If you own a small business, by now you’ve likely heard about mobile payment devices. There are two ways that anything mobile can help your business. The first method allows you to accept credit cards and debit cards on a mobile device in your store or outside of it — anywhere with a WiFi connection. The other lets customers pay using mobile payment apps on their smartphones.
Upgrading to these types of technology can be confusing, and many business owners may not know whether or not they need these devices. Here’s a brief rundown of how mobile payments technology is changing the world of retail:
Mobile Payments Using Your Tablet or Smartphone
Many merchants today use mobile payments as a way to increase the convenience for their customers when they check out. Retail establishments often use mobile payments solutions to open up additional check out lines during busy seasons or to take with them on the go if their business travels. Restaurants are also using this technology as a convenient payment option right at the table for their patrons.
By carrying a tablet with you, you eliminate the need for a bulky terminal, and you can accept your customers’ Visa, Discover, or MasterCard mobile payments from anywhere. These additional mobile payment terminals can also be useful during busy seasons, For businesses on the go, taking card payments from customers gives them options beyond however much cash they have in their wallets.
Mobile Payments on a Customer’s Smartphone
A growing sector of the mobile payments industry is the type of mobile payment customers make using their smartphones. For example, Visa and MasterCard mobile payments allow users to store their credit card information on their phones, but without actually leaving the credit card number vulnerable. This encrypted information is stored in an app, and the phone is “tapped” against a device that takes the payment information. Visa and MasterCard mobile payments and other types of mobile payment app are considered a secure option when compared with swiping a card with a magnetic stripe, as that information is not encrypted and is subject to theft from hackers.
Have more questions about how mobile payments can help your business or which type of mobile payment solution is right for you? Be sure to leave a comment below with general questions, and ask a payment solutions provider for more information.