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How Mobile is Changing Payments

August 15th, 2018

Like it or not, mobile payments is here to stay. While in the US cash is still king, it’s grip is slowly slipping away. Another product that is slowly disappearing is the physical credit card. How do you say is the physical credit card going away when credit card payments are on the rise? Well, it’s not credit card payments, but people are storing their actual credit card away but adding mobile payments to their lives. Products such as Apple Pay and Samsung Pay are coming. Consumers don’t want to carry around dozens of cards for different payments and programs. This is where mobile payments come in.

Mobile payments allow consumers to add their credit cards, loyalty programs and gift cards onto their “mobile wallet” on their phone. This means they don’t have to carry their physical cards anymore. So what does that mean for you the merchant? Hopefully this means you already have a way to accept NFC payments for those mobile transactions. If you don’t you’ll want to jump on it immediately. Mobile payments are a safer way to process cards. At the time of transaction, it supplies the terminal with a one time string of numbers which approves the transaction. This will lower the risk of credit card fraud.

Mobile payments is also a quicker and more convenient way to process credit cards. Your customer probably already has their phone out and instead of digging through their wallet to find what card they are going to use and figuring out whether to swipe or dip the card and how to use your terminal, all they have to do is wave their phone over the terminal and within a couple of seconds, the transactions is finished.

There are numerous POS systems and stand alone terminals that can make mobile payments happen. If you are not set up with one, look into it today and keep that competitive advantage for your business. It will keep your customers happy, make your business more efficient and help you turn customers quicker!