As technology rapidly advances, even something as simple as going shopping has changed over the course of the past decade. First came online shopping, which brought with it the still relatively new industry of online payment processing companies. From there, terminals in brick-and-mortar shops became more complicated, connecting to the internet in order to process credit card payments and perform other functions. Wireless payment terminals, made possible by WiFi, became popular as a way of freeing up counter space in these stores.
But today there are several new types of payment technology that all rely on mobile devices. Businesses can accept mobile payments in one of two different ways. Mobile payments technology both refers to the process of businesses accepting payments on a mobile device (e.g. a tablet or smartphone) or customers paying with one of those devices.
In general, mobile payments for businesses refers to the ability to use a tablet or smartphone in order to take customer payments. All this method requires is a small device that clips to a tablet or smartphone and a secure internet connection for sending payment information. Customers can swipe their cards on this tablet in order to pay. This is the perfect solutions for traveling sales, so customers have more options than simply paying with cash.
The other type of mobile payments technology is emerging as consumers store their credit and debit card information on their cell phones. Business can accept mobile payments in this way by getting a machine that customers can “tap” their phones onto. These devices pick up payment information in a way that doesn’t require the transfer of credit and debit card numbers. Some examples of this type of technology include Apple Pay, which is available for iPhone 6; Google Wallet; and CurrentC, an app in the making from several retailers. Other competitors are expected to join this industry, as well.
In order to use any kind of mobile payments, however, businesses must first work with a credit card payment processing company that will help with the transfer of funds for those payments. These payment solutions providers help to ensure that credit card payments are done quickly and securely. They can also identify security risks or fraudulent payments in order to help out their business clients.
What’s next for businesses that want to accept mobile payments? As the market for this technology evolves, only time will tell. In general, however, the makers of these apps and devices aim to make credit card payments more secure than they’ve been in the past, especially as more and more valuable consumer data gets stolen each year. Have you used this technology and want to share what you think of it? Leave a comment below.