PayAnywhere Review

Small Business Electronic Payment Processing Solution

Visit Their Website

PayAnywhere is a low cost, easy-to-use tool that you can use in order for your small business to accept credit cards on iPhone, Android, and iPad. PayAnwhere is much like Intuit’s GoPayment app and Square’s mobile credit card processing service. These mobile processing solutions are designed specifically for small business owners who are looking for a way to process credit cards, but for which the fees for traditional merchant accounts are too prohibitive due to their low volume and amount of transactions.

A Little Backgroup about PayAnwhere

PayAnywhere is mobile credit card processing service of North American Bancard, a multi-billion dollar credit card processing company. North American Bancard has more than two decades of traditional merchant payment processing experience, but added PayAnywhere to power its ability to process mobile payments system for small business owners. While PayAnywhere is powered by North American Bancard, Global Payments is the processor of PayAnwhere's credit card transactions.

PayAnywhere's Costs and Pricing Policy

PayAnywhere's pricing policy is relatively simple. Unlike traditional merchant accounts, which require an upfront cost for a card reader that can run into the thousands of dollars, PayAnywhere only earns its fees on each swipe. That is, there are no setup fees, monthly fees, or cancellation fee. PayAnwhere's card reader and app are also provided to you at no charge upon registering for the services.

PayAnywhere charges a 2.69% fee for any swiped transactions and 3.49% + $0.19 for transactions that are keyed manually. The main reason for the increased fee for keyed transactions is that they are inherently less secure than swiped transaction and more susceptible to fraud.

PayAnwhere Compliants

According to card paymentoptions.com, PayAnwhere has a low number of complaints considering how many users are subscribed to its services.

However, the two main complaints that users report are: (1) holds on funds and (2) poor customer service. PayAnwhere transactions can put a hold on any transaction because of fraud, suspicious transactions, or a few other reasons, and not all these reasons are defined in their terms of service according to cardpaymentoptions.com. Many customers complain about customer service when they have to call in to investigate these holds or report other issues.

Who Should Use PayAnwhere?

PayAnwhere is a low-cost, easy-to-use mobile payment processing solution for small business owners. PayAnwhere requires no significant upfront costs or other investments, and it's pricing policy makes it ideal for the small business that has limited funds as it matches up the merchant transactions fees with revenues, which should make managing the business's cash flows easier. While some users have complained about the holds on their accounts, traditional merchant processors can also put holds on funds and charge higher processing fees to offset any losses incurred for fraud. Since traditional merchant services come with higher monthly fees, they are able to offer better customer service than PayAnwhere is currently able to offer.

You should take these issues into consideration to determine whether you want to pay higher fees for fewer holds and better customer service before subscribing to PayAnwhere.

Visit Their Website

Visit Their Website

Conclusion

PayAnywhere is a good choice for the small business owner or mobile vendor that processes relatively few transactions in terms of dollar amount and volume. Traditional merchants can usually offer significant discounts to businesses who processing a significant number of transactions on a regular basis, which is less than the fixed fees offered by PayAnwhere. But for most small business owners, you will find that PayAnwhere is an excellent, low-cost option for processing mobile payments.

Learn More

You can learn more about PayAnwhere by visiting payanywhere.com.

Visit Their Website