What Technology Is Required for Mobile Credit Card Processing?
You're probably already familiar with the many benefits of mobile credit card processing of mobile credit card processing, including the ability to:
- Accept payments anywhere. You can sell your products and services wherever your customers go — including at trade shows, fundraisers, and entertainment events.
- Verify transactions instantly. With enhanced security options, it becomes easier to protect yourself against fraud or misplaced paperwork.
- Save the planet. Mobile credit card processing requires fewer materials and resources than stationary credit card terminals do. Not having to buy ink cartridges and paper is great for the environment.
Getting started is a lot easier than you may realize. While you won’t need a bulky credit card machine to lug around, you will need a mobile credit card reader, a smartphone or tablet, and a merchant account.
1. Mobile Phone or Tablet
Not surprisingly, you need a mobile device at the very minimum. Fortunately, most businesses already have smartphones and tablets for normal work-related activities. So it's not really a major investment.
2. Merchant Account
You also need a merchant account that allows your business to accept credit and debit cards. Because most companies already have merchant account access, making the transition to mobile payments is relatively straightforward. But if you don’t have a merchant account yet, make sure that whatever option you choose follows PCI-compliant data security standards. This protects both you and your customers.
3. Data Capture Technology
Last but not least, you need a way to capture credit card information on your mobile device.
The most popular method involves using an external piece of hardware – a mobile credit card reader or “swiper” – that fits directly into the earphone socket of your smartphone or tablet. This reader allows you to physically swipe credit cards just as you would with a more traditional terminal machine.
However, there also exist in-phone terminals that allow you to input credit card information on a number pad. Alternatively, you can use customized apps where users can upload their credit card information and make future payments with the click of a button. You can even brand these apps so that they feature your company's logo and colors.
Making Mobile Credit Card Processing Work for Your Company
Taking your payments mobile is a relatively small investment. And done correctly, that investment can pay huge dividends in the form of:
- Fewer overhead expenses (due to less paperwork, fewer materials and easier accounting)
- Higher profitability (due to more customers making more purchases in more locations)
And the best part is, mobile credit card processing is an addition to (instead of a replacement for) whatever payment options you already have in place. It’s simply a more convenient way to sell products and services that you’re already in the business of selling.
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