How to accept mobile payments?
Can you imagine your life without your mobile phone in the prevailing times? NO, right? It would be undeniably apt to state that smartphones are presently witnessing a phase of global domination. We rely on our dear mobile phones for even the minutest of chores of our routine life. This relevance of smartphones gets further highlighted by simplifying the electronic payment process with mobile wallets and mobile payment options. The days when we had to stressfully carry a purse full of cash and credit cards to buy even trivial stuff have become a story of the past. A secure payment substitute in the form of mobile wallets has come to our rescue.
From Paypal to Apple Pay, contactless payment options usable through our mobiles have become the most desired way to pay!
Insights state that the global mobile payment market size shall surge to a massive US$ 8.94 trillion in 2027. Business ventures need to bank upon this boom in the mobile payment industry. Is your organization braced to accept electronic payments via mobile wallets and mobile pay applications?
Suppose you have still not switched to offering customers the choice of paying through instant mobile pay applications and wallets; it’s high time you make the transition. Entities, particularly SMBs, might feel muddled about how they can accept mobile payments for their business. We have you covered with a straightforward explanation about some critical aspects of mobile payments. Learn more about mobile payment solutions.
What do mobile payments actually mean?
The term mobile payments denote monetary transactions carried out through a mobile device. Such a mobile payment is quite distinct from the transactions done using a card, cash, or check. There are multiple ways to execute a mobile payment. Most commonly, customers use a specific mobile pay application to make such electronic payments.
Which types of mobile payments do business ventures prominently accept in the US?
Most American business ventures, especially SMBs, go for the following three categories of mobile payments.
- Payments through QR codes
Quick response codes represent black and white two-dimensional squares that are nothing but a code you need to scan using your mobile phone to make a payment. This QR code leads the mobile users to a specific payment gateway to complete the payment approval.
- MST payments
MST is an acronym for secure magnetic transmission and such payment function using magnetic signals. It links the POS terminal of your business to the customer’s mobile phone.
This technique works akin to the processing of a credit card using a magnetic strip. Presently, only Samsung mobile devices are compatible with MST payments. The MST payments get enabled using NFC-enabled tools.
- Payments backed by NFC technology
With the RFID (radio-frequency identification) technique, NFC (Near-field communications) payments get processed between an NFC card reader and a mobile device. The NFC chips in the two devices undertake encrypted data exchange to complete a transaction. Generally, a customer has to tap his gadget to the reader and authenticate the purchase on the relevant app.
Why should you adopt the mobile payment system for your business concern?
The proximity mobile payment users on American soil surpass a figure of 90 million. This data showcases the enormous potential of mobile payments for business concerns. Here are some promising advantages that point out why your organization must adopt mobile payments.
1. Instant payments options through mobiles can refine the customer experience.
Smartphone-driven electronic payments can act as an opportunity for business entities to augment their customer satisfaction. With mobile payments, the customer gets the freedom to choose from multiple payment options and lower the hassle of using cash or debit/credit cards. Thus, offering a mobile payment option will prove worthwhile.
2. Additional contactless payment options with smartphones are more prevalent in this pandemic era.
The COVID-19 outbreak has further enhanced the adoption trajectory for contactless payments. As per Accenture, there is about 46 percent increase in the number of customers wanting to use mobile wallets post the pandemic. Thus, business entities can cater to the rising preference for contactless payments by deploying mobile payment options.
3. Mobile payments enhance the convenience of your business
Handling mobile payments proves more simplified for both the merchants and the customers. They promote faster processing, less consumer waiting time, and secure transaction completion. Hence, it lays out a win-win situation for the business owner and his clientele.
4. Mobile payment services can lower your overall transaction processing cost and time.
Cost-effectiveness is a crucial factor for most business entities. Mobile payments need lesser hardware tools and functions via inexpensive applications. Mainly, one just needs a mobile POS and a smartphone app. Again, the processing time is much less in comparison to most other payment methods.
5. Instant payments via mobiles act as a vigorous management tool.
In the hierarchy of every business transaction in an entity, there are inter-related functions such as accounting or inventory tracking. Mobile payment apps offer elaborate support to help address the needs of bookkeeping and inventory monitoring. They help in the digital sharing of invoices and real-time data entry.
What are the best ways to implement mobile payment technology in your business?
1. Using mobile point-of-sale systems or mPOS
To offer an array of payment options, including mobile payment choices, you can consider implementing a mobile POS. mPOS will help to process contactless payments, including mobile payments, efficiently. They also offer many benefits over and above conventional POS systems.
2. Upgrading payment processors to accept mobile wallet payments
You can also opt to upgrade your card processor to work with NFC technology. Through such an upgrade, your team can allow mobile payments through wallets like Paypal or apps such as Apple Pay or Google Pay.
3. Acquire necessary hardware to execute mobile payments
Ensure that you invest in the required smart devices and processors to smoothly complete your customer payments via mobile pay or wallets. In most cases, you need just a smartphone or tablet to complete the process.
Streamline your journey towards implementing mobile payment options in your enterprise with us!
Using the dependable support of our POS experts and professionals in merchant services, you can lucidly understand and adopt mobile payments for your business. BeyondBancard is here to help you embrace futuristic payment technologies with utmost ease.
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