Accepting Mobile Payments
In recent years, technology has moved to a stage where payments have become mobile and not relying on a single point of payment. When did you last go to McDonald's and pay using a card, or did you use Apple or Android Pay, for example?
Understandably, you don't want your business to miss out. If people are using their phones to pay, why shouldnt you accept mobile payment?
My business is only small - is it worth it?
Mobile payments are convenient for your customers and make it easy to complete a payment without carrying a bulky wallet or purse.
In some cases, your payment system can even be linked with your accounting system, meaning less data entry for you and up-to-date accounts.
One thing you need to be aware of is the possibility of transaction fees. These differ between payment providers, so it can be worth it to shop around before settling on a solution that works for you.
How to accept contactless payments
The most common form of mobile payment is whats known as contactless, similar to contactless debit/credit cards.
How it works on mobile: customers set up a mobile wallet, for example, Apple Pay, Google Pay, or Fitbit Pay. They open their wallet app and hold their device near a card reader that uses Near Field Communication (NFC) to process the information.
There is no card verification process, such as entering a PIN Number; a token is transmitted rather than actual card details.
To start accepting payments, you will need to do the following:
- Purchase a card reader that is capable of accepting contactless payments
- Register your business with the system you have chosen; in most cases, the system will talk you through how to do this
- Connect your business bank account to start processing and receiving payments
As with most things - do your research before choosing an option that fits your needs.
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