Mobile payment systems are popping up everywhere. Not so long ago, the popular Square system was relatively alone in the mobile payment world. Now, various mobile payment platforms have been created by startups around the globe. The latest mobile payment system to make waves is called Cashier Live and this one might just give the undefeated Square a run for its money.
Cashier Live doesn’t come with a plastic attachment that retailers can run credit cards through like Square, but it does make the payment process a lot easier and offers one additional feature that Square doesn’t have yet. The Cashier Live iPhone app allows retailers to accept all forms of payment (chosen by individual retailers) in addition to scanning items for sale and allowing cashiers to tally up totals and give back change accordingly.
How Cashier Live Works
As the name suggests, Cashier Live is primarily for retailers who want to make the check out process easier. The iOS app allows cashier to scan barcodes, accept payments, manage inventory, run all kinds of reports, and even email receipts to customers (a feature that most customers who are tired of a pocketful of receipts will appreciate). Really, there isn’t too much that Cashier Live can’t do.
When wishing to accept credit card payments, retailers will have to work with Cashier Live and its payment partner Mercury Payment Systems. The fees associated with credit card transactions range percentage-wise, which is drastically unlike Square’s fixed 2.75% per transaction. Cashier Live seems like a good alternative to Square all around – except for the price of the Cashier Live system, which is significantly higher than what Square is offering.
Cashier Live Pricing
Since we’re comparing Cashier Live to Square here, I’ll start by saying that Square’s credit card attachment is given to customers for free. Contrastingly, retailers will have to pay $550 in order to purchase the Cashier Live system. In addition, there is a monthly fee applied to each Cashier Live membership starting at $20 per month – Square does not charge a membership fee. These things may seem like huge differences, but you have to remember three important things.
First, Cashier Live acts as a barcode scanner and Square does not. Second, retailers might get better transaction fee rates with Cashier Live. Third, Cashier Live is available as an iPhone app and Square only has an iPad app going at the moment (though this is bound to change within the near future).
Of course, retailers will have to weigh the pros and cons of each system prior to using one over the other. But one thing can be said with much certainty: the mobile payment competition is heating up and Square is no longer the only competitor in the ring. Investors, take note. Retailers, consider accepting mobile payments through one of the very capable companies out there. Whether Square or Cashier Live, there’s no need to remain a slave to the bank when it comes to offering your clients a credit card payment option.