What's the Difference Between Mobile Payments and Mobile Acceptance
When making a purchase online or in a brick-and-mortar store, today’s customers have come to expect multiple options of payment types. Of course, there’s cash or credit and debit cards. But increasingly, more customers have come to expect to be able to make a payment using their smartphone, tablet or smartwatch device. These are all various types of mobile payments.
To stay up with your competition, it’s important that you carefully consider if mobile payments are important to offer at your place of business. Do your key customer types expect to be able to pay with the latest payments technologies? Will you lose business if you don’t have the systems to support paying with a smartphone or smartwatch? Another consideration is whether your business should accept payments on a mobile device, known as mobile acceptance. Read on for more information on these key payments trends.
The Basics of Mobile Payments
Mobile payments occur when a customer wants to be able to pay using a smartphone, tablet or wearable device. The customer loads his or her payments information into the device before ever stepping foot in your store. In order to accept these payments, your business must be equipped with the correct POS terminal and software. The customer will usually tap the device on your payment terminal, authenticate using biometrics such as a fingerprint scan and the transaction data will be submitted securely to your processor. Mobile payments eliminate the need for the wearer to carry a separate physical wallet, keeping their card data safe and secure on their device that can only be accessed via authentication over which they have tight control.
Getting to Know Mobile Acceptance
On the other side of the payment transaction, mobile acceptance means that a merchant can accept card payments using a mobile device. You may have seen vendors at a trade show or festival, for example, running credit and debit card payments on their tablet with an attached dongle. The merchant simply downloads the proprietary mobile application, plugs in the dongle, connects to a WiFi or cellular data connection and is ready to start accepting payments. Accepting payments via a mobile device enables merchants to take their business to a wider audience and make more sales than by just accepting cash or credit cards alone.
Equipping your business with the payment systems to accept mobile payments from customers, as well as accept payments on a mobile device, can help you grow your business like never before. Choose a processor that will help you stay ahead of the payments trends and capture the biggest piece of the market share through payment transactions on mobile devices.