In our modern world, our mobile devices are always with us, so it only makes sense that we’d be able to pay with them, too. If you’re looking to take your business into the future (or rather, bring it up to speed!), you’ll need to start accepting mobile payments. But how?
Luckily for you, it’s not difficult to start accepting these kinds of payments, you just need a little information on what they are, how they work, and what tools you’ll need to accept them.
Here we’ll cover all of this and more, so keep reading to learn more about mobile POS and payments.
What Is A Mobile Payment?
First, we’ll cover the basics. What exactly is mobile payment, anyway? Mobile devices are capable of all kinds of things, and one of those is handling money and exchanging currency at a mobile POS terminal. From your smartphone, you can make a payment for goods and services without ever swiping a card, exchanging cash, or, in some cases, pressing any buttons.
Mobile payments are quickly becoming the norm as more and more people move away from using physical money. There’s been an increase in recent years in the number of consumers who don’t carry any cash at all, so if you’re not accepting mobile payments, it’s time to start.
Now that you know what a mobile payment is, let’s go over the different kinds that are out there and what you can expect from mobile payment users.
What Kinds of Mobile Payment Methods Are There?
There are three different types of mobile payments out there today: QR Codes, NFC, and iBeacon. Each has its own specific setup and compatible devices, but you’ll probably recognize them once they’re explained.
QR Codes: These are called “quick-response codes”. These are similar to a barcode, but instead of a standard group of lines and numbers, they’re a digitalize barcode that can be scanned. You’ve probably seen them before on your favorite products. The best part about these codes is that you can pack tons of information into them, much more than a standard barcode.
NFC: This stands for “near-field communication”. This kind of mobile payment requires no contact, and functions sort of like an RFID chip (the chip in your credit/debit card). NFC payments are actually some of the most secure payments since your sensitive information is stored within a SIM card in the phone or separate chip altogether.
iBeacon: iBeacon stands for…well, iBeacon. It’s Apple tech, and you’ve probably seen it in use before. This isn’t used on a wide scale quite yet, as it’s still being developed by Apple, but the hope is that the Bluetooth-esque technology will be able to make payments, submit GPS data, and more.
Common Mobile Payments: There are a few mobile payment methods you might have seen used at a store, or that you use yourself. Among them are Apple Pay, Android Pay, and PayPal Here. These are just a few, but the list continues to grow as the technology becomes more and more widespread and perfected.
What Kinds of Tools Do I Need To Accept Them?
So you want to accept mobile payments, do you? First, you’ll need the best POS software for mobile payment to get started. POS systems are incredibly advanced and can accept just about any payment method out there. The process of setting up a POS system is simple, but choosing the right one for your business is a bit more complex.
With so many POS options on the market, it can be easy to get overwhelmed with all of the features available. POS systems act as more than just payment-processing tools; they’re your all-in-one business management terminals, so you want to be sure you’re getting exactly what you need.
You won’t have much luck accepting mobile payments without a modern POS system, so if you don’t have one, it’s time to start looking!
How Can Mobile Payments Help My Business?
Why does accepting mobile payments make a difference, anyway? The simple fact is that the customers are using mobile payments, and by not having a way to accept them, you’re cutting out a large portion of your potential customer base. When it comes to business, you have to go where the customers are and appeal to their needs. With nearly 2/3 of the population carrying around a smartphone, accepting mobile payments is a necessity.
The Bottom Line
Accepting mobile payments is simply a must for any modern business, but luckily, the process of getting set to do so is quick and easy. From there, you’ll be able to accept more payments, attract more customers, and up your sales from one simple change to the business.