Mobile payment options are transforming the way consumers shop. More and more millennials are using their mobile devices to buy goods rather than the typical cash or check options. Technology is advancing in this area as well, and it is highly recommended that your business does the same thing.
What better way to advance your business than by extending mobile payment options in your business? This doesn’t limit any other payment option. It extends your reach to the consumer who relies more on the mobile friendly options.
With these additions, you would be targeting both your traditional and your technology-oriented customers. It opens the door for more opportunities to grow.
There are multiple choices when it comes to incorporating mobile payment options. Among them are these four options for accepting mobile payments from your customers.
Paypal has become one of the most popular methods for accepting online payments. Specifically, the most popular Paypal option is Paypal Here. This mobile app allows business owners to process payment transactions through a phone-connected card reader device.
Paypal Here has two device choices. One is the mobile card reader and the other is the chip card reader. Some of the rates and fees of Paypal Here include, 2.7% for swiped transactions, 3.5% + $0.15 for keyed-in or scanned transactions and 2.7% for PayPal transactions.
It seems like a small price to pay when you consider Paypal’s customer trust, flat-rate pricing, ideal fit for low-volume users and invoices offered within the app. There are reports of account uncertainty, customer support issues, $20 chargeback fee and transactions not available offline. These are all valid points to consider when looking into the system.
Square is another known mobile payment solution. It is a good option for small businesses since it accepts on-the-go credit card payments in a quick, affordable and user-friendly manner. Square accepts all major credit card carriers and works well with iPhones, iPads and Android devices.
Some of the rates and fees of this mobile payment option are 2.75% on standard swiped transactions and e-commerce transactions and 2.9% + $0.30 on invoices.
The pros of Square include flat-rate pricing, no monthly fees, an all-inclusive payment system and a variety of features. There are reports of unexpected account terminations, complaints of funds holding and customer support problems.
Apple Pay is another viable option It is part of Apple’s mobile wallet. This system allows customers to pay by holding their phone over a payment reader that accepts Apple Pay and that has NFC or Near Field Communication technology.
The largest cost for this system is the NFC contactless payment terminal. This type of reader costs anywhere from $330 to $500. However, you can obtain an NFC reader for $100 or less if you use a smartphone or tablet to accept payments.
Apple Pay is secured, and that transactions occur in just a few seconds. They are faster than regular credit card transactions. The downside is that Apple Pay is only compatible to Apple devices.
If you are going to invest in Apple Pay, then it is recommended to invest in Google Pay as well. The reason being, not all consumers have Apple products. Google Pay unites with Google Wallet and Android Pay via contactless payment terminals. You will also need to invest in a reader that has NFC (Near Field Communication) technology.
In the same way, NFC adds the most cost when incorporating Google Pay in your business. The system is secure, and Google Pay has fast transactions. When using this system, you must use a participating Google Pay processor.
Expand your business payment options. Consider these systems, so your business can not only accept traditional payments but also advanced ones. With this, you will be targeting both traditional and technological consumers. If your business stays set in its ways, it will prevent it from growing.