As the pandemic gripped the globe, the Wall Street Journal reported a surge in mobile payment processing that soared as high as 80 percent or more. Just as Zoom-fueled remote work strategies, born out of pandemic innovation, appear to have long-term staying power, so do mobile payments. Once consumers and businesses experienced them, they were enthusiastically and widely embraced. Now many businesses are asking themselves how to select the best mobile credit card processing system or vendor.
Ease of Use
People primarily use credit cards because they are convenient and easy. If the payment processing procedures aren’t intuitive to navigate, that removes the convenience and adds unwanted friction. So, one of the main considerations in setting up a mobile credit card payment system is to ensure ease of use. That includes offering features like payments 24/7 in every major currency and across all mobile platforms, simultaneously at multiple sales locations or websites. Make it easy to use mobile wallets like Apple and Google Pay, and also incorporate automated shopping carts and “pay now” buttons on e-commerce websites.
Responsive Customer Service
To ensure that level of seamless performance it’s important to have reliable and prompt vendor service, accessible 365 days a year. Some providers aren’t available to answer question or troubleshoot issues on holidays and weekends, for example. But those may be the busiest sales days for a business. It’s best to have technical support that’s geographically close, and a vendor who can help not only solve problems but also act as a trusted consultant to stay ahead of the competitive curve. Mobile payment technology is evolving at breakneck speed, and processing needs to be easily scalable to keep pace with emerging innovation as well as a company’s own growth and expansion.
Credit card security is always critical, to protect both businesses and their valued customers. Processing payments using mobile devices and platforms makes those transactions even more vulnerable to hacking, fraud, and theft. To safeguard the system, utilize the most advanced protections available. Those include PCI compliance, data encryption and tokenization, and Level 3 processing. A vendor experienced in high-grade security should also offer expert advice and training to help businesses and their employees understand and follow current cybersecurity best practices.
Innovative Technological Features
Take advantage of all client-centric mobile payment features to enhance brand loyalty, customer service, and to shorten the payment cycle. Mobile payment processing can include, for instance, options for recurring automated subscription plans. Those are great for businesses with clients who purchase goods or services on a regular basis, like monthly or quarterly. Use a vendor that offers turnkey surcharging software, to eliminate credit card “swipe fees” and never have to pay them again. Payment systems may also be designed with customer account portals that can be accessed securely from mobile devices, to check balances pay invoices, or process refunds. There are now also newer and faster ways for a business to receive funds. Instead of waiting several days, it’s possible to receive same-day funds in a bank account. Those deposits are ready to spend, which can dramatically shorten the collection timeline.