Mobile credit card processing is one of those things that can come in pretty handy now and then. Thanks to the latest technological innovations, every business owner who wants to accept payments on-the-go can do so easily and conveniently using a mobile device and a specialised app. This great piece of technology is used by all kinds of businesses – from food trucks to apparel manufacturers.
The main idea behind mobile credit card processing is pretty much self-explanatory – instead of using a traditional POS machine or laptop, businesses use their mobile devices to process purchased items. This helps them save space at the register, which can be put to better use or simply not occupy it at all. You just need to install an app, connect your device to it and you’re all set. The vendors can swipe the card right on their mobile device or manually enter the credit card information if they use older models of smartphones without swiping function.
One more advantage of mobile credit card processing is that these apps usually offer additional features. For example, they may include inventory management, customer relationship management (CRM) and other useful features.
Mobile credit card processing also helps you avoid using cash because your customers don’t need to carry it with them – they can pay using their own method of payment instead. This extends the list of potential buyers. If a person has forgotten or doesn’t want to carry cash, but has a credit or debit card with them, they can buy from you.
In the past few years mobile payment processing has become very popular and many businesses have started using it. In fact, according to Statista research , around 14 million people in the U.S. used their phones to pay for something over the internet at least once every month in the beginning of 2016 and this number is expected to grow.
Mobile credit card processing security measures: what you need to know
Unfortunately, due to the fact that mobile payment processing is relatively new and innovative, there are some concerns regarding its safety and convenience. These concerns appear each time we start using a new type of technology, but they are largely unsubstantiated. So don’t worry – mobile credit card processing is safe enough to use for your business.
Some people think that since smartphones can easily get lost or stolen, it’s dangerous to accept payments on them. The main idea behind this theory is that if a phone gets out of the customer’s hand and into the wrong hands, all the information about transactions is now in those wrong hands.
This is why it’s important to always use secure mobile credit card processing apps that protect your data using encryption and two-factor authentication (2FA) – a person must enter a password and an additional passcode (generally sent via SMS or generated by an app). The good news is that all the modern apps do that and you should definitely use them.
Some people also think it’s a bad idea to accept credit card payments on mobile devices because not everyone has a smartphone – fewer people have one compared to those who have a laptop or a desktop computer. This is actually a valid concern, but it can be easily solved with some additional marketing efforts.
You just need to let your potential customers know that they don’t have to own a smartphone in order to buy products or services from you – just about everyone has a mobile phone and all the major carriers offer free smartphones nowadays. On top of that, additional fees are rare because most providers give their customers enough free minutes, data and other bonuses to use the phone for everything they need.