What’s the big difference between Square and Verifone iphone mobile payments? This review examines fees, software, hardware and security.
|Software||Free app download||Free app download|
|Hardware||Free Card Reader||iphone encryption sleeve – Free to $149 depending on promotion|
|Fees||2.75% + 15¢ card present
3.5% + 15¢ keyed
|Varies by merchant account. Typical large retailer effective rate is 1.7-1.85% all inclusive for card present. 2.5%-3% for card not present, depending on industry.|
|Security||SSL||End to End encryption|
|Flex||iphone, ipad, and Droid||iphone only to date|
|merchant account||none||requires merchant account- existing or new|
My recommendation is to run a cost analysis for both options and determine what’s easier for you to implement.