Discover the benefits of accepting pay-by-card on your phone
Accepting payments by card through mobile phones is the most convenient payment option for your business. It provides your customers with a fast, secure, and seamless shopping experience. One way to achieve this is by connecting external devices to your smartphone. However, this method may reduce practicality, as it could be difficult to collect payments if the device malfunctions. An increasingly popular alternative to adopting mobile card payment solutions is to use apps that do not require external devices. This gives you, as the merchant, greater flexibility, and provides convenience to your customers.
Here are some popular ways to accept mobile pay:
- Virtual Terminal: A cloud terminal that processes transactions through a web application with an Internet-connected smartphone. Payment via QR codes and a link can be part of a virtual station.
- QR Code: The app scans the QR code generated with the camera on the customer's phone, which opens a website where the transaction can be completed.
- Payment Link/Payment Link: The seller sends the payment URL to the seller and the seller needs to enter the payment card on the website to complete the transaction.
- SoftPOS - the latest payment software that does not require an external card reader (mPOS) and uses your smartphone's NFC technology to read cards and pay.
How to accept credit card payments on Android devices?
While NFC capabilities have been proven in smartphones for years, its widespread use has yet to be noticed when it comes to accepting payments. NFC or Near Field Communication is the ability to transfer data between two devices in a short time without a physical connection.
SoftPOS is intended for Android users only. This is due to Apple's policy of not allowing developers to create softPOS for their devices. Also, the Apple Payments App ID does not support basic NFC. Thus, Visa and Mastercard specify that their softPOS modules are designed for Android.
To accept credit card payments on an Android device, you must first open an account with a provider associated with the credit card processor by uploading the necessary documents. If you're not receiving payments through an online account provided by your primary payment system, link it to your bank account.
After successful registration, you can download the application from the Google Play Store and log in to the application system. To receive payment from a customer, you must enter and confirm the transaction amount. The customer then stores the card or mobile wallet on their phone until the transaction is complete. The PIN that appears depends on the customer's card. The customer will then receive a confirmation of the transaction via email, SMS, or app notification. This application is designed as a one-time dynamic encoder to optimize card usage by PCI and EMVCo card industry requirements, making SoftPOS operations safe and consistent.
Have a glimpse of the benefits of accepting card payments on your mobile
Accepting card payments using a specialized mobile app is not only a new method of processing payments but also an efficient one that can transform how businesses manage finances. Because of its nature and the limited availability of logistics, some businesses couldn’t accept electronic card payments. However, the deep penetration of smartphones has enabled all businesses to process card payments through an app, card machine for business improves business efficiency and streamline sales. Some of the additional benefits are:
Cost reduction: A mobile payment system is a more convenient option for cost reduction as it eliminates the need for external hardware. A merchant can process transactions without needing a conventional and cumbersome payment infrastructure by tapping or scanning a card.
Boost sales: Taking payments through a smartphone reduces the complexity of payment processing and time, leading to a high customer engagement rate and sales.
Competitiveness: Mobile payment systems are easy to integrate and have many third-party plug-ins available to perform smooth transactions, putting the business in a better position to attract target audiences and increase conversions.
Secure: Processing sensitive credit card information needs safety as an utmost priority as it is prone to data and security breaches. Payment app developers consistently introduce new fraud-prevention tools and updates to address safety, making it the safest option compared to legacy systems.
Analysis: Accepting payments through a mobile app will not only work as a repository to store transactions but helps in analyzing the financial behavior and strength of a business and can help in future predictions. This will provide data-based knowledge to run and manage the business.
Green business: Accepting payments through mobile is an eco-friendly option as it eliminates the need for multiple hardware production. Since receipts and transaction records can be shared and saved on the phone, it reduces the need for printing additional papers and reduces carbon footprint.
Accept mobile card payments!
Introducing smartphone apps for card payments will revolutionize the payment process and become a surefire means of payment. This benefits the relationship between retailers and customers and has the potential to transform businesses through innovation opportunities such as aisle, click and collect, and mobile wallet loyalty integration.
Technologies like SoftPOS provide an interesting case for enterprises to embrace technological innovation. However, the key to this process is to give customers confidence in the security of their mobile systems. There are clear concerns about data protection and privacy when customers use mobile devices. Despite the appeal of quick and easy transactions, many argue that security concerns are holding back the use of technological innovations.
Security devices in mobile payment systems are becoming more and more effective.
With proper regulation and compliance, there is the future of trading. Because there are limitations, you need to be careful in choosing your app. Your first choice should be a vendor that has a reliable history and is updated frequently.
The purpose of accepting credit card payments on mobile devices is to facilitate the payment process for customers from anywhere. With this goal in mind, reducing costs and increasing data security is fundamental to business success.
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