In our modern world most people are very comfortable using their smart phone for just about anything. However when it comes to using a mobile device for digital payments they may have some concerns. These concerns may be due to a low understanding about what mobile payments are, the security of payments or how it is different to using a traditional credit card merchant facility. To give you the tools to discuss these concerns with your clients we have outlined some of the common questions you might be asked you when you offer a mobile payment option at the point of sale.
What are mobile payments?
Mobile payments refer to financial transactions that take place digitally through a mobile device. It is becoming increasingly popular for businesses to offer payment options using mobile devices as it is more cost effective than the traditional merchant facilities offered by banking institutions.
Companies like Stripe, Paypal and Amazon Payments provide global transaction processing platforms which are accessed using apps on smart phones. The credit card details are input into the app and the transaction processed. From your customers point of view it is as easy and convenient as using the traditional card merchant facility that we often see at large retailers.
How secure are mobile payments?
Questions around security and privacy may be the biggest concern your customers may have when being offered a mobile payment solution.
All businesses that are involved in processing, transmitting or storing card data must comply with the Payment Card Industry Data Security Standards (PCI DSS). Global processing platforms like Stripe and Paypal are PCI DSS accredited to the highest standard.
The app being used as the payment interface should also be compliant with the PCI DSS standards. Most quality apps will provide information regarding compliance on their website. If you use an app like PayNow for Stripe no card data (or other sensitive date) is stored on the device. The app uses Stripe’s mobile library to convert card data to a single-use token which is safely and securely passed to the Stripe server for processing as a card-not-present transaction. With Stripe being certified as a PCI Level 1 Service Provider, which is the most stringent level of certification available in the payments industry, your customer can be assured their card security and privacy is in good hands.
How quickly is the mobile payment processed?
With most apps you can have your customers purchase processed in under a minute. For your customer the payment transaction involves presenting their card to you and waiting for you to input the details into the app for processing. Of course you need functioning mobile connectivity on your device to allow the app to speak to the processing platform. The app should provide timely confirmation of a successful payment.
Will I get a receipt?
A quality mobile payment app should offer a receipt either via an email or text to be sent to your customer as a record of the transactions. Some apps like PayNow for Stripe also allow you to input a reference or description which will appear on the customer’s card statement which assists with identifying the transaction.
When offering a mobile payment option to your customers, be sure to understand the app and processing platform you are using by reading the website information. Know the security features and process that takes place so you can confidently answer any questions a customer may have. That way you will never miss a mobile payment sale.
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