Have you ever walked away from a business with a sign in the window stating “Cards not accepted, cash only?” If so, you are not alone. Most consumers prefer using credit and debit cards as their preferred payment method.
Small businesses that accept only cash payments are missing out on a large portion of potential customers. By offering mobile payments, a business can create a more convenient and secure payment experience for their customers.
Mobile payments can also provide businesses with important insights into customer spending habits, helping them to better understand their market and improve the customer experience.
What are mobile payment methods?
Mobile payment methods are payment options that allow customers to pay for goods and services by using their mobile devices, such as smartphones, tablets, and wearable technology.
Mobile payments can be made using a variety of methods, including:
- Near Field Communication (NFC) technology
NFC payments are contactless payments made between a mobile and a card reader.
To access your mobile wallet, simply unlock the app on your device. Then, you can tap the mobile wallet onto a card reader just like you would with a physical card.
This technology is known as contactless payment and the transaction is encrypted and convenient.
- Quick Response (QR) code scanning
QR codes are codes that you can scan in order to confirm or complete a mobile transaction.
Once the code has been scanned a link may open in the browser of your phone where you may be asked for more details and/or payment confirmation.
QR codes can also be scanned to show that you have completed a purchase such as for cinema and event tickets.
- Magnetic Secure Transmission (MST)
MST payments work with most NFC-enabled devices as this magnetic payment method emulates a magnetic strip on a credit card.
This means a lot of business owners won’t need to update their point-of-sale systems to enable MST phone payments.
How can mobile payment technology benefit your business?
Mobile payment technology can help to reduce costs associated with traditional payment methods, provide a secure and convenient way for customers to pay, and increase the speed of transactions.
Additionally, it can provide data analytics that can help you better understand your customers’ buying patterns and preferences. By leveraging this technology, you can provide a better customer experience and boost your bottom line.
Are there any security risks?
As convenient, fast and secure as mobile payment systems are. Just like any technology, they can become compromised.
Mobile phones are vulnerable to theft, loss, hacking and unsecured software.
A private and secure Wi-Fi network is essential for keeping your business and its customer’s money safe. Our team of IT support engineers can offer you expert, proactive IT support and keep your Wi-Fi network secure.
Contact us for 24/7 IT Support in Hull and plan effectively for your digital transactions.