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Mobile payment is gradually becoming the most favored method for in-person payments. Its major features involve security, real-time processing, and convenience. In fact, based on several online write-ups, mobile pay volume is forecasted to increase to over $500B by 2020. This projected growth is caused by the rise of NFC payments. Hence, adopting mobile payment solutions in your business is extremely vital to maintain competitiveness in the market.

How do mobile payment works?

This method of payment (aka mobile wallet payment) is often referred to as contactless payments as there’s no physical contact between your device and the payments reader. To pay at a store’s checkout counter, you can simply hold your device close to the NFC-enabled payments terminal. The reader should be within 2 inches of the source (mobile phone) to set the transaction in motion. And that’s it. You have already made your payment.

The process of a mobile wallet transaction is that your device (mobile phones or tablet) and the NFC-enabled point of sale are somehow “talking” to each other. Using specific radio frequency, they pass encrypted data back and forth to process the payment. This process all takes just a few seconds. The speedy transaction, in fact, is one of the coolest benefits of NFC payments. They only consume a fraction of the time of magstripe and chip card transactions—and definitely miles faster than paying cash.

Key Benefits of Processing Mobile Payments?

1. Customer Convenience

Prior to the use of EMV mobile payments, credit cards or other mobile payments solutions, there was mostly cash. Customers pay in paper bills and keep their changes from the depths of their pockets and purses. Fast forward to today, mobile payment systems turn that era to a distant memory. Although only a small percentage of merchants have adopted this payment processing at their business, those who already did know that the key benefit of it is convenience. This is one of the biggest customers’ concerns that merchants must prioritize.

Most widely-known retailers have begun accepting mobile payments as part of their retail strategy. Likewise, it a tactic to meet the need of tech-savvy consumers. By employing this method, businesses are making a big impact on the way consumers are now expecting stores to accept payments. Hence, it has positively affected the business’ bottom line. The advantages of mobile payment solutions offer great convenience to customers in terms of the check-out process,entering and storing of payment information and accessibility of data.

2. Trimmed Down Expenses for Merchant

Running a business is costly and every little bit saved counts. Picture processing a transaction at your business. You probably first imagine a credit card. This came to your mind without realizing what CC payments processing comes with, right? Credit card payment processing comes with an expansive point-of-sale system, the printing of receipts, and the use of separate tools to keep transaction records. Sounds a lot of hassles? Wait until you realize how it can be an expensive hassle.

The costs of buying, maintaining and replacing POS equipment, getting paper for receipts, and all other things in credit card transaction processing add up to your cost. This might not worry businesses with enormous customer base but for SMEs, the advantages of mobile payment solutions offer a nice cost-effective alternative. With mobile payments solutions, those many merchant expenses are dramatically minimized. When it comes to accepting payments, implementing a mobile payments system is comparatively a less expensive investment for merchants to employ than some other payment processing methods.

3. Increased Sales

While mobile wallet payments are helping you minimise your merchant expenses, it also helps you boost your business sales. Based on some statistics, about 32% of the most recent Cyber Monday revenue came from mobile payments. This figure explains the favor rewards of having mobile payments solutions in your business. The more payment options you offer your customers, the more they see doing business with you convenient, and the more people will use it. The more that people use it, the more sales for your business.

4. Easy Integration

Integrating mobile payments in your business is not just easy, it makes your life as an owner convenient too. We already talked about how your expenses can be reduced by mobile payment systems compared to POS. This is because you can simply integrate mobile payment into an existing business mobile app or connect to your current mobile device with a quick plug-in swipe reader. Mobile payments are designed to be easier, and that includes getting started with them.

5. More Security

With any payment method, there is a chance of fraud or a data breach. While this possibility exists, there are also several ways to secure your payments, and mobile payments are among the most secure. This method of payment has many data security and fraud prevention tools that a reliable payment processor can assist you with. Here are just a few ways to ensure top-notch security with your mobile payments:

  • PCI Compliance
  • Biometrics and Protective Passwords
  • Tokenization
  • Address Verification System
  • Secure Internet Connection
  • Monitored Transactions

Risks of Mobile Payments

Now you know how this method would be beneficial for your business and they continue to evolve and improve with changing technology. But it’s also vital for you to understand the level of risk with any payment method, even one as favorable as mobile payments. As it becomes a more popular method, it will draw the attention of more cybercriminals looking for ways to penetrate the security in place. Below are areas to consider as precautions when offering this payment solution.

  • Not paying attention to news of data hacks
  • Using public wifi for banking
  • Not regularly monitoring for suspicious activity

Conclusion

It’s one thing to hear about how the advantages of mobile payment solutions will benefit your business even more, but it’s another to make it a reality. CloudBanking can help make this real. When you partner with us, we guarantee that we have your back with products that meet your business needs. By working with us, the advantages of mobile payment solutions could make a very substantial difference for your customer experience and overall bottom line.

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Are you in the high-risk vertical market? Getting tired of looking for a reliable payment solution for high-risk industry? Don’t worry! CloudBanking got you covered.

We understand that banks and low-risk providers may instantly turn down merchant accounts who they deem industries with a history of high chargebacks, irregular high ticket sales, or that are highly regulated. Thus, finding a high-risk payment processing solution that keeps high-risk businesses running efficiently might be a daunting, frustrating process. This is all the more true for the CBD oil industry. However, CloudBanking understands that your business model works for you. We believe in your business’ desire to help the community and we’re committed to providing top-rated services.

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HEALTH AND WELLNESS

Focus on what matters most to your business—your customers. And allow CloudBanking to take care of your payments. Our payment solution for health and wellness industry will be your trusted partner in improving your customer experience. With our innovative platform engineered to accept all kinds of payments and provide the security you need; we can guarantee you streamlined business operation.

 

In the ever-changing global marketplace, make your business at the forefront of innovation to give your customers the best customer experience. Trust that our payment solution for health and wellness is here to help you meet your customers’ expectations while improving your cash flow. Contact us today to experience the difference.

FIELD SERVICES

Are you one of the small or mid-sized businesses in the field service industry having trouble collecting payments? And are you tired of all the waiting and hassles? Then, it’s time for you to adopt a phone- and cloud-based payment solution for field services that will improve your cash flow and accuracy. Allow your field services staff to accept payment on-site so they can focus on the next job.

 

Level up in the game field by offering a cutting-edge payment solution for field services that will assist you in meeting your needs and improving your bottom line. Contact us to know how we can be your trusted partner in getting paid faster and secure.

RETAIL

The retail environment has evolved rapidly in the past years. To keep with the pace and increase your bottom line, you need to integrate a platform providing a full suite of card payment systems that fully satisfies the needs of you and your customers. CloudBanking’s payment solution for retail industry is here to help you stay in the game and be more competitive.

 

Powered with the latest technology, our credit card processing solutions allow retailers to accept any form of card payments such as credit cards, debit cards, and EMV-compliant cards. Our payment solution for retail industry can help you effortlessly manage your point-of-sale transactions while you boost your retail sales.

PROFESSIONAL

CloudBanking offers a customized payment solution for professional services companies, such as law firms, insurance agencies, and accounting firms. Our platform is designed to provide you a safe, convenient, and secure way to accept your service fees and lessen the administrative cost related to payment processing.

 

We understand that your business’ payment processing needs are unique. So you can’t just rely on any payment processing platform to manage your cash flow. You need a trusted partner to receive payments fast, secure, and easy. Enjoy this hassle-free process when you integrate our payment solution for the professional services industry.