With the popularization of contactless payment options, more and more consumers have started using mobile payment apps for their everyday purchases. You’ll see mobile transactions in every industry. Additionally, businesses from small boutiques to global shopping establishments already use upgraded POS systems that accommodate mobile apps.
Should you also accept payments on iPhone and Android? If you find yourself on the fence about mobile payments, weigh the pros and cons, research the advantages mobile transactions offer, and assess if your business can utilize these payment methods.
Contents
Millions of online and brick-and-mortar businesses have adopted mobile payment processing systems because they offer the following advantages:
Mobile payments only take a few seconds to process, whether you have an in-store customer or overseas online transaction.
Mobile payments utilize advanced encryption techniques, making it nearly impossible for hackers to hijack transactions.
Contactless payment technologies further minimize the risk of theft and breaching associated physical cards.
The demand for mobile payment options continues to rise. Statistics even show that 58% of SMBs regularly get asked if they accept credit card payments.
The mobile point of sale (mPOS) on your phone can accommodate a wide range of transactions, whether your customer prefers in-person card dipping or call-in credit card processing.
Your store will attract more returning customers by accommodating the promos on loyalty and rewards cards.
Before getting a mobile card reader, see if your business can overcome these disadvantages:
Despite the popularity of mobile payments, over 27 million businesses still don’t have an mPOS system.
Since most stores don’t accept a broad range of mobile payments, consumers typically don’t know which app or platform to patronize.
Mobile card readers are easier to trace and override since they are connected to smartphone devices.
Most mobile payment processors only work with modern 3G- and 4G-equipped smartphone devices.
Never lose your smartphone. Hackers and thieves will have access to your customers’ Personal Identifiable Information (PII) if they have your device.
If you have ever wondered, “how do I accept credit card payments on my iPhone or Android?” — you need a mobile card reader. Card readers accept payments via smartphones and tablets. They transform any compatible device into an mPOS system.
You can bring card readers anywhere as long as you have an internet or cellular network connection. This device is compact and portable. Carry this around if you need to take credit cards on smartphone devices at popup booths, festival stalls, or trade show exhibits.
Don’t worry if you still find mobile payments confusing — you’re not alone. Check out some of the questions SMBs typically ask before they decide to take credit cards on smartphone devices.
Yes! Square merchants can accept credit card payments over the phone through a virtual terminal. It does not need any hardware device. To access, go to your Square dashboard, select Virtual Terminal, then click accept payments.
To accept payments on an iPhone or iPad, you need a credit card reader and its respective payment processing app. You can get these both from your payment processor.
Merchants primarily need a mobile payment processor to accept credit card payments on mobile phones. Open a merchant account, then install the necessary payment processing app.
Should your business accept credit card payments on mobile phone apps? Generally, SMBs that cater to digital natives, millennials, and overseas clients, among other consumers adept with mobile transactions, should upgrade their POS system.
Options like the Walker BT card reader might appear pricey. However, if a significant portion of your customer base prefers mobile payments, you can earn back the extra fees by making more sales. Make your checkout process as straightforward as possible! Trust us — consumers love nothing more than convenient in-store and online payment options.
Do you have doubts about whether your mobile payments and digital transactions are secure or not? Let Processing Card shed some light on the topic! Check out our in-depth piece explaining the security systems backing mobile payments.
