There was a time why buyers paid with their checks and waited for an invoice. But those days are long gone. These days, everyone is bounded by the clock. No one has the time to wait for an invoice and write a check, especially, if you own a business that doesn’t need the presence of your customers in your office or workplace. That’s why mobile payments have become more and more popular in the last decade or so.
Mainly because mobile payments are 1 – fast, 2 – secure and 3 – convenient for both the business owners and the customers. Besides, due to their global acceptance, you can’t turn your head from it.
What will you need to get started with mobile payments?
To get started with mobile payments, you’ll need three things –
- A mobile swiper for the cards,
- One Bluetooth-enabled mobile device and
- A secure and trusted payment processor
Now let’s talk about how they contribute to the overall mobile payment system –
How these 3 things make up the mobile payments structure?
First of all, you need to have mobile swipers or mobile apps. These mobile apps or the mobile swipers allow businesses to accept quick payments. These mobile apps or swipers connect to mobile devices via Bluetooth technology. This is how phones can be used to accept cards or wallets.
These mobile-connected devices can then connect to your processor’s mobile app. That’s how the businesses can track, manage, and accept the payment without the need for any invoices.
The mobile swipers accept both magnetic stripe or chips. These days, cards have a contactless payment system and online wallets like Apple Pay. This technology can be incorporated into the mobile payment system too. By utilizing mobile payment technology, the customer gets more choices for payment. While there was only check and cash options in the past, after the introduction of mobile payments, customers have access to payments via credit card, debit card and even contactless wallet systems like Apple Pay.
The business can basically turn their mobile devices into a complete point-of-sale system where the mobile swipers or mobile apps act as initiating agents. Another major advantage of mobile payments is “convenience”. If you have a team in the field and you want to keep track of their progress, you can do this on your phone very easily.
Wherever you go, whenever you want, you can check their record at your phone with the mobile payment apps. No need to call and take report every couple of hours. You get the result instantly.
What’ll happen if you don’t move forward with mobile payments?
The most important drawback of not using mobile payments is the lack of convenience. When you don’t opt for the whole mobile payments system, you compromise the convenience. That means you will have to sit in front of your desktop all the time. Besides, the communication gap between you and our team on the field will increase as you can’t keep track of your business in real-time. So, I don’t see any reason why any business shouldn’t embrace mobile payments in this day and age.0