Move Your Business Towards Mobile Payments
The forecast for mobile payments in 2020 is more growth. According to Mordor Intelligence, the global use of mobile payments will grow by 26.93% between 2020-2025
Mobile payments will be a significant leap forward in the way we do business; the same holds for your competition. As technology evolves, mobile payments will continue to move the point of sale process past the traditional, physical location. Mobile solutions save time for the customer by eliminating the process of businesses collecting cash or personal checks and making endless trips to the bank for deposits.
If you’re one of the many businesses trying to move your operations more towards the digital space, there are some things you’re going to need. Here are just a few things to consider.
Features
Not every mobile payment processing provider is the same. Mobile systems can vary widely in the features they provide, benefits, and implementation costs. Have you made a list of your “must-haves” before searching for the right provider? Consider things like promotions, average transaction value, technical support, and loyalty rewards programs to add to your priorities list. In addition to the payment portal, some must-have features are:
- SMS/Text Payments
- IVR Payments
- Industry Compliance
- Account Updater
- Custom Reporting
Budget
Mobile payment processing systems often include costs associated with fee structures, equipment, and the terms and conditions specific to that provider.
To determine your budget, first, consider how your business model relates to the fees. Think about the number of mobile payment transactions you’ll process per month, the cost per transaction, and how the customers might pay. Accounting for these things will give your business a starting point for determining how much to spend on the payment processing service.
Security
Guaranteeing Payment Card Industry (PCI) compliance and following security standards is an absolute must. Because not all mobile payment processing providers guarantee the same security level, do your due diligence and find one that offers expert support and can back it up with advanced certification and compliance.
Not every mobile payment processing provider is the ideal fit, but doing your homework can help get the proper system in place for down the road. Technology will continue to evolve, and businesses need to offer flexible payment options for customers.
Takeaways
When it comes to mobile payments and payment processing, you have a lot of options. That being said, not all processors are created equal. You’ll have to take a minute to consider all the features you want and research the type of compliance you need for your industry.
If you have any questions, feel free to reach out. We are always happy to answer any questions to determine if REPAY is the right solution for you.