Cheapest mobile app, small ticket size payment processors?
Krista – thanks for your article on payment processors. I have a business that will collect many small payments ($2-5 generally), often made with debit cards, all made through our mobile application, and have been trying to find the cheapest way to process them? I tried Due Payments (2.8% flat, no transaction fee for sub $250k in revenue) but my developers can’t get it to work, so I’ve settled on a merchant account with a regional bank that will basically be $0.02 + interchange for the time being, which is much better than Stripe but still not perfect if I have a bunch of debit cards used. Do you know of any other processors that would subsidize their per transaction fee with only/higher percentage charges?
The other route is the wallet in my app that would charge them a larger amount and then debit from that virtual wallet as they make smaller payments (Starbucks app model), but I can’t seem to find a pre-built solution I could put in my app that does that – know of anything on that front?
Thanks in advance.
Have you looked at Dwolla or Zooz? They both have versatile gateways and customizable fees. They might have what you’re looking for.
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