Enabling Technologies

Coming Soon: FreshBooks Card Reader For Small Businesses to Accept Payments On-The-Spot

MEDICI

FreshBooks, cloud-based accounting software for small business owners, revealed plans to release the FreshBooks Card Reader to help small business owners get paid on-the-spot using their mobile devices while also preventing credit card fraud. The pocket-sized device plugs into an iPhone's audio jack and lets users accept credit cards anywhere. The release is scheduled for spring 2016.

As promised by the company, FreshBooks Card Reader is fully integrated into FreshBooks' payments offering and accounting software for the Web and for iOS devices, so invoices and reports are automatically updated as payments are processed. The reader will accept both the new chip and old magnetic-striped cards. FreshBooks Card Reader is armed with the latest security technology to protect sensitive credit card data. Customer support will be provided by the team.

Mike McDerment, co-founder and CEO, FreshBooks, shared the company’s commitment and desire to help small businesses in a press release: "Running your own business has all kinds of challenges, but getting paid shouldn't be one of them. Since day one, FreshBooks has been committed to helping service-based small business owners save time, get paid faster, and look professional, and the FreshBooks Card Reader is the next step as we continue delivering on our promise. 75% of small businesses already use mobile devices to run their businesses, and the FreshBooks Card Reader will offer them with yet another way to streamline their workflow while on-the-go."

Security of the device is ensured by information encryption; data is not stored on the device. The reader is seamlessly integrated into the FreshBooks platform and enables payments processing in less than a minute.

All the advantages of the FreshBooks Card Reader are mentioned on the company web-site:

  •        The FreshBooks Card Reader works right out of the box
  •        Automatic recording of payments and transaction fees
  •        Automatic deposits into your bank account
  •        Automatic payment receipts sent to your clients
  •        Award winning customer support

The company also released the pricing scheme for this new product. The FreshBooks Card Reader itself costs $29 and comes with a one-year warranty. Visa and Mastercard payments cost 2.7% + $0.30 per transaction and AMEX payments cost 3.4% + $0.30 per transaction.

The device will accept Visa, MasterCard and Amex cards. The Card Reader is compatible with iPhone and iPod Touch devices running iOS 8 or newer and the latest version of the FreshBooks iOS app.

Some of the company’s clients shared their excitement about the service in the press release. FreshBooks customer, Leslie Lipps, Marketing Consultant, said: "The whole integration together is really what makes this great. It is already built in with what I use every day – invoices, estimates, and expenses. When my clients are ready to pay, I can easily just open my phone, accept the credit card payment on the spot, and know that my FreshBooks records will be automatically updated. It's also great for my clients who prefer to pay me in person instead of online. The convenience of using the FreshBooks Card Reader adds an extra personal touch and enhances my professional presentation."

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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