Getting paid is one of the biggest challenges small businesses face. Often your customer has to jump through hoops to pay you. And even when they follow all the right steps, it can take weeks or months for those funds to reach their bank account. Along the way, the check could get lost in the mail or your client could forget to pay you in full. It’s important for small business owners to decrease the number of steps and the amount of effort it takes to get paid. mobile payments are a commonly preferred solution for both merchants and customers. you can accept payments on your mobile device using simple accounting or payment processing software.
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what are mobile payments?
Mobile payments are payments processed electronically through a mobile device, such as a smartphone or tablet. There are many different types of mobile payments, all of which offer customers the convenience of digital transactions and eliminate the need to carry cash. In a business setting, mobile payments can be used for in-store transactions for goods or services, as well as outside the store at events and emerging markets.
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types of mobile payments
When it comes to executing mobile payments, there are several methods available. each process has its own benefit and strength. the system you choose should meet the unique needs of your individual business.
• nfc mobile payments
near field communication payments are “contactless” payments that use mobile wallets, such as apple pay, google pay, and samsung pay. To accept an NFC mobile payment, you must use a card reader that allows contactless payments, such as the QuickBooks All-in-One Card Reader. The NFC-enabled card reader wirelessly communicates with the customer’s mobile wallet on their smartphone when they are within two inches of each other. contactless payments are just as secure as emv chip card payments and generally allow faster transactions.
• magnetic secure transmission (mst) payments
magnetic secure transmission (mst) payments work similarly to nfc by establishing a connection between the customer’s smartphone and the card reader or point of sale (pos). a magnetic signal is passed across the connection, similar to how a physical point of sale collects card information when it is swiped. Samsung payment users can use MST payments from their devices. mst payments are as secure as nfc as they are both contactless payments using a secure tokenization system.
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• quick response (qr) code payments
quick response (qr) code payments are more popular in countries like china and are often advertised on store signs or product labels. qr codes can be scanned to process payments. The unique QR code pattern is captured and decoded by the user’s device to process the transaction. once information is transmitted, users may be asked to confirm payment information or verify geolocation. qr code payments can be scanned by customer or merchant. The customer can scan the merchant’s QR code, confirm the price and finish the payment. Alternatively, the merchant can scan the customer’s QR code and set the transaction amount, which can be authorized by the customer.
• payments based on sound waves
Sound wave-based payments, or mobile payments based on sound signals, allow transactions to be processed without an internet connection and instead use sound waves to transmit encrypted payment data . sound waves are sent from the merchant’s terminal to the customer’s smartphone to securely communicate payment details. then the customer’s smartphone converts that data into analog signals that complete the transaction.
• SMS payments
SMS payments are a convenient way to pay for products or services through text messages. A customer can obtain a code from a merchant’s website and text that code to the text number provided by the merchant to confirm payment and receive access to what they paid for. once the sms payment is processed, the payment amount is added to the customer’s phone bill.
• mobile bank transfers
Mobile bank transfers allow you to make payments without the use of a point of sale or card reader. This method is most commonly used for peer-to-peer payments and bill payments. payment is processed by participating banks, allowing the sender to transfer money directly to the recipient’s bank account. Please note that different banks have different limits on what customers can do with mobile bank transfers.
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what is a mobile wallet?
A mobile wallet is a digital wallet with credit or debit card information stored on a mobile device, such as an app on your smartphone. Common mobile wallets include Apple Pay, Google Pay, and Samsung Pay. Each mobile wallet securely stores sensitive bank and card details that are encrypted and ready to use for mobile payments. some mobile wallets can also store tickets, boarding passes, and other documents. to accept a payment with a mobile wallet, the customer simply needs to bring their mobile device to the mobile card reader or point of sale.
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How do mobile payments work?
Depending on the type of mobile payment received, the experience may vary, but the result will be the same: a convenient mobile transaction for the customer. If you use an NFC-enabled mobile card reader, the customer can simply place their smartphone containing their mobile wallet near the card reader to accept payment. if you use a magnetic stripe reader, the customer can swipe their card to accept payment. And if you use an emv chip card reader, the customer can “dip” their card to accept payment. Once the customer’s card information is communicated to the merchant’s card reader or point of sale, the transaction is passed to a financial institution, the acquiring bank, to send the payment request to the issuing bank, the card company. cardholder’s credit card. the issuing bank checks whether the customer has enough money or credit for the transaction, as well as performs fraud detection checks. if there are no issues, the transaction is authorized and the funds are placed on hold, often showing as “pending.” the funds are then transferred from the credit card company to the acquiring bank.
How can I accept mobile payments?
To accept mobile payments for your business, you’ll need a mobile credit card reader and its accompanying mobile app or software. quickbooks is offering its magnetic stripe and chip card reader for free to new customers. just follow the card reader’s setup instructions to start accepting mobile payments.
What are the benefits of mobile payments?
Various security measures protect data in mobile payment applications and digital wallets. consumers send payment information from their phone to a point of sale terminal using transfer technology. this usually happens through near field communications (nfc). NFC transfers encrypt payment data to protect it from interception. Depending on the application and the hardware used, the data can also be tokenized. Tokenization means translating credit card data into a single-use token identification number. even if a hacker obtains the token, he will not allow you to access or use the card for further transactions. tokenization protects both consumers and businesses from fraud during digital wallet transactions. The security features built into the phones serve as an additional layer of protection. Consumers often lock their phones with a password, pin, or biometric identification such as a fingerprint. once their phone is unlocked, the payment app or digital wallet often needs authentication before a consumer can use it to pay. As a final measure, consumers can remotely lock or wipe their phones in the event of theft. Make sure you pay close attention to security when choosing payment processing software. investigate which party is responsible in the event of a data breach, and only use software providers that protect your business. using a third-party payment provider is often more secure than managing your own technology.
In addition to being secure, mobile payments make the transaction experience fast and convenient for the customer. instead of having to wait in lines to transact through a traditional POS system, in-store payments can be made with mobile card readers, meaning merchants can move through the queue faster and make more sales. Convenience is also an important factor for customers who don’t normally carry cash and prefer to pay by credit or debit card.
the future of mobile payments
Mobile payments are valuable payment processing options for small businesses of all kinds. Whether you’re a photographer, shop owner, or freelancer, the ability to get paid from anywhere is powerful. use your payment processing capabilities as an opportunity to build relationships with your customers. If you are visiting a client, offer to accept a credit card payment for your services, on the spot. If you accept payments at a store terminal, take the opportunity to let customers know about loyalty programs or special offers. If you’re collecting payment at a store terminal, take the opportunity to let customers know about any loyalty programs or special offers.
As a business owner, your goal is to make the checkout process as efficient as possible. accepting mobile payments makes it easier for you to get paid faster while protecting you from risk and fraud. When signing up for a mobile payment service, make sure you understand who is responsible in the event of a data breach or fraud. it is important that your company is not responsible for losses. Reputable companies with experience in protecting sensitive data will help protect your business.