Top 3 Mobile Payment Advantages

Mobile payment solutions have opened up a whole new world of options for small to large-sized companies. In this article, we’ll lay out the top three mobile payment advantages.

A mobile payment solution consists of a mobile application that connects you to a payment gateway, allowing you to accept cards on your mobile device at any location with WiFi access or a cell signal. Often, merchants will pair the application with a card reader, a physical device that allows you to swipe the card rather than type in the information on it.

1. Convenience

Obvious, but so true. A mobile payment solution lends greater flexibility and ease to your ability to accept payments.

Though the physical terminal has come a long way from its bulky earlier incarnations, it’s still a somewhat inconvenient piece of equipment that requires a steady power source and phoneline or Ethernet connection.

The mobile payment application allows you to be, well—mobile. It requires only a charged device with a WiFi connection or cell signal, allowing you to accept payments in diverse locations—from tradeshows and industry events to craft shows and customers’ homes. Engage with potential customers with your tablet or phone in hand, ready to accept payments in an instant.

As technology advances, so does people’s desire for fast service. Mobile payment options are fast, and will usually decrease checkout time. The ability to accept payments through your mobile device makes you more equipped to deal with customers quickly and painlessly, improving customer experience and your overall efficiency.

2. Security

PCI compliance is more important than ever, what with EMV technology and mainstream data breaches still fresh on everyone’s mind.  So, how do mobile payment solutions help protect your data more than using some other solution?

Well, if you employ mobile salespeople, your processing options are a little limited: you can either use a mobile device to process the transaction or use one of those credit card imprinting devices, which is just as good as writing a number down—so, it’s not really a payment option per se since no processing takes place.  Using imprinters is a huge liability because they leave a paper trail—literally, complete with full credit card numbers—which is a PCI compliance violation.  No matter how diligent you are about shredding your used carbon slips from imprinters, there’s always room for error in that situation, whether you forget to shred or you simply lose one of your carbon slips—or it’s stolen.  (It does happen.) With a mobile payments device, the possibility for error is reduced since full credit card numbers can’t be accessed once they’re run through one of those devices.

Some mobile payments devices offer tokenization technology, which is not available with a card imprinter.  Your current payment gateway, if you indeed use one, might use tokenization—but, if you have to wait until the end of the day to see the total batch, there’s a chance some of your slips could have been misplaced or lost.  Imprinters cost about the same as a mobile card swiper ($100 for a high-end one that qualifies cards correctly).

3. Cost

All you need to start accepting payments through your mobile device is the mobile application and a merchant account with a payment processor. Therefore, a mobile payment solution can be low cost, as long as you choose a payment processor that offers you a fair rate.

Card readers are external devices that connect to your mobile device and allow you to swipe cards rather than typing in information. These devices can be costly, but aren’t necessary for mobile payment acceptance.

Companies like Square offer merchants card readers for free or at low cost, and are easy to set up merchant accounts with. For this reason, they are a popular option for very small businesses. However, the tradeoff is that the processing fees are usually high. A very small business that processes a small amount every month might not notice, but most companies will.

Make sure to choose a mobile payment solution attached to a payment processor with competitive rates—this will likely save you more money in the long run than receiving a card reader at zero cost.

Conclusion

Now that you’ve seen the top mobile payment advantages, you have the information you need to choose the right mobile payment solution for you. Click here to read about the mobile payment options that Century Business Solutions offers.

If you have a mobile-based business, you could increase your income by using mobile payments devices.  You could also reduce your total processing costs, without putting your customers’ credit card data at risk.  The reduced processing costs and added convenience with entry and reporting also ends up saving money in the form of better time management.

Now that you’ve seen the top mobile payment advantages, you have the information you need to choose the right mobile payment solution for you. Click here to read about the mobile payment options that Century Business Solutions offers.

2019-03-18T12:56:48+00:00 Mobile Payments|