Mobile payment options are nothing new. There already exist a number of in-phone Apps that allow customers to shop online and at retail stores around the world. And both Amazon and Google have launched their own proprietary mobile payment platforms.
So why has the arrival of Apple Pay excited merchants, consumers and credit card issuers alike?
In most parts of the world, EMV credit and debit cards aren't simply preferred — they’re mandatory.
Short for Europay, MasterCard and Visa, EMVs come with chip-enabled technology to help prevent credit card fraud. Because the chips can't be duplicated, EMV cards must be physically present for all retail purchases. And in order to complete a transaction, the customer must either:
Short for interactive voice response, IVR technology allows customers to interface with your business and receive automated assistance using their phones. Once logged into the system, users can select any number of options by speaking their choices or pressing numbers (on touchtone phones).
Done correctly, automation can be a huge money-saver. This is why so many merchants embrace recurring payments. Every billing cycle, money automatically comes into their accounts without their having to actively send out new invoices.
But this only represents the tip of the iceberg. There are many additional benefits that merchants receive when they enable recurring payments, including: