Accepting card payments using a mobile phone is the most convenient payment option for your business, providing your customer with a smooth, secure, and fast shopping experience. Linking external hardware to your smartphone is one way to look at it. However, this reduces practicality as it will be difficult to accept payments if the hardware breaks down. The alternative, but increasingly popular way to accept card payment solutions on the phone is through apps without the need for external hardware, giving you flexibility as a merchant and convenience for your customer.
Here are some of the common ways to accept mobile payments:
- Virtual Terminal: This is a cloud terminal that processes transactions through a web application through an internet-connected smartphone. QR codes and link payment can be part of the virtual terminal.
- QR Codes: Scan an app-generated QR code with the customer’s phone camera, which opens a web page to complete the transaction.
- Payment links/pay-by-link: The merchant will send a payment URL to the customer, and the customer will need to enter their card payment on a web page to complete the transaction.
- SoftPOS: The latest generation of payment programming bypasses the need for an external card reader (mPOS) and uses NFC technology on your smartphone to read cards and process payments.
How do I accept credit card payments on an Android device?
Although NFC capabilities have been tested on smartphones for years, they have failed to gain widespread adoption when it comes to accepting payments. NFC, or Near Field Communication, is the ability to transmit data between two devices within a given range without the need for physical contact.
SoftPOS is currently only available for Android users. This is due to Apple’s policy of not allowing developers to create softPOS for its devices. It is alleged that Apple’s payment-related application IDs are not supported by the NFC core. With this in mind, Visa and Mastercard explicitly state that their softPOS modules are designed exclusively for Android.
In order to accept credit card payments on your Android device, you must first open an account with a service provider linked to a credit card processor by submitting the necessary documentation. Unless you receive payments to an online account provided by a payment platform, you will also need to link a bank account.
After successfully registering, you can download the app from the Google Play Store and log in to your app. You must enter and confirm the transaction amount to receive payments from customers. The customer then holds their card or mobile wallet against the back of their phone until the transaction is complete. A PINpad may appear depending on the customer’s card settings. Then, the consumer will receive a transaction confirmation via email, SMS or app notification. The app is specifically designed to use unique dynamic cryptograms to securely process cards in accordance with EMVCo and PCI card industry requirements, making SoftPOS transactions safe and compliant.
Discover 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 effective method that can transform the way businesses manage their finances. Due to its nature and the limited availability of logistics, some businesses could not accept electronic card payments. However, the deep penetration of smartphones has enabled all businesses to process card payments through an app, the card machine for business improves business efficiency and streamlines sales. Some of the additional benefits are:
- Cost reduction: A mobile payment system is a more convenient option to reduce costs because it eliminates the need for external hardware. A merchant can process transactions without the need for conventional and cumbersome payment infrastructure by tapping or scanning a card.
- Drive sales: Taking payments via smartphone reduces payment processing complexity and time, resulting in high customer engagement and sales.
- Competitiveness: Mobile payment systems are easy to integrate and have many third-party plug-ins to perform smooth transactions, which puts the business in a better position to attract target audiences and increase conversions.
- Secure: Handling sensitive credit card information requires security as a top priority, as it is prone to data and security breaches. Payment app developers are constantly introducing new fraud prevention tools and updates to ensure security, making it the safest option over legacy systems.
- Analysis: Accepting payments through a mobile app will not only work as a repository to store transactions, but will help analyze the financial behavior and strength of a business and can help in future forecasting. This will provide data-driven insights to run and manage the business.
- Green business: Accepting mobile payments is an eco-friendly option as it eliminates the need to produce multiple hardware. Since receipts and transaction records can be shared and saved on the phone, it reduces the need to print additional paperwork and reduces the carbon footprint.
Accept card payments on the go!
The introduction of smartphone apps that accept card payments has revolutionized the payment processing mechanism and is on its way to becoming an undisputed mode of payment. This benefits the retailer-customer relationship and will potentially transform businesses with opportunities for innovations such as endless aisle, click and collect, and mobile wallets with built-in loyalty.
Technologies such as SoftPOS present a compelling case among businesses for embracing technological innovations. However, the key to this process is to ensure that customers have confidence in the security of mobile systems. There are obvious data protection and privacy concerns when customers use mobile devices. Despite the appeal of fast and simple transactions, it has been reported that many people are reluctant to use technological innovations due to security concerns.
The security apparatus of mobile payment systems is becoming more and more effective.
Coupled with proper regulation and compliance, this will be the future of trading. Considering its limited availability, one should be careful in selecting the app. A service provider with a credible track record and frequent updates should be the first choice.
The purpose of accepting credit card payments on a mobile device is to make it easier for customers to pay from anywhere. Keeping this objective at the forefront, in addition to reducing expenses and increasing data security, is essential to the success of your business.