For many businesses, faster and more secure payment methods are key to their success. Smartphone payments can be said to be safer ways of accepting payments in many businesses, and have certainly proven popular.
Mobile payment users spend on average twice as much as those who don’t use this technology. Most big name businesses have created their own apps to collect payments from their clients at all times such as Dunkin Donuts and Starbucks. Other mobile payment services such as Apple Pay and Google Wallet have made it easier for businesses to engage in mobile payment services.
The system works in a very simple way for both the retailer and the customer. When the buyer downloads the application on their smartphone, they enter their debit card, credit card and bank account credentials. When at the store, they use the app to pay for their goods by scanning it using the cashier’s machine. In other cases, the business may also be registered with the application of their choice and they can select their business from a list on the app. The payment is received by the seller in the same way as swiping a credit card or processing an order online.
Near Field Communication technology is used by the business owner for mobile payment. The POS system in use needs to support the NFC chip for it to work. Mobile payment is considered to be better due to its security and easiness to use. Most consumers are looking for different ways to save on their time as well as need for use of plastic and paper money. The security of the mobile payments is enhanced due to the unique code sent for each and every transaction making it impossible for hackers to pull any money from the clients’ accounts. Some of the best mobile payment apps that are being put into use currently are listed below.
- Apple Pay
This is a simple to use means of payment due to its time efficiency. The clients can use their iPhones and Apple Watch to obtain goods from different stores. The phone can be held over the reader, which in turn activates the Touch Id to authorize the purchase. For the Apple Watch it can be held on the reader and then double tapped on its button to make sure that the payment is made.
For those using a POS system that is similar to a tablet, then PayPal is the ideal processing system. The system is able to scan debit and credit cards making the payment much easier. The system also allows for the buyer to pay directly from their PayPal account found on their mobile phones.
PayPass is MasterCard’s mobile payment solution, which not only accepts MasterCard but Google Wallet payments as well.
Similar to PayPass offered by MasterCard, payWave is Visa’s own version of the mobile payment POS.
- Google Wallet
Google Wallet has become real competition for Apple Pay; they have agreements in place with three of the four main phone companies for all new Android phones to have the technology pre-installed on them.
All you need to do to take advantage of this speedy and secure method of receiving payments is to get a NFC enabled POS system, and watch as your sales increase; you may find you even reach a new audience for your product or service.
At DLR Accountant’s we pride ourselves on providing guaranteed levels of service to our clients through use of the latest technology and dedicated customer care, get in touch to see how we can help your business, from tax management to business advice.