More than 55.4% of consumers use their mobile phones to purchase products. A study from Cornerstone Advisors revealed that nearly eight in 10 smartphone owners have at least one mobile payment app on their smartphone. Small businesses that have not adopted mobile credit card processing will be left behind in this digital age,
What Are Mobile Payments?
Mobile payments are regulated transactions conducted through the customer’s mobile device (smartphone or tablet). Instead of customers paying for items or services with cash, checks, or physical credit cards, mobile payment technology allows them to pay digitally.
Benefits Of Mobile Payments To Consumers
Consumers see several benefits to using mobile payments, particularly receiving alerts, electronic receipts, rewards, discounts, and help with budgeting. Why?
- Convenient. Customers can pay for products and services digitally with their smartphones rather than carrying a wallet full of cash and credit cards.
- Secure. Credit cards store customer’s information on the merchant’s point-of-sale (POS) terminals. With a mobile payments app, the customer’s mobile device serves as a security token and creates a random code for the transaction, making the transaction more secure.
- Fast and accessible anywhere. Customers can quickly pay for their purchases anywhere they can get Wi-Fi reception on their phone or tablet.
- Helps with Budgeting. Consumers are interested in avoiding fees, such as overdrafts or check-cashing fees, and using their smartphones to help them budget.
Benefits Of Mobile Payments To Businesses
According to a Google Global Retail Study, 59% of shoppers surveyed said that the ability to shop on their mobile device was important when deciding which brand or retailer to visit.
Investing in a mobile credit card processor is an intelligent decision for traditional small business owners because it can give you an edge with mobile tech-driven expectations of prospective customers. Customers are already using their mobile devices for every other aspect of their lives, and they expect no less from their shopping and payment experiences.
- Mobile payments give businesses a more accessible, quicker way to get paid. Businesses can accept mobile payments via a mobile device on their smartphone or tablet. Mobile payments enable you and your employees to accept payments anywhere, anytime.
- Mobile payments enhance the check-out experience for customers. Rather than limiting customers to check-out lines, employees with mobile credit card processing devices can process a transaction anywhere in the restaurant or store.
- Mobile payment processing technology helps track your customer’s data, purchase history, and shopping or dining habits. Such information allows a business to tailor offerings and promotions to customer behavior. Merchants can integrate customer loyalty or rewards programs to enable customers to redeem coupons, rewards, or discounts with their mobile devices.
- Mobile card readers are less expensive than traditional credit card processing terminals or barcode scanners.
What Businesses Need To Know About Mobile Payment Processing
Mobile credit card processing enables merchants to sell products and accept card payments from almost anywhere with smartphones or tablets. However, mobile credit card processing goes far beyond swiping cards with a mobile reader or having equipment that can accept mobile payments. Mobile means taking and reconciling payments anytime, anywhere, and on any mobile device.
To integrate mobile credit card processing into your business model, you should work with a solution provider that offers a mobile point-of-sale system (mPOS). An mPOS solution consists of a payment card reader and supporting software that functions as a traditional point of sale terminal when connected to your smartphone or tablet. It allows you to have a portable payment terminal to accept magstripe (card swipe reader), EMV (card
chip reader), and contactless payments (tap or wave technology) virtually anywhere.
Whether a customer is paying online, in the store, via an app, or a mobile device, your mobile payment processing partner should enable the payment experience to be fast, seamless, secure, and consistent with real-time authorization.
The mPOS solution should offer businesses the ability to integrate technology that enables you to use analytics anywhere to customize data fields to match each user and tailor checkout solutions to the needs of each specific customer.
The mobile credit card processing system should provide fast payment funding to your business account. Additionally, it should fully connect with the rest of your billing and accounting systems to keep your payment records up to date.
When you choose Finical as your mobile credit card processing partner, we provide:
- A free mobile credit card terminal or wireless credit card terminal so you can accept payments anywhere.
- Fast Payment Funding to your business account.
- Secure, encrypted processing of all types of payments.
- 24/7 Customer Service.
- No Long-term contract.
- Transparent fees and pricing.
At Finical, we want to make sure you know you’re making the right choice when you choose us to be your credit card processing company. We value our relationships with our merchants and will always assist you as your business grows. Get Started Today! Call (888) 707-7258 or Contact Us.