The Pros And Cons Of PayAnywhere’s Processing Solutions

Today we wanted to go over one of the payment processing solutions on the market known as PayAnywhere. PayAnywhere is a fairly large payment processing company specifically designed to fill the need for smaller business who need an easy solution.

So we’re going to go through our usual review process over the good parts and bad parts of PayAnywhere, and hopefully help you determined if it’s a good fit for your business.

About PayAnywhere

PayAnywhere is a full fledged payment processing solution that provides mobile and a Storefront POS option for business. Like with a traditional processor, you will have to pass a credit check and meet some other qualifications to get a merchant account, such as proof of income and no outstanding debt.

They do have a fairly easy to follow application process and tend to be quick at responding to requests. If approved, you’ll have your own merchant account and be able to start processing transactions right away.

The good parts about PayAnywhere

One of the biggest draws to PayAnywhere is they are a little cheaper to process with compared to some of their competitors such as Square. PayAnywhere charges a flat fee of 2.69% per swiped transaction (vs Square at 2.75%), making it a fairly inexpensive option if you’re running low volume and small ticket sales.

Another great thing about PayAnywhere is they don’t charge a cancellation fee, they are easy to sign up for and easy to cancel when you’re ready to move onto something else.

If you’re a restaurant or a retail business, approval can sometimes only take up to a few minutes. They also have next day funding included.

Like Square, they also have a point-of-sale system you can use, but unlike Square’s which you have to pay for, PayAnywhere does a “free placement” of their PayAnywhere Free Storefront POS system,as long as you process over $5000 a month.

The bad and ugly parts about PayAnywhere

One of the few negatives for PayAnywhere is they require you to process over $5000 a month in volume, or be will be charged a $79 fee. The main reason they do this is to prevent losing money on merchants not processing enough to cover the minimum expenses from the credit card companies. They also do charge you a monthly software maintenance fee of $12.95.

Another thing about PayAnywhere is they will make you pass a credit check in order to be approved for a merchant account. So if you’ve got bad credit, or are considered a high-risk business, you’ll most likely be denied.

The Free Storefront POS Tablet, is a fairly basic tablet. It’s not going to be as high powered as the newest iPad, however, it does work well for what it is designed to do If you want a higher powered tablet it may be better to provide your own and use the PayAnywhere app.

Final thoughts

Overall, PayAnywhere is a really good option for a smaller merchant, and good for merchants looking either for a point-of-sale system and are processing over $5000 a month, or are only wanting to use their phone or tablet and will only be processing a fairly low volume through their mobile option.

If you’re interested in PayAnywhere, click here to see if you qualify for a PayAnywhere account and get started today!