T-Mobile announced Wednesday (March 27) a new program geared toward businesses, removing some of the fees charged by other mobile point of sale providers.
In a press release, T-Mobile said it is taking on Square and Clover with its GoPoint by T-Mobile for Business, a new mobile point of sale solution that offers free same-day funding, no software licensing fees and live technical support around the clock.
T-Mobile also announced the T-Mobile for Business Marketplace, which provides a suite of business-critical mobile device management (MDM) and productivity software.
“T-Mobile is on a mission to eliminate pain points for consumers and businesses alike. When we looked at the insidious practices and never-ending fees mobile point-of-sale providers charge small businesses, we knew the un-carrier needed to step in,” said Mike Katz, executive vice president of T-Mobile for Business, in the press release. “Not surprisingly, paying fees on top of fees and waiting days for their hard-earned money is a big pain point, particularly for small businesses. That’s why the un-carrier is doing payments differently – with free same-day funding, no software licensing fees and 24/7 live support from real people.”
According to T-Mobile, businesses are getting hit with fees from mobile point of sale providers, including security fees, audit fees, conversion fees, over-the-limit fees and fees for same-day funding, among others. The wireless carrier said GoPoint helps accelerate cash flow and reduce expenses so small businesses can better manage their finances.
In order to accept card payments with GoPoint, merchants need a compatible smartphone or tablet with T-Mobile ONE service and a GoPoint card reader. Businesses pay 2.75 percent for debit and credit card transaction processing, and are eligible for free funding on the same day. T-Mobile said it is partnering with TSYS to power the GoPoint mPOS software, secure transaction management and same-day funding.
“Payments for businesses can be complex – from managing transactions, to getting funding, to having the right tools and analytics to gain meaningful insights,” said Philip McHugh, senior executive vice president and president of TSYS merchant solutions. “T-Mobile chose our point-of-sale platform to power GoPoint because of our deep knowledge and expertise in the payments industry. Together, we are solving critical issues that small- and medium-size merchants face, while bringing simplified payment solutions to businesses that not only manages day-to-day tasks, but also helps them grow their business.”