If you are one of the 3.8 million owner operators the U.S. Small Business Administration identifies as a micro business, NCR Silver (NYSE:NCR) and Worldpay (LON:WPG) have created a payment processing device called Ring Up just for you.
With your smartphone and Ring Up, you can receive payments anywhere from your customers. This is a mobile point-of-sale (POS) solution that lets you accept chip and swipe payments, and manage the sales process.
Many micro and small businesses operate beyond their place of work, freelancers, contractors, plumbers, and photographers to name only a few. The ability to accept payment when you are working outside of your office or home on location is invaluable. It saves both you and your customer time, and it eliminates the lengthy back and forth process of accounts receivable.
In describing the benefit of the technology for small businesses, Chris Poelma, President and GM of NCR Silver, said in the release, “Ring Up by NCR Silver is the stepping stone for micro merchants or service providers looking for a reliable technology partner to grow with.”
Ring Up from NCR Silver, Powered by Worldpay
Ring Up is not just for micro businesses. Poelma also said, “We can now support businesses through every phase, from startup to franchise.” But the way it is priced, even the smallest of businesses can use the technology as a mobile POS.
Ring Up is slightly bigger than a credit card and it connects via Bluetooth to your mobile device. Once you pair them up, you can start accepting payments. The device also comes with an app so you can access reports and transaction data via the internet.
Before you get your Ring Up POS, you have to get approved. You do this by signing up and creating an account, downloading the app on your Apple iOS or Android device, and waiting for the underwriters to approve you. When you are approved, your Ring Up will arrive within 3 to 4 business days.
The processing fee is 2.7 percent per swipe or dip. If the transaction is keyed-in, it will go up to 3.50 percent plus 0.15. There is a $14 monthly service fee, and each Ring Up will cost you $39 plus tax.
Having an Established Payment Provider
NCR Silver and WorldPay are two globally recognized brands in the payment segment. For small businesses, having a product from these two companies means a platform they can rely on today and in the future at an affordable price point.
Would be interested in seeing a chart that compares costs for this vs. Paypal vs. Square since they all seem to do the same thing.
They are not the only players in the field either. It is getting crowded, but price as you mentioned as well as brand quality with the right infrastructure, experience and security will be key for companies to differentiate themselves.