Square may have done $2 billion in mobile payment transactions last year but a new kid on the block wants small businesses to know that they have another option.
In fact PayAnywhere may have only started in April but its parent company, North American Bancard, has been processing credit cards for over 20 years.
Now the company processes more than $1 billion in credit card transactions a month.
And there are plenty of differences between PayAnywhere and Square.
First the similarities: both are free attachments that hook up to mobile devices to process credit cards using a free mobile app.
The differences are perhaps more stark and what PayAnywhere is hoping will attract users to its system over others mobile processing options out there, according to director of marketing Jeff Alderman.
Aesthetically PayAnywhere is black and locks into place once plugged-in into the mobile device's audio jack.
Square is white and moves around freely.
The plastic device also is available on BlackBerry devices, in addition to iOS and Android.
The app also comes with the ability to integrate completely into Quickbooks and features that save and process sales even when there is no Internet activity.
PayAnywhere users are also given the ability to offer discounts for specific items and it undercuts other companies in the market by only charging 2.69 percent per transaction.
The app is is available as a free download and the attachment is available for from PayAnywhere's website.
