Like bread in the oven, mobile payments are rising. The popularity and convenience of the many mobile payments options are hard to resist, so don’t! Think you know how to choose a mobile payments system? The adoption of mobile payments is typically an easy one, whether you decide to go the route of an app and use mobile wallets, or if you are operating in-store but on-the-go with an mPOS system.
With any business decision, blindly jumping into a new endeavor without preparation is a good way to give yourself unnecessary headaches later on. Unsure of how to choose a mobile payments system? Take a breath, and start to research your options. Your research begins by taking these 5 factors into consideration:
1) Security is No Joke: Having strong fraud protection in place for your payments should be your top priority when you accept credit cards through mPOS or any payment processing system. Today, hackers are hard at work looking for new ways to acquire not just customer credit card information, but personal business data as well. Keep credit card information from being stored in a mobile device’s memory or stolen mid-transaction with security measures like tokenization or end-to-end encryption.
When choosing who to work with to protect your mobile payments, consider Payline. When you accept credit cards through a plug-in mobile card reader or through any other format, we work to secure those payments through AVS checks and other fraud protection measures. For the business owner just starting out, Payline Start is a mobile payments solution that is both secure and easy to handle.
2) Convenience is Caring: That smartphone in your pocket is already capable of accomplishing so much to make your life easier, and adding payments to that agenda is important to consumers. Mobile payments are popular because they are convenient, in that it can take only a matter of seconds before they are on their way with their purchase. When you choose the right mPOS system for your business, find one that offers the most convenience for your customers. If you’re growing your business to include something like food trucks or pop-up shops, consider Payline Shop to cover your mobile payments needs.
3) Find Flexible Infrastructure: You can find a physical mPOS system you like, but it can be attached to a bank or a provider that may not necessarily work for you. Some mPOS systems have specific banks or processors that can only be used with those systems, so take the time to find a processor, like Payline, that is as flexible for your business as you need them to be.
4) Make It Work For You: Instead of trying to make your business fit a specific mobile payments system, find one that will fit your business as it is. There are numerous payment processors out there that can help with mobile payments, but don’t commit unless you are absolutely satisfied with the products you’ll be receiving. A good payments processor will be able to offer you products that are ready to fit your needs, especially if you’re unsure of how to choose a mobile payments system.
5) Look Ahead to Future Growth: The size of your business when you adopt mobile payments will affect your future business growth by using them. For a smaller business, a plug-in mPOS system could give it a great boost. Mid-to-large sized businesses will need an mPOS system that can handle larger volumes long-term. Wherever your business is at, look ahead to where you want it to be, and what mobile payments system will work best for growth.
Mobile payments will continue to be in-demand for consumers as technology continues to advance, and getting started now in your search for the best fit for your business is a good idea. Take these five factors into consideration to know how to choose a mobile payments system, and you’ll find a processor that has the best in store for you and your business’ success.
This piece was written by Lauren Minning, Content Specialist for Payline.