Square reader and Square was the very first reader to enter the space and you can see if you look at the picture here, itís a little dongle basically that plugs into your iPhone earbud port and you can swipe a credit card right through there and it will come up with an app on your phone. You can type in the amount of the transaction and process a transaction right then and there. So Square kind of launched this space about a year, year and a half ago. Since that time, a couple of competitors have come out. Intuit has come out with a service called GoPayment. You can see their dongle also fits right into the headphone jack of a mobile phone and you can see the app, how that works and they can even sign it right on the phone. Then a third one has come out called Pay Anywhere. The exact same philosophy that you can run a credit card transaction right from your mobile phone. So the three service providers are Squre, Go Payment and Pay Anywhere. Here is more about mobile payments from other providers.
Now another cool feature about these is that you donít have to have the credit card with you or that your customer doesnít have to have a credit card with them. If they know the number or if you happen to be ñ letís say youíre writing in your vehicle. Not driving. Very important. Youíre writing in your vehicle and you get a phone call from somebody and they want to buy a product or service from you right then and there. Great! Get their credit card number and you can key in their credit card information right there on your mobile phone and boom, their card is charged.
Transaction is processed and you can provide the product or service that they are looking to buy. So these are very, very cool solutions. If you go to a retail store, youíre used to running your card through a slot. Usually itís kind of a big machine and it has a printer attached to it. This is just basically the same thing, only itís very small. You can see with the Square, itís kind of a sexy-looking little square. The GoPayment is kind of a curved model. Itís very small, very lightweight. You can keep it in your briefcase, keep it in your glove box, whatever, and process credit cards that way. Now, of the three options, which one is best for you? Well, thatís a really, really good question. So what I did is I broke down the three options so that you can take a look at the differences on the two from a pricing standpoint mostly but also just a little bit from a services standpoint.
So letís just take a look at the screen real quick. You can see that Square has a no monthly fee and itís a percent charge if you swipe the card. If you key in the card, itís a percent transaction fee plus 15 cents. Now one thing about the Square is that it only works on iPhones, iPads and Androids. No monthly fee. GoPayment has two different options for your use. If youíre low volume and youíre doing less than $1000 a month, then they have a percent transaction fee for swiped payments and a percent transaction fee for keyed payments but they donít have that little 15 cents onto it and no monthly fee or if you know youíre going to be doing more than $1,000 a month on a regular basis, then it might make sense for you to go with their high volume account and that is a $a month fee but it lowers your transaction fees substantially by a whole point. percent for swiped and percent for non-swiped. So that might be pretty helpful for you if youíre doing some decent volumes. The other thing about the GoPayment is that it does work on BlackBerry so itís the only one of the three that does work on BlackBerry at this time.
So if you use a BlackBerry and youíre planning on using a BlackBerry for some time, GoPayment is probably your only option. If youíre on an iPhone, you can use any of them. The last one is Pay Anywhere and Pay Anywhere is also a no-monthly fee. Theyíre at percent of the transaction plus 19-cent transaction fee and percent if itís keyed in plus 19-cent transaction fee. So, mathematically, theyíre kind of close on the swiped with Square, actually with both of them. Theyíre very, very close. So what you want to look at, something else thatís very interesting on GoPayment is that if you use QuickBooks, GoPayment is actually built by Intuit and they have very good QuickBooks integration. So when you do your transaction, you can hit a button and it automatically integrates that transaction right into your QuickBooks which can be very, very helpful if you use that particular accounting platform to keep track of all your transactions. So there you have it. Those are the three main mobile payment providers, Square, GoPayment and Pay Anywhere. Iíve got my GoPayment unit on its way.
It should be here in the next couple of days and I will never again miss out on collecting a transaction immediately when Iíve got a customer standing there wanting to give me money. Now if you have used any of these payment providers and you have a story you would like to tell us, I would love for you to raise your hand and come on the line and tell us or if you have any questions about these payment providers, please let me know.