Mobile payments are a trend sweeping the nation as quickly as Pokemon Go took over mobile devices everywhere upon its debut. The difference between mobile payments and Pokemon Go, however, is that mobile payments will be more than just a fad. In an extremely mobile society, it is easy to assume that there are very few downsides to using this kind of payment method. For the most part that is true, though common mobile payments myths interfere with this technology’s acceptance.
With mobile payments innovation happening every day, it raises just as much concern as it does interest. Because of this, there are a lot of misconceptions about reasons to avoid using mobile payments. Most of these common mobile payments myths are just that; myths. Mobile payments are a great way to navigate the financial landscape, so Vantiv, business.com, and a mobile payments infographic have illustrated how those myths are false.
Myth #1: It is Not Secure
Any payment method carries some level of risk, but mobile payments are just as secure to use as in-person POS terminals or online payments. Processing companies like Payline offer information about mobile payment security, and there are options that you can feel comfortable with. Some of the most advanced security methods, like biometrics and tokenization, are available on mobile payment systems.
Myth #2: It is Too Complicated
This could not be more of a myth, as one of the major benefits of going mobile is that it is simple to use for merchants and customers alike. It can take only minutes to download an app, plug in a card reader or input credit card information and keep it securely stored for regular use. The selling point of mobile payments is that merchants want to offer customers the easiest and quickest way possible for payment processing, and mobile payments are the go-to.
Myth #3: It is Too Costly
Compared to other payment methods like physical POS terminals, mobile payments are very cost-friendly to the merchant. The convenience that going mobile offers will draw in more customers. The fees associated with using a mobile payment system are still typically less than other payment methods, and processors like Payline will help to make it work for your business.
Myth #4: Technology is Still Too New
Though it may seem like all of these mobile payments options and upgrades are coming fast and furious within a couple of years time, they aren’t as new as they feel. Lots of contactless and mobile payments have been around for nearly a decade, simply being improved upon with the advent of new innovations in processing and security.
Myth #5: Not Worth the Investment
“If it isn’t broken, don’t fix it.” Merchants and customers alike could argue this point, meaning that other payment methods like cash, online credit cards and physical POS terminals are all still working just fine, so why bother pay to bring in more options? Cash is being used less and less, and limiting your payment options could also mean limiting your audience. If there is one thing that is obvious, it is that customers like options, and not just in what products they are buying.
Despite these myths floating around, mobile payments are far from being on their way out, and adopting them as a payment method can do great things for your business. Like with all major business decisions, there will always be questions and concerns, but payment processors like Payline will always be ready to address them. Mobile payments are continuing their way up the ladder, and your business can join them at the top.
Payline offers numerous payment processing options, including mobile payment solutions. Find out how we can set your business up and dispel the common mobile payments myths that may be affecting your business.
This piece was written by Lauren Minning, Content Specialist for Payline.