Mobile payment processing is the process of collecting information, authorization and money wirelessly using your smartphone. The most common examples are buying a cup of coffee with your phone, purchasing items on-line and requesting receipts via email or text message. Customers may pay for goods or services by simply tapping their mobile device to a point-of-sale (POS) device. The customer presents their mobile phone for payment by tapping the device to the point-of-sale system or passes it to a cashier.
Mobile payment processing allows businesses to significantly improve customer satisfaction, increase transaction accuracy, reduce transaction times and costs, attract new customers and retain existing ones. Mobile payment systems are designed to enable customers to quickly perform transactions with just the tap of their mobile device. There are many different types of mobile payment processing solutions available today that can be utilized in a range of business environments including retail, restaurant and services businesses.
How does Mobile Payment Processing Work?
Mobile payment processing services work with your mobile phone to initiate and complete a payment. These systems function in the same way as credit card machines, so there is no complicated new equipment to learn or difficult software to install. The only additional thing you need is an application that connects your mobile device to the POS hardware at your favourite retail stores. You can either purchase a card reader for your smartphone, or in some cases pay a subscription fee to use existing mobile payment processing hardware.
Mobile Payment Processing App
A mobile application is an application software designed to run on a mobile device such as a phone/tablet or watch. The term “app” is a short form of the word “software”. Mobile applications are programs designed to run on smartphones, tablet computers and other mobile devices. They are usually available through app stores. Any business that has a website can develop an app for their customers using touch screen technology or sensors to make shopping easier!
Mobile payment processing services allow merchants of all sizes to quickly, easily and securely accept payments from their customers from anywhere. These systems are already being used by many popular retailers and restaurant chains across Canada to deliver a faster, more flexible customer experience.
How Do I Get a Mobile Payment Processing System?
Mobile payment processing services can be obtained in several ways depending on the needs of your business. Companies such as Moneris, Intuit and Mogo offer secure, customizable mobile payment processing solutions for merchants, while banks such as TD Bank and Royal Bank of Canada provide similar services tailored to their customers.
Mobile Payment Processing Costs
The cost of using a mobile payment processing system is usually based on the number of transactions completed by the business or its merchant category code. The more transactions completed, the lower the per-transaction fee. Some mobile payment processing services also charge depending on how many days a month the merchant needs to process transactions. Merchants with low transaction volumes may be eligible for free or discounted rates.
How Do I Get Customers to Pay by Mobile?
To get your customers to pay via their mobile device, you need to have a compatible payment app. Your customers will use this app to pay for items at your place of business. Customers can either purchase a physical card reader that they attach to their smartphone or tablet, or in some cases pay a monthly service fee if their preferred POS hardware is already equipped with an app.
Benefits of Mobile Payment Processing
Mobile payment processing services provide numerous benefits to businesses and their customers. As these systems process transactions much faster than traditional credit card machines, they enable merchants to quickly complete customer payments and improve service levels.
Many mobile payment processing devices come with contactless technology that allow customers to pay by simply tapping their smartphone or tablet on the machine. This reduces lines and enables customers to spend less time waiting for their transaction to be completed. While this is an added convenience for your customers, it also requires merchants to upgrade their POS hardware, which may increase costs.
Mobile payment processing services also provide safety and security features that traditional credit card machines do not offer. All transactions are encrypted with advanced technology to ensure that your customers’ sensitive information remains protected. Furthermore, these systems can be customised to meet the unique needs of any business.
As mobile payment processing solutions come equipped with many beneficial features, it is no wonder that they are becoming increasingly popular among businesses and their customers. If you want to increase the speed and efficiency of your business, consider implementing a mobile payment processing system.