Last week, PTO Today posted a short blog announcing their partnership with mobile payment device PayAnywhere. PayAnywhere is a mobile credit card processing app that attaches to a mobile smartphone and allows users to read and accept credit card payments with a swipe. For a small transaction fee (2.69%), PayAnywhere takes the check out of the equation and let’s people pay up front and automatically, forgoing the hassles of counting checks and organizing cash & coins. The funds go directly into your specified organization’s bank account.
Since it’s backed by PTO Today, PayAnywhere may become the go-to app for school fundraisers who are looking for a modernized payment system that accepts credit cards. But it’s important to note that there are other options out there.
Businesses both large and small have already embraced these mobile point-of-sale credit card readers. In late 2012, Starbucks teamed up with Square, the pioneering card reader application, and offered the mobile payment option to customers. Many small businesses started using the white square smartphone plug-in as a way of offering additional payment options to customers who seem to carry less and less cash each day. Square App also launched Square Wallet, inviting smartphone users to download a personal wallet application that lets them pay securely just by using their phone as if it was a credit or debit transaction. The Square App currently has over 21,000 reviews giving it an above-average 4.6 stars on Google Play store. On the iTunes store, Square has 3.5 stars from 60 ratings. Square charges 2.75 percent per transaction fee.
These credit card readers enable fundraisers to track payment information as it comes in – namely the parent’s name, student’s name and payment amount. They will not have access to sensitive account information. Sounding off – as fundraiser organizers can you see your school fundraiser embracing these types of applications? What types of problems could they pose? Let us know in the comments!