You are a mobile business person. You travel, work from home, the car and the coffee shop down the street. So, it makes sense that you start processing mobile payments as well. Not only is this convenient but can increase your bottom line profit by being accessible to current or potential customers at all times. You can increase conversions at a business meeting, seminar or tradeshow by having the ability to process payments right then and there – as long you have access to electronic signature solutions, you can virtually do business anywhere. However, before choosing your payment application, be sure to consider the following.
Safety Precautions and Regulations
While it may seem simple enough to download an application and purchase a card swiping dongle, you may want to first take a step back. The Payment Card Industry has strict regulations and procedures that you must heed. Any small mistake can end up in fines, lawsuits or bankruptcy.
The PCI Data Security Standard (PCI DSS) spells out the rules for protecting the customers’ data via mobile transactions. However, there are two main ways for you to ensure you’re compliant at all times.
- Application security: Be sure that the application you decide to use is protecting you on their end. Any quality payment app will have suspicious behavior detection in place, as well as tracking methods to ensure the money is being safely transported to the bank.
- Best practices: You can stay in line with regulations by having a business designated phone, and card reader – don’t ever use your personal device in order to keep all information safe. Also remember to keep the dongle to yourself; don’t allow friends to take or play with it. This can end up effecting transaction accuracy.
Consider Your Options
Before choosing the right application, it’s important to consider a variety of options first. SwitchCommerce.com suggests, “… understanding the equipment, services and limitations on each will help narrow the field to the best credit and debit card processing option for you.” To limit your mobile payment options, you’ll need to take a number of aspects into account.
- Accepted cards: Consider the payment options your customers prefer – You may need to choose a provider that allows you to accept a plethora of options in order to make the most of your investment.
- Transaction rates: Some applications, such as PayPal, offer lower costs for debit transactions versus credit.
- Users: Does the application allow for more than one user? You can give employees the opportunity to take payments as well, which will increase your chances of conversion.
- Online access: Be sure you have access to an online terminal where you can track payments, etc. This will be integral in ensuring your payments are secure and successful.
Payment Apps to Consider
While there are a slew of applications for all major systems, from iPhone to Blackberry, you’ll want to decide whether to start fresh or stick with your current system.
- Current system: Some POS system providers are now offering mobile extensions to their traditional software. If you are invested in and prefer your current provider, inquire about those options.
- New: If you’re ready to start new, do your research. With so many options to choose from, it’s easy to get involved with the wrong company. From transaction rates to security, it’s important you know all the details first.
Mobile payments can make a significant impact on your business. As long as you’re compliant with the PCI regulations and do your research, you’ll be taking payments on the go in no time.
About the Author: Jessica Sanders is an avid small business writer touching on topics that range from social media to business management. She is a professional blogger and web content writer for ResourceNation.com.