North American Bancard Blog

Getting Smart About Mobile Payments

Posted by Nancy Bakanowicz on

mobile paymentsAny small business owner knows that the key to success is meeting your customer where they are. If you own a shop and you stock merchandise your customers don’t want, you won’t stay in business for very long. However, if you listen to customer feedback and carry products they want to purchase, your shop will be a success.

It is the same way with payments. Gone are the days when the only payment options were cash, check or credit card. While cash and credit cards are still widely accepted, fewer people are using paper checks these days. A newer form of payment that is on the increase is mobile payments, like Apple Pay, Android Pay and Samsung Pay. Also known as NFC payments, mobile payments solutions like PayAnywhere turn a smartphone or tablet into a mobile point-of-sale (mPOS) system. NFC, which is available on nearly all smartphones currently on the market, allows customers to connect credit and/or debit cards to the corresponding payment app on their smartphones, essentially allowing them to pay for goods and services simply by waving or tapping their phones on an NFC-equipped payment terminal.

Accepting mobile payments is no longer a novelty. In fact, some experts say it is a necessity. With mobile payments transactions expected to increase by 210 percent in 2016 over 2015 levels, the decision to accept mobile payments is a wise one. Mobile payments solutions like those available from North American Bancard and PayAnywhere make it easy to begin accepting mobile payments by turning a smartphone or tablet into an mPOS system, and they have many benefits, like:

Mobility. mPOS solutions allow you to accept credit card and NFC payments anywhere – and even increase your sales – whether your business has a single location or if you’re always on the move. For example, if you operate a stand at a farmer’s market, a food truck or a merchandise tent at a summer festival, your customers are no longer limited to just the cash they have on hand, as you are now able to accept credit cards and NFC payments, safely and securely.

Personalized service. mPOS solutions enable you to bring the wrap stand to the customer, wherever he or she is in your store. The customer no longer needs to come to a central wrap stand to purchase her items. This ability to take the wrap stand to the customer also has many benefits during busy times, such as the holiday season or during sales – when used in conjunction with a fixed POS, it can alleviate congestion at a wrap stand and contribute to a customer’s positive impression of your business.

EMV. By now hopefully you are fully integrated to accept EMV chip cards. If not, an mPOS solution like PayAnywhere can help you get compliant quickly and easily, and often at a lower cost than traditional solutions. Becoming EMV compliant will help you avoid being responsible for chargebacks that result from fraudulent credit card transactions – if your customer has an EMV chip card but you don’t have an EMV terminal, you can be financially liable for any card fraud.

Multiple payment options. As mentioned above, mPOS solutions like PayAnywhere allow you to accept credit cards and EMV cards as well as NFC payments like Apple Pay, Android Pay and Samsung Pay.  These increasingly popular payment solutions have opened more options for customers and merchants alike. mPOS solutions are easy to install and are often less expensive, plus they are convenient and most customers view mobile payments acceptance as a benefit.

Today’s customers expect more from their payment experience, opting for methods that provide them with a faster, better experience, making staying ahead of the payments curve and moving beyond traditional payment methods is more important than ever. For small businesses, innovation is the key and being innovative in today’s commerce ecosystem is all about getting and staying smart about available payment options. Adding an mPOS solution like PayAnywhere, or a traditional NFC capable terminal from North American Bancard, to your business is a wise and beneficial decision for both you and your customers.

Topics: NFC

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