FIS Modern Banking Platform
Advance your bank with a modern core platform.
Worldpay Editorial Team
July 08, 2019
As more consumers use mobile wallets like Android Pay and Apple Pay, merchants who don't adopt this technology risk falling behind. According to Mercator's US Mobile Payments Market Forecast, eCommerce shopping is exhibiting double-digit growth, and mobile is fast becoming shoppers' platform of choice.
Furthermore, Mercator reports that a recent eMarketer survey showed that mobile shopping accounts for about 34% of total eCommerce in the US in 2017; the survey's authors predict this ratio will reach 50% by 2021.
Clearly, widespread adoption of mobile merchant services is just ramping up, so it's important businesses stay ahead of this trend.
Getting started with any new technology can seem like a big task. However, there are many benefits to accepting mobile payments.
Accepting a broader range of payment options helps build more loyal customers. Accepting mobile payments can also facilitate faster transactions since shoppers simply tap their smartphones on the card reader as opposed to pulling out their wallet, locating their card, and swiping it at the terminal.
Consumers like being able to pay using an eWallet because they can leave their physical wallet or purse at home when they shop. Most consumers carry their smartphones with them most everywhere they go, so paying with this device just makes sense.
Believe it or not, mobile payments using eWallets like Android Pay and Apple Pay are actually more secure than traditional payments. Mobile wallets often require the user to enter a passcode or validate with biometrics before initiating a transaction, making it very difficult for a phone thief to successfully use the stolen phone to make a purchase. In a mobile transaction, the shopper doesn't have to ever hand over a physical payment card, greatly reducing the chance of theft or card skimming.
Here are five simple steps to getting started with mobile merchant payment services:
If you're considering using mobile payment technology, you should speak with your payment processor first. Some payment processors accept only specific forms of mobile payments, so be sure the solution you're considering will be compatible with your processor. If your current payment processor doesn't offer many or any mobile payments acceptance options, it may be time to explore your options and find a partner that is committed to staying abreast of the latest technology.
Additionally, be sure to choose a provider that integrates with several types of digital wallets, so you can maximize your payment acceptance offerings and overall growth potential. Work with a processor that has expertise in many alternative payment types so you can get the expertise you need.
In order to accept mobile wallet payment, you'll need to have a payment device that is NFC-enabled. NFC contactless technology allows two devices to exchange data over a short distance. In the case of mobile payments, an NFC-enabled POS system allows merchants to accept mobile wallet payments such as Apple Pay, Android Pay or Samsung Pay. And since many EMV-enabled devices include NFC technology, it's an easy way to get both credit card processing technologies at the same time.
Stored value or gift card programs are another way that you can integrate mobile payments into your business. Many of today's gift card programs can be converted into digital gift cards to enable customers to pay using their smartphone. You can also incorporate cash back rewards and automatic reloading to provide customers with even more options for purchasing from and engaging with your business.
Mobile card readers are great for accepting payments outside of a brick and mortar location and on-the-go. Simply plug the mobile card reader into a smartphone or tablet, connect with WiFi or a cellular network and you're all set to accept payments wherever business takes you. Your staff can also use mobile card readers to accept payments in-store, right on the sales floor, to help reduce wait time and deliver better customer service. Many mobile card readers also accept NFC payments, so you can expand your options even further.
Once your equipment and systems are set up for mobile payments, make sure you spread the word to let you customers know that you offer this hot payment option. Send out an email about the eWallets you now accept, and hang signage to let customers know on the spot.
Many shoppers own smartphones with the technology for mobile payments, but have been slow to adopt this payment processing method. Show them how using mobile payments is simple, secure and worthwhile. For example, write a blog on your website or post on social media about how to use mobile wallets at your business.
There's no denying it: Mobile is the future of the payments industry. Make the investment in this new technology now to get ahead of the trend, capture your customers' attention, and boost your bottom line. Your customers will thank you for the convenience and security of mobile payments by being loyal customers for years to come.
Let's work together to reach your goals. Contact us at the links below and a representative will be in touch.
We are here to help you and your business. Contact us using the button below.Learn more