Mobile payment processing allows people to use their mobile devices to pay for a variety of products and services.
This positively influences many areas of commerce by improving the way companies do business. It offers a variety of benefits that range from superior on-the-go capabilities, flexibility, and affordable pricing to opportunities to attract new customers and increase profit. If these advantages don’t convince you to embrace this payment option, perhaps the following 5 reasons to implement mobile payment processing will be helpful.
Developed especially for people on the go, mobile payment processing makes paying for goods and services easier for both the merchant and the consumer, and offers the merchant the great advantage of receiving prompt payment. Additionally, this type of payment doesn’t require any up-front contracts, offering a variety of solutions without asking you to comply with rigid terms and conditions. Another great aspect is flexibility — you choose the options in your pay-as-you-go but can cut back or increase these features whenever you want.
If you’re worried about the security of mobile payment systems, know that all merchants are protected under the Electronic Fund Transfer Act. This legal provision requires mobile payment providers to follow stringent security measures that keep payment information secure and private. To ensure maximum protection, most service providers use advanced systems that accept or decline cards instantly.
While typical card processing requires expensive applications and monthly fees regardless of whether your business is profitable, mobile payment processing companies provide affordable plans that usually don’t include start-up fees and offer mobile card readers at no charge. Two other reasons to use mobile payment processing are lower transaction fees and discount rates comparable to rates associated with card processing at retail locations.
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4. Compatibility and Availability
The majority of mobile payment systems provide merchants with a variety of software and hardware products for all major platforms, including Android, BlackBerry, and Windows Mobile. These applications allow customers to use their favorite mobile devices to make payments online. The essential point is that mobile payment processing services are becoming widely available and widely accepted.
5. Feature-Rich Processing
Mobile payment systems boast more functionality than other payment processing alternatives. Various services integrate with specific software applications to upload data, monitor transactions, calculate tax, refund transactions, and perform many other useful actions.
The aforementioned 5 reasons to implement mobile payment processing underline the advantages you’ll get by opting for this payment solution, regardless of the type of business you run. Besides these, industry experts confirm that mobile payment systems can help you defeat your competition by increasing your customer base and revenue. Why? The ability to accept payments on Internet-enabled phones – is forecast to explode. Businesses received $69 billion in mobile payments in 2009, and that figure is predicted to reach $633 billion by 2014. Be sure to get your share!
About the author:
Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm that offers Android credit card processing for businesses. She brings more than 15 years of experience in the bankcard industry in direct sales, sales management, and marketing and also serves on its Board of Directors.