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.
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.
Mobile payments are generally very secure. A mobile payment application worth its salt will utilize end-to-end encryptions and process just as securely as transactions run from your office or point-of-sales (POS). One benefit of mobile transactions is that it gives your customers the choice to have their receipt emailed, which eliminates paper receipts. In addition, when a customer sees an employee run their card transaction directly in front of them, it assures them that their information is not being copied or stolen.
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.
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.