This new app is designed to work with most mobile devices to allow you to accept credit cards, no matter who you are. You can be a small local business, a big company, or an individual that wants to take credit rather than cash from people. The app is free and only charges a low 2.69 percent fee, but does it make things easier for customers or businesses?
Besides the free app and low transaction fee, you also don’t have to pay a monthly fee and there are no minimum sales requirements when you use PayAnywhere. Customers can add a tip into their total and businesses can figure in a discount. The program even calculates your taxes based on your location to save you time and frustration. You can also view your transactions in real time to keep you with what your business has been doing and show totals for the day, week, or month.
Positioned to Compete
PayAnywhere believes it is ready to take on the big names like Square and PayPal. It has partnered with some big names such as Walmart, Home Depot, Amazon, Sears, among others. Part of its appeal is that it is an all-in-one solution with a card reader and mobile app. It also offers 24 hour customer service and tech support. However, it may have some stiff competition with Square, who already has over 2 million users and processes around $8 billion in annual sales.
PayPal sales are also up from $4 billion in 2011 to an expected $10 billion this year. It is also looking into a mobile app for added convenience. It already has an app that allows you to check into your account from your mobile device.
PayAnywhere uses a unique approach, including the choice of location for its headquarters. It is based out of Detroit, a city with 20 percent unemployment and not the easiest place to find engineers. But the founder and CEO of the company is dedicated to creating a large tech employer in the city.
The company is expected to launch a major marketing campaign involving print, radio, and television to get their name out to merchants and customers.