Payments company Moneris has recently come out with a mobile payments solution that you can plug into your iPhone, Android, or select Blackberry device in Canada. Called Payd, vendors and freelancers can now accepts payments right on the spot.
Since not everyone has a phone with NFC capabilities and will not for some time, this allows consumers to traditionally swipe their credit card on the go without having to carry cash. It’s especially useful for artists, massage therapists, hair stylists, contractors, interior designers, flea market vendors, food vendors, and more.
The company takes a 2.95% transaction fee for Mastercard and Visa. They also promise that the hard data is encrypted when the cards are swiped. Payd costs the vendor $2.95 per month.
All vendors have to do is plug in the “Payd” accessory into the audio jack. Then they enter the order details, tap “Swipe Card” and then swipe the credit card. Then you have your customer electronically sign on the dotted line.
The card reader fee (valued at $29.50) will be rebated for a limited time, according to the company.