--- title: Myths and Facts About POS Mobile Payments description: While navigating POS mobile payments, small businesses need to separate myths from facts. 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Read on to learn the truth about mobile payment processing. ![GoSite](https://www.gosite.com/hubfs/gositelogo.png) GoSite May 07, 2020 5 min read ![GoSite](https://www.gosite.com/hubfs/gositelogo.png) GoSite May 07, 2020 5 min read ![featured_image](https://www.gosite.com/hubfs/Blog/Images/General%20Campaigns/Myths-and-Facts-About-Credit-Card-Processing-Small-Business-Edition/Myths-and-Facts-About-Credit-Card-Processing-Small-Business-Edition-3@2x.png "POS mobile payments") When navigating through POS mobile payments, small businesses need to separate myths from facts. But with so many options, and technology changing every day, that has become no easy task. You can use this article to learn more about three common myths — as well as the real facts behind them. ## POS Mobile Payments Myth #1: You need special hardware to accept card payments.  If you work in retail, chances are [you've operated a bulky cash register](https://www.gosite.com/blog/outdated-credit-card-processing-may-be-bad-for-business?hsLang=en-us). While navigating credit card processing, small businesses might assume they need special hardware.  Some payment processors exacerbate this myth. They might try to persuade you to [lease expensive equipment](https://paymentdepot.com/blog/never-lease-credit-card-terminal/). Rates might seem reasonable at $30 per month, or exorbitant at up to $100 per month.  Either way, you should never lease equipment. It's less expensive to buy an [mPOS](https://www.gosite.com/blog/6-tips-for-choosing-an-mpos-device?hsLang=en-us) and if you decide you want additional hardware you can purchase that and pair it with your mPOS terminal in the future. ### Fact: You can accept POS mobile payments through a tablet or mobile device. Today, buying a credit card terminal or another traditional POS system is entirely optional. Instead, you can [complete credit card transactions through equipment you already have](https://www.gosite.com/blog/this-is-why-you-need-mobile-credit-card-processing?hsLang=en-us). The beauty of an mPOS system is that all you need is a mobile device (smartphone or tablet) and that acts as your payment processing terminal. Online, mobile, and in-person payments can all happen without traditional hardware. Payment processors can handle credit card transactions using your computer or mobile device. Not only is this cost-effective, it makes credit card processing for small businesses much more nimble. [As Amazon reshapes customers' expectations](https://www.wordstream.com/blog/ws/2019/04/04/ecommerce-statistics), your business needs the flexibility to adapt.  Customers also love pop-up experiences, which drive [an estimated $10 billion in sales](https://www.retailtouchpoints.com/features/special-reports/pop-up-stores-become-more-than-just-a-trend) each year. Mobile credit card processing frees you from the limitations of a brick-and-mortar location. ![mPOS payments](https://www.gosite.com/hs-fs/hubfs/Blog/Images/April%202020/Mobile%20credit%20card%20processing/Mobile%20credit%20card%20processing%20-3.jpg?width=1600&name=Mobile%20credit%20card%20processing%20-3.jpg) ## **Credit Card Processing Myth #2: You'll have to pay expensive hidden fees.** When it comes to credit card processing, small businesses are understandably afraid of hidden fees. In some industries, [average profit margins are as low as 2%](https://smallbusiness.chron.com/average-profit-margin-small-business-23368.html). Unexpected fees can wreak havoc on businesses with a small margin of error. Unfortunately, many small businesses *do *lose money to hidden fees. According to the Merchants Payments Coalition, hidden fees drain [up to $80 billion each year](http://www.reformswipefees.com/feefacts.html). So, what [fees should raise red flags](https://www.gosite.com/blog/what-to-know-about-small-business-credit-card-processing-fees?hsLang=en-us)? Pay attention to [tiered pricing](https://paymentdepot.com/blog/tiered-pricing-credit-card-processing/), equipment rentals, annual fees, and early cancellation fees. Many of these fees are negotiable or even optional. ### **Fact: The best processors are transparent about pricing.** While evaluating POS mobile payments and [credit card processing](https://www.gosite.com/blog/a-simple-guide-to-credit-card-processing-for-small-business?hsLang=en-us), small businesses should look for transparent pricing. The best payment processors spell out all fees up front, leaving nothing to question. In general, you should ask key questions such as: - What transaction and processing fees will you pay? - Are there any minimum requirements for sales volume? - What fees apply if you back out of the contract early? Finally, you can always expect to pay authorization fees and other safety  features. These fees keep customers safe, so they're completely worth it. ## **Credit Card Processing Myth #3: It's hard to apply for a payment processor.** While exploring credit card processing, small businesses might assume that applications are tricky.  For most, this can be chalked up to a fear of the unknown. Applying to work with a payment processor likely means that your business is on the brink of change. If you [haven't accepted credit cards before](https://www.gosite.com/blog/how-to-accept-credit-card-payments?hsLang=en-us), you'll have to go through an adjustment period.  While most businesses have no trouble with payment processor applications, some do. There are [a few common reasons for this](https://www.cardpaymentoptions.com/credit-card-processing/5-reasons-denied-merchant-account/). In some cases, the applicant might have a low personal credit score. Mistakes on your application, or reputational problems, can also block applications. Other times, it's entirely impersonal. Merchants in a high-risk industry often face more obstacles when securing a credit card processor. For example, businesses that deal with gambling, electronics, or antiques might experience this. ![mobile payments](https://www.gosite.com/hs-fs/hubfs/Blog/Images/December%20Campaign/How%20mobile%20businesses%20can%20take%20credit%20card%20payments%20anywhere/How%20mobile%20businesses%20can%20take%20credit%20card%20payments%20anywhere-1-1.jpg?width=800&name=How%20mobile%20businesses%20can%20take%20credit%20card%20payments%20anywhere-1-1.jpg) ### **Fact: Applying can be simple and quick, especially for low risk industries.** When applying for credit card processing, small businesses usually breeze through their applications. Most applications ask basic questions about your location, industry and history. The majority of businesses qualify as low or moderate risk.  For example, most services industries will have no issue obtaining a credit card processor. This is especially true if your industry requires a licensing process. Examples range from plumbers and electricians to doctors and hairstylists.  Brick-and-mortar stores that sell common goods also rarely experience application difficulties. Clothing boutiques, bookstores, and gift shops tend to fall into this category. If your business is considered high risk, you still might be in the clear. For example, gambling is a high risk industry that invites extra scrutiny. But a brick-and-mortar gambling business might not be rejected outright. Instead, you might have to submit extra documentation. A valid license, financial information, and support from your bank can all help. Gosite's [Payments](https://www.gosite.com/payments?hsLang=en-us) application only takes about 15 minutes to complete and then you will hear back within 48-72 business hours. This expedited process enables businesses to start accepting POS mobile payments in just a few days. Want all the facts about GoSite's Payments tool? [Download GoSite's free fact sheet ](https://growth.gosite.com/what-is-payment-processing?hsLang=en-us)to discover just how simple [mobile POS ](https://www.gosite.com/blog/how-mobile-businesses-can-take-credit-card-payments-anywhere?hsLang=en-us)can be. [Improve Cash Flow](https://www.gosite.com/blog/tag/improve-cash-flow) ![Comment](https://www.gosite.com/hubfs/bubbles-chat.svg) 0 Comment ![GoSite](https://www.gosite.com/hubfs/gositelogo.png) GoSite ![GoSite-2-1](https://www.gosite.com/hubfs/Imported%20images/GoSite-2-1.svg) Does Your Business Need a Website? [ GET STARTED ](https://www.gosite.com/getfoundonline?utm_source=Blog720&utm_campaign=Website&hsLang=en-us) ![Group 12 (2) (1) (1)](https://www.gosite.com/hs-fs/hubfs/Group%2012%20(2)%20(1)%20(1).png?width=340&name=Group%2012%20(2)%20(1)%20(1).png "Group 12 (2) (1) (1)") ### Keep Reading [![break even calculator for landscaping businesses](https://www.gosite.com/hubfs/landscaper%20break%20even%20calculator.jpg "break even calculator for landscaping businesses") ](https://www.gosite.com/blog/break-even-calculator-for-landscaping-businesses?hsLang=en-us) [Improve Cash Flow](https://www.gosite.com/blog/tag/improve-cash-flow) ## [Break-Even Calculator for Landscaping Businesses](https://www.gosite.com/blog/break-even-calculator-for-landscaping-businesses?hsLang=en-us) No matter how much you love mowing yards and revitalizing properties, you didn't go into the landscaping business to go ... Aug 09, 2023 5 min read [![Break-Even Calculator for Cleaning Businesses](https://www.gosite.com/hubfs/2023%20Blogs/Break-Even%20Calculator%20for%20Cleaning%20Businesses/Break-Even%20Calculator%20for%20Cleaning%20Businesses.jpg "Break-Even Calculator for Cleaning Businesses") ](https://www.gosite.com/blog/break-even-calculator-for-cleaning-businesses?hsLang=en-us) [Improve Cash Flow](https://www.gosite.com/blog/tag/improve-cash-flow) ## [Break-Even Calculator for Cleaning Businesses](https://www.gosite.com/blog/break-even-calculator-for-cleaning-businesses?hsLang=en-us) Imagine that you've started your own business providing clean and organized spaces. You're working hard and investing ... Jul 12, 2023 5 min read [![Illustration of two cleaners, template and a calculator. ](https://www.gosite.com/hubfs/2023%20Blogs/How%20To%20Build%20Pro%20Forma%20Statements%20for%20Your%20Home%20Services%20Business/How%20To%20Build%20Pro%20Forma%20Statements%20for%20Your%20Home%20Services%20Business.png "Illustration of two cleaners, template and a calculator. ") ](https://www.gosite.com/blog/pro-forma-statements-home-services-business?hsLang=en-us) [Improve Cash Flow](https://www.gosite.com/blog/tag/improve-cash-flow) ## [How To Build Pro Forma Statements for Your Home Services ...](https://www.gosite.com/blog/pro-forma-statements-home-services-business?hsLang=en-us) Jump To... What Are Pro Forma Financial Statements? | Are Home Services Businesses Profitable? | How To Create a Pro ... Jul 10, 2023 5 min read [ VIEW all articles ](https://www.gosite.com/blog)