More businesses are choosing to integrate their online banking and PayPal accounts on mobile devices in order to communicate with customers, respond to inquiries, and manage payments. A few examples of these services include popular brands such as Google Wallet, PayPal, Apple Pay, and Samsung Pay.
As many companies begin to adopt this new model of payment, it’s important to understand the differences between the various options. Each one is designed to fit a particular target audience, and each can serve a specific purpose. With that said, here are some things to keep in mind when selecting which payment service to use for your business.
Choosing the right type of service requires knowing the type of customers you’re looking to attract. The physical world of physical stores can be limiting. You may not want to have a physical presence on the ground. That being said, these new payment options allow for an all-digital marketplace.
Even though the technology behind mobile payments is still being developed, it’s now available. Many companies that have chosen this form of payment say it’s the easiest way to pay. There’s no need to wait in lines or to worry about payment fraud or loss.
Choosing the right online payment service also includes understanding the benefits and limitations associated with each option. The options will differ based on the organization’s requirements. You’ll want to choose one that fits your business needs, in terms of transaction volume, transaction frequency, financial security, and control over credit card and bank account payments.
As there are a variety of payments available, it’s important to understand how they work in order to decide which online payment service to choose. There are different levels of security, each allows. PayPal is highly recommended for transactions up to $250 because of its multi-factor authentication, meaning if someone else has access to your account, they won’t be able to make a payment.
Google Wallet is highly recommended for merchants who plan to process transactions of over $250 per day. These businesses will benefit from enhanced security through Google’s “2-step verification.” Mobile transactions can also be performed on Android Wear and Apple Watch apps.
An iPhone app for any payment service is helpful, but it doesn’t give businesses the convenience of having a physical location. Apple Pay is available on Apple devices, making it easier to pay with a plastic card from a store in a retail environment. It offers the option of handing over a cashier’s card, which many business owners would prefer.
Samsung Pay is a mobile wallet that integrates with Samsung devices. The users are presented with a “merchant” screen that gives the option to pay using your Samsung phone.
MasterCard is also offering a mobile wallet to retailers and merchants who accept the traditional card. In the mobile version, merchants receive a unique merchant logo that appears on the screen, making it easy to know how much money has been received or transferred from your credit card or debit card.
A mobile payment service is most useful for businesses who need to expand or for businesses that don’t have an online presence. For example, it is easier to process payments from a kiosk than from an office.
A payment service that integrates with your existing business website is a good choice. This will eliminate the need to integrate with your mobile application, since the site will be receiving payments through your payment system.