All you need to know About Mobile Payment Solutions
Prominent businesses stay up to date with the latest trends and integrate new improvements such as mobile payment solutions. The race of global banks to adopt and offer these payment systems is quite apparent. With different ways to approach this modern payment method, mobile app payment solutions are taking the financial technology world by storm.
But apart from making waves in fintech, mobile merchant payment solutions also bring lots of practical uses to the table. From offering convenience to improving efficiency, these mobile payment processing solutions fulfill the requirements posed by many businesses.
If you have been wondering about using mobile payment services for your business or want to learn more about the medium, then you are not alone. With over one billion people using the technology in 2020, more and more businesses are paying attention to this segment. To help you learn how mobile payment services work and why exactly they are essential for your business, here is all you need to know about this revolutionary technology.
What are Mobile Payment Solutions?
The term “mobile payments” is used to describe an array of funds transfer services carried out via a mobile device. This includes but is not limited to tap to pay services, scan and pay solutions, and swipe to pay methods through mobile app payment solutions.
Now, Instead of having to carry cash or credit cards for payments, your customers can turn to mobile payment solutions to pay your business. Due to the ease of use that these mobile payment services bring to the table, they are gaining more and more traction year over year.
With the advancements in this technology, there is more than one way to use mobile payment processing solutions. Large-scale payment providers such as Visa and MasterCard are paying attention to cater to each of these services. This makes it easier for your business to choose from an array of mobile payment methods. Further, it also makes these solutions super accessible to your business.
But to make these solutions your own, it is essential to learn precisely how different mobile payment solutions work.
How Do Mobile Payments Work?
Tap to Pay Solutions
This method of paying through mobile devices is available on iOS and Android devices. When applicable, this feature allows customers to load their debit or credit card information into their phones. Then, it is all a matter of tapping their phone against a compatible point of sale (POS) terminal at the time of making a transaction.
These mobile app payment solutions will find support by most debit and credit card providers. Despite turning mobile phones into contactless payment cards, they come with the same level of security as a physical card. This process is possible through the usual PIN codes and a one-time password (OTP).
To accept these payments at your business, you need to have POS terminals and card readers that are compatible with this solution. These devices connect to your merchant account and transfer funds to your business in a conventional way.
This method is usually suitable for brick and mortar stores that entertain walk-in customers. But it can also be used by pop-ups and delivery services through mobile card readers.
Scan and Pay Solutions
By using a modern association method in the form of QR codes, these solutions go a step further in mobile payments. Instead of having to pay through a POS terminal, customers can scan your business’ QR code through their mobile and make payments from their bank or payment service’s dedicated app. This lets customers process payments directly via their bank account, in addition to their physical credit cards.
These scan and pay solutions are also being powered by major banks and payment processors such as Visa and MasterCard. This component is why a lot of businesses are turning towards these mobile merchant payment solutions.
You can use these solutions by contacting a reliable mobile payment processor and getting a QR code that is exclusive and unique to your business. Any payments that are made by your customers are transferred to your dedicated merchant account. This way, you can make use of mobile payments and receive funds instantly without even having to use a POS terminal.
These scan-to-pay, QR code payment solutions can be used by a variety of businesses. Whether you have a physical setup or a pop-up, a delivery service, or an online store. Place a small placard or banner with your QR code at the checkout counter or page and let your customers do the rest.
Swipe to Pay Solutions
Mobile payment processing solutions are not limited to customers using their mobile devices to make payments. They also refer to businesses using specialized mobile devices to accept payments for their services. This process is possible via mobile card readers that can either work on their own or attach to a mobile phone to work through a payment app.
Whenever your customers have to make a payment, they can swipe their debit or credit cards through your reader. With support for almost all iOS and Android devices, this is a super-easy way of accepting regular payments through a wireless and modern method.
The way these services are designed makes these card readers work just like traditional POS terminals, but without the constraints that conventional equipment brings to the table. This improvement also means that they can accept payment cards from almost all major processors such as Visa, MasterCard, and American Express.
These mobile payment solutions do not require customers to do anything special. But they still allow your business to benefit from not having to tie itself to a physical location. Just get your mobile card reader and get payment cards swiped on it. Or attach your specialized reader to your mobile phone to accept payments through a dedicated app.
This streamlining makes these swipe and pay mobile solutions ideal for almost all businesses that deliver their services off the internet. All you need to benefit from this solution is to contact a credible mobile app payment solutions provider. The rest of the process is as simple as it sounds.
How Do Mobile Payment Services Benefit Your Business?
Mobile payment services bring a certain level of flexibility and ease to your operations. But apart from the apparent benefit of ease of use, mobile merchant payment solutions also bring a particular set of additional advantages for your business.
They Increase Sales
Mobile solutions give your customers more than one option to make payments to your business. This is highly applicable to situations such as pop-ups, open markets, and doorstep delivery, where one could previously only choose cash payments and nothing else.
The ability to use their credit cards and bank accounts in situations where they wouldn’t otherwise be able to utilize them will encourage your customers to do business with you. It also gives you an edge over competitors who are still stuck with traditional methods.
It Improves Efficiency
Not having to turn to the register to audit your cash payments and then enter the data into your books saves you a bunch of time. It also prevents data entry errors and makes sure that all your financial processes finalize faster. If you integrate your payments with your accounting software, then you also save yourself from redundant data-entry tasks.
This component goes a long way into improving your efficiency while also steering clear of unfortunate mistakes. It’s why mobile payment processing solutions are becoming so popular among modern businesses that want to improve their operations in more than one way.
They Enhance The Customer Experience
Offering mobile payment solutions to your customers improves their experience in terms of delivering more payment methods and a more straightforward transaction mode. It allows your business to give them the ability to pay the way they find most convenient, which in turn makes them willing to transact with your business with more frequency. But this ability to enhance customer experience goes even further than that.
In most cases, you can also study transaction trends through an easy-to-use analytics dashboard. This component allows you to assess the performance of your business and its different products and services. As a result, you can make targeted decisions to focus on improving your value proposition and create additional enhancements to your customer experience when it comes to product placement, cost, and even within customer service.
At Stax, we deliver our services in a way that allows you to accept mobile payments through Apple and Android devices. Regardless of the type or scale of your business, Stax’ solutions can help you take your operations to the next level in a fast, secure, and affordable way.
To understand how our mobile app payment solutions can support your business, don’t hesitate to contact us for a free consultation today. We will be glad to answer any questions you may have to help you maximize profit with our state of the art payment technology