What to Know Before Getting Started
Starting a New Business?
Selecting a credit card processor is often more complicated than most people expect. How much should you be paying in fees? Should you lease or buy equipment? Should you be locked into a service agreement for anything length of time? These considerations and several others are imporant to understand before signing up with any merchant account provider. Mistakes are easily made and can be very costly to your business. Along with seeing our top choices for payment services below, be sure to checkout this post to avoid common traps in the merchant services industry.
Considerations For Current Business Owners
Changing merchant accounts can be an expensive, complicated, and time consuming process. Are you really going to save as much as promised? Do you need to buy to new equipment or sign new lease agreements? Will there be other less accountable costs such as those associated with employee retraining? Before selecting one of our choices below, you may want to consider renegotiating your fees with your current payment processing vendors using the help of a contingency-compensated consultant. It can result in a dramatic decrease in costs without the pains of switching. In some cases business owner have also obtained substantial refunds of prior overcharges along with saving thousands in future processing costs. See this post to learn more about this little-known alternative to changing merchant account provider.
Despite its geographical proximity to the U.S., Mexico is home to only a few mobile credit card processing apps. Mexican merchants do not yet have access to the wide range of smartphone card readers offered by Square, PayPal, First Data, and others, so their only available options are European payment processors who have expanded into Mexico or a few mobile payment products developed in their home country. Two Mexico-based options, AllPago and Banamex, appear to have discontinued their mobile card readers, while Sr.Pago remains the only major smartphone credit card processing product developed in Mexico. The changing state of the country’s mobile payments market makes it possible that Mexican business owners’ options could increase or decrease in the near future.
This limited range of choices makes it important for merchants to make the right pick for their smartphone processing app. That’s why we have put together this list of the best Mexican mobile credit card processing apps. The mobile payment processors on this list are known to offer low-cost, low-commitment contract terms and positively reviewed customer support. Although our list provides general information about each provider, merchants should be sure to visit each company’s website so that they can compare their options.
Our unbiased articles are supported in part by helping you find highly reviewed merchant accounts. You can learn more here.
Why These Merchant Account Providers
Headquartered in Sweden, iZettle is a mobile credit card processor that has been processing payments since 2010. The company’s products and services include an EMV- and NFC-compatible mobile credit card reader, a point-of-sale app, email marketing tools, sales analytics, Xero integration, point-of-sale hardware, and merchant cash advance. iZettle is capable of serving businesses in Sweden, Finland, Denmark, Norway, United Kingdom, Germany, France, Spain, Italy, Portugal, the Netherlands, Mexico, and Brazil.
iZettle’s per-transaction fee decreases as merchants process more sales per month, from 3.75% plus VAT for merchants processing less than $20,000 per month to 2.75% plus VAT for merchants processing more than $83,000 per month. Due to the common practice of paying in 30-day installments in Mexico, iZettle also offers monthly installment pricing. For purchases of more than $500, customers can pay on a 3-month, 6-month, 9-month, or 12-month payment plan. Merchants will pay an additional 3%, 6%, 9%, or 12% on these payments, respectively.
iZettle offers its card reader for $249. Our review of iZettle currently gives it an “A” rating overall.
For more information, see the iZettle website.
$249 card reader
2.75% + VAT to 15.75% + VAT per transaction
Live customer support