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Up-to-date versions of the app can be downloaded, at no cost, in the App Store and Google Play. Merchants can accept Visa, MasterCard, Discover, and American Express credit and debit cards. As of December 2015, Payanywhere charges inactivity fees for idle accounts; otherwise they claim there are no monthly fees or cancellation fees. [11]
Square charges a fee of 2.6% plus $0.10 on every electronically scanned credit card transaction [55] or 3.50% plus $0.15 per manually-entered transaction. No monthly or set-up fees are charged. The firm claims that its costs are, on average, lower than the costs charged by conventional credit card processors. [56]
A virtual terminal is a software application (often a web application) for merchants which allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card (“card not present transaction”).
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