You bring your products or services right to your customers, so it stands to reason that you should be just as flexible with the ways you accept payments. With the help of the right merchant provider (and some targeted planning based on the people you are serving), you can incorporate various types of mobile payments into your daily operations.
1. Mobile wallets.
Companies like Google, Samsung, and Apple have embraced the so-called digital wallet, which works on smartphones, computers, tablets, and wearable items like watches. Once a customer has configured their digital wallet app with their payment details, they can use their wallet-equipped device like a credit card. For the purposes of your on-the-go business, you can obtain mobile card readers equipped to link contactlessly with customers’ devices for a smooth digital wallet payment experience.
2. Peer-to-peer.
Third-party companies like Zelle, Venmo, and PayPal have gained widespread customer trust in recent years. While they are traditionally used to transfer funds between individuals, numerous businesses are also capitalizing on consumers’ familiarity with them. Even though you may need to pay to get a business account with these vendors, you will probably find that offering this option brings about faster invoice resolution.
3. Mobile ecommerce payments.
You can also accept customer payments via your ecommerce platform. This can happen through your website and its payment gateway function or on your company’s mobile app. In both instances, it is important to keep cardholder security as a top priority by either following all Payment Card Industry Data Security Standards yourself or ensuring that your merchant provider does.
4. Mobile point of sale.
In this type of transaction, you use your own mobile device as a payment terminal. The only additional hardware you need is a mobile card reader and a dongle to connect it to your phone or tablet.
Once this is done, a customer only needs to insert their card into the reader, or, wave or tap their phone or card near your device. The information is then securely transmitted to the involved financial institutions for fraud screening and decline or approval.
Once you have integrated these payment transaction types into your business, you will quickly realize several benefits.
- Because of the convenience inherent in these modern payments, customers tend to settle their bills right away at the time of service. As a result, there is no need for a long, drawn-out invoice process.
- Mobile payments are faster. You can settle everything accurately within seconds with no need for customers to call your office or send a check through the mail.
- Buyers will appreciate your tech savvy and may come to think of your business as cutting-edge.
- You can offer higher security. Because they are usually conducted via smartphone, there are stringent authentication protocols in place. Additionally, data is encrypted and tokenized to thwart hackers.
Technology makes doing business on the road exponentially easier. Not only will accepting these various ways to pay please your customers, doing so will lead to greater customer satisfaction and a more reliable cash flow.
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