Frequent Mobile Payments Myths All Business Owners Need to Know

While all of us know how popular credit and debit card payments are, and have been for decades now, nowadays more customers expect to have the ability to pay with their mobile device, rather than a standard point-of-sale system. Transactions made on smartphones or other kinds of small, internet-enabled apparatus have been growing significantly, and need does not seem like it is going to slow down anytime soon. In actuality, according to current statistics, the global mobile payment revenue is expected to reach over $1 trillion in 2019.

Sources:

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According to this, it’s easy to realize that the cost of not accepting mobile payments on your venture may consist of many lost sales, as well as losses in regards to repeat business and referrals — after all, clients desire advantage, and if they can not find the payment method they need when dealing with your company, they are going to shop elsewhere in the future. They will also only recommend for their contacts those companies they find suit their needs completely. When you haven’t begun making mobile payments available to your customers yet, it is therefore time to cure this circumstance.

Additionally it is possible you have heard a few of the many common myths about mobile payments that are floating about, and think integrating mobile just is not for you. To make certain you’re up on all the details, continue reading for the facts behind some of the prevailing myths surrounding mobile payments.

Too Difficult to Incorporate Into Your Organization

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If you are like most other entrepreneurs, you are no doubt mad busy every week and feel like you never have sufficient time to get all your tasks done or even make a dent in their amount. Therefore, you could have been avoiding establishing a mobile payment system as you think it takes too much time and be too tough to set up.

This just isn’t true though, because most common mobile payment systems may be put in place in only a couple minutes. Like other applications available nowadays, mobile payment apps are made to be intuitive to use and easy and user friendly for even those who have limited experience in handling such a tech.

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For many mobile systems, to set them up all you need to do is get yourself a merchant account with the supplier you’ve selected (just like you would with other kinds of payment systems), and then download the business’s app. If needed, you may also need to plug in a credit-card swiper to the audio jack of your smartphone or tabletcomputer. Most frequently these days, however, mobile systems may use NFC and/or Bluetooth technology to read a client’s card. Credit card information may also occasionally be uninstalled in if required.

Not Secure

For a high number of business owners, the myth that mobile payments are less secure than other payment options is that the thing that prevents them from establishing such a system. When you consider it, you can see that mobile transactions are extremely much like conventional POS or e-commerce payments, because no information has to be stored in the device itself.

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All your customer’s sensitive information are sent digitally rather, so even if you did happen to lose one of your devices or have a business smartphone or tablet stolen, no personal or financial customer information can be obtained by prying eyes.

Like with any other kind of payment system you may use, it is still a great idea to find a provider that is reputable, well-established, and takes safety very seriously. Start looking for a company that adheres strictly to the Payment Card Industry (PCI) compliance criteria, and with a high security record.

References

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Not Worth the Hassle

Another pervading myth that prevents some entrepreneurs from moving down the mobile payment path is that these kinds of systems are”not worth the hassle” Business owners are able to erroneously believe they won’t have the ability to put through enough transactions in their mobile payment app to generate the time and effort they believe is involved rewarding. This is simply not true though.

As mentioned above, time isn’t a factor to be concerned about with mobile payment systems, plus they are very straightforward to use, also. What’s more, however, is the fact that your company will have the ability to enjoy many benefits from providing mobile payments to your clients. It is possible to make clients happy as they can pay with their preferred method, and you are able to reach people where and when you desire.

Rather than having to be tied down to a physical cash register or other location-dependent point-of-sale system, you can complete transactions on the move and in different places like tradeshows, customer homes or offices, festivals, and conventions. The resulting sales and exposure you can get from this ought to be well worthwhile.

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