Mobile Payments—an Easy Way for the Retail Industry to Accept Payments

Despite the popularity and widespread use of credit cards these days, people still often have to lug around chunky wallets because of the numerous cards they need to carry around with them. But thanks to mobile credit card processing technology, we can now simply use our mobile phones to make payments at various establishments.

Because of the developments in e-commerce and the advanced technology of mobile phones, mobile payments have become a convenient alternative method of making payments. Not only are they convenient for customers, but they also ease the transaction process for the merchants. Aside from that, merchants can benefit from the lower overhead costs they require and can be more assured with the security of the transaction. Furthermore, with the number of people who own smart phones than credit or debit cards, this mode of payment would no doubt become prevalent and the most convenient way to pay.

If some of you are wondering how this is made possible with the use of smart phones, it is because the technology to shop online has been made available on mobile phones. Now, customers can shop and purchase items they like with their mobile phones without the need to provide cash or credit card information. Mobile payments can be processed remotely or in-store transactions. Transactions can be made from secure SMS to contactless which is made possible by Near Field Communications.

For this technology to be widely accepted by consumers, it is important that security is a top priority. Of course, consumers would want to use a payment method that they can entirely trust. Therefore, aside from the service being user-friendly and fast, it is crucial that security features are never compromised.

The main benefits of using mobile phones to pay for purchases are speed and convenience. Establishments where speed and quick service are necessary such as fast-food restaurants, grocery stores, gasoline stations, etc. can greatly benefit from contactless payment methods. More of these benefits include, faster transactions, increased customer spending, increased frequency of buying, increased profit, reduced cash handling and reduced operating costs.

To ensure that consumers will join the bandwagon of m-commerce, merchants need to equip card processing service providers who have the best policies on security. Consumers would always want to know how secure their transactions would be especially with the increasing cases of identity theft. Aside from that, the card processing service should be convenient, user-friendly and easy to use. Even if consumers use smart phones, there are still some who have not yet figured them all out. Therefore, it would be wise to have transactions as easy as sending an SMS or having the phone scanned by a contactless reader.

Convenient mobile merchant accounts are an innovation worth investing in. Retailers can benefit from them through fast, contactless transactions which have the potential to reduce if not eliminate long lines, improve customer convenience, encourage customers’ purchasing power and increase their profit. On the other hand, since this technology can replace wallets, customers can benefit from the ease of payment and having one less thing to bring or worry about.  As a consumer, what do you think about mobile payments? Will it be something that you will be using as well? If you have any comments or concerns, you can voice them out in the comments below!

Mobile Payments—an Easy Way for the Retail Industry to Accept Payments. 2013, April 15. By Alex Smith. Retrieved from https://exploreb2b.com/articles/mobile-paymentsan-easy-way-for-the-retail-industry-to-accept-payments.

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