Mobile Payments and Your Business
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- On February 28, 2017
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These days everyone holds onto their smart phones and mobile devices with the same protective impulse that children hold onto their security blankets. After all, our little mobile devices have become an important part of our lives as we can check our emails, tweet, ‘like’, check-in, post, work, talk, listen to music, watch videos – you name it, we can do it on our phones.
So why not use our phones to pay for goods and services along with everything else? Not long ago Google launched Google Wallet which took the idea of purchasing goods and services with cell phones to a new level. Nowadays there are several applications available to allow retailers and consumers to use their smart phones to process payments and even credit cards – and this is called mobile banking.
In addition to cash advance loans and business financing, National Business Helpers has been helping business owners keep up with the most up to date technology in credit card processing.
According to a 2016 Pew study, about 90 percent of Millennials and 83 percent of Gen Xers own smartphones, and individuals in these generations constitute the majority (72 percent) of mobile payments users. They are especially compelled by the option to receive rewards, discounts, alerts, electronic receipts, and help with budgeting and to avoid fees. Among those who are reluctant to embrace mobile payments, safety and security is one of the biggest challenges to overcome, as high profile data thefts have spooked users – especially among older demographics.
One of the most popular of these mobile credit card processing applications is called Square and it is changing the way people use their cell phones. Square was launched in 2009 by Twitter founder, Jack Dorsey and has been the de-facto application for “mobile credit card transactions” for many consumers and retailers. Square partnered with Starbucks so consumers can get their caffeine fix with their smart phones.
Square has two different applications – one for consumers called Square Wallet which enables people to download the application to their iPhone or Android phone and use the application to pay for services and products. “At checkout, your name and photo appear on the register. The cashier confirms it’s you to complete the sale,” according to Square.
The other application, Square Register, allows retailers and businesses to accept credit card payments via their Android or iPhone. Retailers and businesses must first purchase a small, square credit card reader that attaches to your mobile device. Once you download the free Square Register app you can link it to your bank account, according to Square experts. Businesses will not be charged any set-up fees or long-term contracts, but they must pay 2.75% per swipe for Visa and MasterCard.
Is your business offering mobile payments solutions to customers? Why or why not?