards with a linked bank account. Xoom is a PayPal payment service that was built to make money overseas. This app can also be used by business owners to send money to US bank accounts or to pay international bills. Xoom can be used in 185 countries and is a popular alternative to MoneyGram and Western Union.
For transactions, the basic fee to send money from an account is $4.99. Some costs depend on the type of transaction and country. Xoom offers a free exchange rate calculator that you can use for domestic and overseas transactions.