By LeeAnn Huntoon
How Adopting Mobile Payments Can Help Your Business Grow in 2020
With at least one-third of global Internet users using mobile payments, it’s nearly impossible to ignore the attention that every sector is giving to these payment solutions. For businesses, this points to a crucial need to adopt mobile payment infrastructure in 2020.
So how can you adopt mobile payments for your business, and how can you benefit from these payment services? Thanks to the advancements in payment technology, the answers are not difficult to find. From hardware equipment to specialized merchant services, here’s how you can use mobile payment services to grow your enterprise in 2020.
Upgrade Your Legacy Equipment for Mobile Payments
The world’s foremost mobile phone manufacturers, Apple and Samsung started to foster the use of mobile payments as early as 2014 and 2015, respectively. By using near-field communication (NFC), Apple Pay, and Samsung Pay services turned each company’s mobile devices into highly-secure digital payment wallets. Google was a little late to the party, but it also followed with its method called Google Pay in 2016
Thanks to these modern payment solutions, credit card, and debit card users can now complete their purchases without swiping or inserting their cards at the point of sale (POS) terminals. Instead, they can tap their mobile devices against supporting POS terminals to process their payments securely and efficiently.
Why Is Adding Mobile Payments Important to Businesses Today?
Widely known as tap to pay, this mobile payments solution is now in the adoption process by all major payment processors such as Visa, MasterCard, and American Express. Users of these cards set up their payment card information on their mobile device once. From there, they can use the tap to pay method for any subsequent purchases of their choice.
Due to its simple yet effective way of making mobile payments, this method is one that is slowly growing. Many enterprises are now focusing on making it a part of their checkout experience, whether they offer retail services or run other businesses in specific industries. With the promise of increased sales and a better reputation, it seems like it is par for the course to adopt these solutions.
But even as the hype around tap to pay increases, contactless card payments through Apple Pay, Samsung Pay and Google Pay need compatible hardware to work at POS terminals.
What Can You Do to Adopt These Mobile Solutions?
Since the tap to pay technology is new, legacy POS systems lack the capability of processing payments done using a mobile wallet and/or mobile devices. To start accepting these modern mobile payments solutions, your business needs to upgrade to modern hardware that can handle these payments without failure.
You can easily modernize your infrastructure through a merchant services provider that is equipped to offer the latest payment processing hardware on a larger scale. This allows you to start accepting mobile devices as a payment method without putting your existing operations on hold.
How Can Mobile Payments Help?
By accepting these mobile solutions, your enterprise can cater to a broader customer base that wants to try these mobile payments due to their novelty. You no longer have to disappoint those customers that want to use the latest technologies, while also being able to add yet another payment method to your services.
In the long run, this also future proofs your operations for when these mobile solutions become the primary way to process payments. Instead of upgrading your payments infrastructure at the last minute, you can benefit from modern merchant services that will take on the challenge of changing times.
Use Card Readers to Turn Mobile Devices into POS Equipment
If the above information tells you anything, it’s the importance of upgrading your in-store POS terminals to accept mobile payments. But what if your business sells its services in the field? That’s where you can turn to mobile card readers to solve this problem effectively.
Mobile card readers work as portable payment devices. Some of them work on their own, while others attach to modern smartphones or tablets to turn them into payment card processors. This means that these compact devices can work anywhere your customers are, or wherever your services can go.
How is This Relevant to your Business?
With well-received trends such as pop-up stores and food trucks, businesses have found a very lucrative model in mobile operations. Instead of waiting for customers to come to brick-and-mortar stores, you can now take your services to them. This increases your exposure and your ability to sell, while also cutting infrastructure costs. It’s a win-win situation from every aspect. It also applies to employees that deliver services through field services and delivery.
What Can You Do to Adopt These Mobile Payments Solutions?
Mobile card readers are now supported by major credit card processors such as Visa, MasterCard, and American Express. This means that you can now get these modern payment solutions quickly via credible merchant services providers.
While obtaining mobile card readers, the most critical factor is to make sure that they work without any failure. Accessing high-quality devices is simply a matter of contacting reliable merchant services providers. By getting in touch with an experienced provider, you can use affordable and efficient payment processing services without any issues.
Related Article: Your Definitive Guide to Mobile Payments
What is the Best Way to Use Mobile Payments?
Turning to mobile payments through card readers, you can set your employees’ mobile phones and devices into credit card and debit card processors at a fraction of the cost of legacy equipment.
As a result, you can accept payment cards virtually anywhere you sell your products and services. Mobile card readers can also cut through the time it takes for them to accept payments for a sale or after delivering a service. To add to their advantages, some mobile card readers also help you in preventing cash tracking issues by connecting with your POS software.
At Fattmerchant, our modern payment services focus on going beyond ordinary merchant accounts. The Omni Virtual Terminal allows for mobile swipe capabilities through our Omni Mobile app. You can also key in payments or add the optional mobile reader to start swiping. Enjoy the ease and convenience of sending invoices and storing payment methods through the Virtual Terminal.
Contact us at Fattmerchant for a free consultation today to learn how our solutions can help you keep up with mobile payments in 2020. We will be happy to help you find the right solution for your enterprise.