It can be difficult for business owners to embrace new technologies when those technologies are explained in confusing terms or industry jargon.
Intuit believes that merchants shouldn’t be deterred from embracing mobile-payment services like GoPayment simply because they don’t understand the lingo. So we put together this glossary of terms pertaining to mobile credit card processing.
Geolocation: the capability of digital devices, such as smartphones and tablets, to determine a user’s physical location. (This helps GoPayment’s software determine the appropriate sales tax on mobile transactions automatically.)
Keyed rate: the percentage of each transaction amount paid by the merchant to the mobile-payment service provider when a credit card number is manually entered into a digital device.
Mobile payments app: the software portion of the GoPayment system, which you install on your Android or iOS device. (The GoPayment app may be downloaded for free from the Google Play Store or the Apple App Store.)
Mobile payments card reader: the hardware portion of the GoPayment system, which plugs into your digital device’s audio jack and allows you to swipe customer credit cards. (GoPayment provides up to three free readers per account holder.)
Monthly minimum: the least amount of revenue that must be generated each month using a credit card processing service to avoid an extra charge. (GoPayment does not have monthly minimums.)
Pay-as-you-go: the pricing system offered by GoPayment, through which merchants pay only when they process transactions.
Processing: a term that describes the authentication of a customer’s credit card, the approval of a transaction, and the depositing of funds into a merchant’s account.
Smartphone: any cell phone that’s built with a mobile operating system, which essentially offers better connectivity and more features than a standard cell phone. (Here’s a list of GoPayment-compatible smartphones.)
Swipe rate: the percentage of each transaction amount paid by the merchant to
GoPayment when a credit card is swiped through the card reader.
Tablet (computer): any portable computing device that features touchscreen technology, such as an iPad. Here is a list of GoPayment-compatible tablets.
Transaction fee: a fixed fee charged every time a credit card transaction is processed in addition to the charge based on the price of the transaction. (GoPayment does not assess transaction fees.)