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.