Mobile Credit Card Processing — Know the Process Better
In today’s fast-moving business environment, it is crucial to give your customer maximum ease and benefit through your products, services and payment options. Accepting payments through mobile devices is one such swift mode of payment and allows merchants to take payments almost anywhere and everywhere.
However, if you’re a business entity or an entrepreneur, you should know that before you register for a mobile credit card processing service, it’s important to understand how the system works and what are its dos and don’ts.
Understanding the Technology that Powers Mobile Credit Card Processing
A transaction facility that works instantly is the best way to make businesses grow and ensure customer satisfaction. Today, mobile credit and debit card readers are showing the way forward for future technologies in payment processing.
All you’re required to do here is plug in a small card reader into your mobile phone jack and get started with the application that will read credit card details. Customers can then swipe their card on your mobile device and you can instantly record the details. The technology works more or less similar to stand-alone card readers at point of sale terminals. However, with technology moving at break-neck speeds, you’ll often find the best smartphones supporting a slightly different mechanism or an application.
In case you’re in a wireless zone, you can enable credit card transactions by accessing the Wi-Fi networks, too.
Hardware and Compatibility
The strength of mobile credit card processing depends on the hardware and its compatible application. Merchant account mobile apps are especially built for the iPhone, iPad, iPod and other high-end smartphones.
While for certain apps you will require a prior merchant account, there are others which are free, and merchants do not need a merchant account. In this case, the funds processed through the mobile credit card processing app go directly into the merchant’s personal bank account.
There are plenty of mobile card reader apps available in the market today, but only few among those are joined to a specific card swiping device. Likewise, there are plenty of other apps which do not require cards to be swiped at all. All you’re required to do is enter the details of the card manually and get connected to a popular payment gateway. Some of these apps have additional features like recurring billing and the ability to handle multiple business accounts simultaneously.
Also, if you’re constantly on the move and you visit foreign locations frequently to extend your business, it is good to get an app that supports international roaming and helps you connect seamlessly to a payment gateway, no matter where you are.
Just like you pay a monthly or daily fee for the merchant processing services, for credit card mobile processing too, you are required to pay a fee for the transactions.
But, before you opt for a particular credit card processing app, it’s important to know more about the payment plans of each service. Normally, payments for each of these services are dependent on how many transactions you process and the total amounts you key in at the end of the day.
Safety Checks for Mobile Credit Card Processing
While it’s great for business to go wherever their mobile networks can, fact remains that a number of customers do tend to be somewhat wary about using an unknown payment mechanism like mobile credit card payments. The good news, however, is that, like all other credit or debit card payment platforms, mobile payments are also very safe. Merchant processing services have to comply with the Payment Card Industry’s strict guidelines in order to offer customers a secure transaction.
What’s more, merchants themselves can keep track of the transactions, manage accounts, and send receipts through the email features built in their smart phones or tablets. It also gives merchants the power to refund or pre-authorize transactions instantly.
Mobile credit card processing has several advantages including offering networks beyond geographies and 24×7 seamless services. Its use has tremendously boosted sales efforts, and expansion of businesses beyond the traditional retail store and into areas where such businesses were so far unheard of.
Whether you’re a financial institution, a hairdresser, a beauty clinic or a car manufacturer – with mobile credit card processing, you could very well begin to say, “the world is my oyster!”