How to Set Up and Integrate Mobile Payments for Your Stores
Whereas before, paying for items using our mobile phones was an oddity, today it’s a daily occurrence. With an annual growth rate of 62%, Statista anticipates that the volume of mobile phone payments will increase from $25bn in 2015 to $275bn in 2021.
Indeed, retailers around the world are accepting mobile payments — and if you aren’t, it’s high time you consider doing so. Our writer Katie Conroy points out that mobile optimization is one investment worth making for small businesses, since it provides many benefits for the consumers. Not only does it reduce your store’s checkout time, but it’s also safer compared to credit cards, since mobile wallets are harder to replicate.
To help you keep up with the competition, we’ve outlined a few steps on how to integrate mobile payments for your business:
Make sure your POS terminals are up-to-date
Check to see if your POS terminals accept near field communication (NFC), or the technology that allows your payments terminal to communicate with phones and other devices for contactless payments. If not, then this is a good time to have them updated. In the process, check if your POS systems in general are optimized and are the best level of technology for your business.
Choose a good mobile payment service provider
With the growing popularity of mobile payments, there are plenty of mobile payment service providers (PSP) around. These are the middlemen who will take care of the transactions from your consumers’ bank to yours. Venture Labs explains that there are multiple factors to decide on a PSP that’s right for you, such as your geographic location, the fee structures, and your target audience.
For instance, choosing a PSP with fee structures that are acceptable for you is important, as this determines how much per swipe (or per transaction) they’ll be charging you. Additionally, a PSP that is compatible with the types of credit cards your target consumers use is also vital. After all, what’s the point of choosing a PSP that doesn’t cater to your audiences’ needs?
Moreover, it’s important to choose a PSP whose security measures are up to par. Consider that in the first half of 2018 alone, a report by ThreatMatrix found that mobile attack rates rose up by 24% compared to the whole of 2017. Fortunately, in their overview of the cybersecurity industry, Maryville University points out that growth in this area is booming, with more research being developed and more professionals entering the workforce each year. Thus, in a world rampant with fraud and hacking technology, it’s important to choose a PSP that values security just as much as you do. That’s why we at MagicPay, through platforms like our Clover Mini, keep the safety and needs of merchants and consumers alike in mind, protecting the personal information of both sides for every transaction.
Educate your staff
The next step after acquiring the technology is training your people to use it well. Once your POS terminals and mobile PSPs are all set, teach your staff how to handle mobile wallet payments from both the merchant point of view, and the customer point of view. Each member of your staff should be able to handle any and all questions regarding the process for concerned consumers.
Advertise that you now accept mobile payments
Some consumers go to specific stores solely because of their mobile payment capacity, so feel free promote that you now offer a faster, more convenient way to let customers pay for their goods. Not only does this have the ability to attract more people into your store, but it also lets them know that the latest technology is at the forefront of your business.
With that, you can start offering your consumers a more efficient and secure way to pay with mobile payments.
Content provided by M. Bench for MagicPay.net