Take mobile payments, and take your business to greater heights
Where are you leading your business? Certainly, moving forward is a good direction, but if your ambition is to take business to the next level, you should be thinking about taking mobile payments.
So what are mobile payments?
Smartphones aren’t simply phones anymore. Consumers’ mobile devices combine the functions of cameras, computers, music players, televisions, and so much more – converting the way those singular technologies now exist in today’s world. It’s time to add wallets to the list.
By downloading a mobile wallet app on their mobile devices, users can sync their credit card information with the app and actively use their devices for making in-store transactions.
Consumers can pay at enabled point-of-sale (POS) terminals with their smartphones, tablets, or wearable devices by:
- Loading their card information into their device through a mobile wallet app of their choice
- Activating their device with a PIN or fingerprint code in addition to the standard PIN and signature transaction authentication
- Holding the device in close proximity to the terminal, or by tapping the device to the terminal for a more secure card data transmission
Mobile is on the move
With ever-expanding options including popular apps like Apple Pay and Android Pay, digital wallets are potentially accessible to 68 percent of U.S. adults, according to a 2015 survey from the Pew Research Center. The increasing ownership of mobile devices is driving digital wallet adoption and usage among many of your customers. Is your business’ credit card reader able to take their mobile payments?
Get moving with mobile
Just like accepting traditional credit card payments, accepting mobile transactions can be done simply and securely from your POS terminal. In fact, you may already be able to take mobile wallet payments if you’ve updated your credit card reader to process EMV chip cards. Most EMV-enabled terminals include the NFC (near field communication) technology that facilitates digital payments like mobile wallets.
Not sure if your reader is able to accept mobile payments? Take this quick test!
Step 1: Verify that a customer uses a mobile wallet app.
Step 2: At checkout, ask the customer to initiate his or her mobile wallet app and pay by holding or tapping the enabled device to your terminal.
Step 3: Did it accept?
Yes. You just took your first mobile payment! Consider mobile payment announcements and promotions to let your customers know they can use their mobile wallets at your business.
No. Contact your merchant account provider for more information about acquiring an NFC-enabled terminal for your business. Providers like Vantiv can get your business up and running with mobile payment processing fairly quickly.
Widespread mobile usage may be the future – but the future is quickly becoming today. By 2020, Visa predicts that mobile payments will be the payment preference for both merchants and consumers. That’s not too far off, and if you wait until mobile demand finds your business, you’ll already be behind the competition.
Still, if that’s not enough to sway you to getting a move on towards going mobile, consider that mobile wallets are one the most secure ways to pay. Creating an effective barrier against fraud, mobile payments use encryption technology to convert payment data into an indecipherable code with each transaction. Even more secure than traditional credit card transactions, the digital alternative to using physical cards introduces additional security features built into the mobile device itself. Features like fingerprint touch ID, six-digit passcode, and the device’s unique chip safeguard the user’s stored card information – and further protect your business against hacking and fraudulent card usage.
Mobile payments are also moving checkout lines. Faster than EMV chip cards’ “dip” process, mobile wallet transactions take only as long as it takes to hold an activated device close to an enabled terminal, which could make it a quicker payment method than even cash. Facilitating a speedier checkout, the time-saving convenience of accepting mobile payments will be both appreciated by your customers and your staff.
It’s time to think about how taking mobile payments can put your business on the upswing. Consider taking mobile payments to take your business higher. Contact us today to get started.