Published on January 14th, 2014 | by Pete0
What are mobile payments and how can they help you?
The technology and finance markets have recently been abuzz with new mobile card payment technologies. This is a confusing and overloaded space with many technologies offering different things. Today, we will explain to you a little bit about mobile payment technologies, and how they can help make your life a little bit easier.
For the small business owner.
Many of you readers will own small businesses, and are undoubtedly ever aware of the importance of saving on costs. For this reason, most small and medium sized enterprises are discouraged from accepting card payments because of the significant charges of installing and operating traditional payment terminals.
However, lost sales – and customers – for reasons surrounding means of payment, is something that no business can afford. This is exactly where new players in the card payment industry come into play. Accessible and easy to use, mobile card payment solutions have made life easier and even improved business for many SMEs.
The major difference between traditional industry offers and new payment solutions lies in the fact that the newer mobile payment solutions are non-binding, meaning they work with absolutely no contract. Again, another great plus for the small operator who does not wish to add other bill to his pile! You accept the cards whenever you want and wherever you want without having to worry about commitment or minimum turnover.
One example of such a company is payleven; they advertise a commission of only 2.75 % which is imposed every time a transaction is made. No contract, monthly fees or hassle, just take card payments wherever and whenever you want.
Is it difficult to accept mobile payments?
From the moment you have a secure 3G/WiFi connection; you can connect your device to your smartphone via Bluetooth and start accepting card payments.
The use of a Chip&PIN payment terminal also adds to the sense of familiarity of the process from the customer side, given the fact that the client is used to entering PIN for each card payment. This also allows the client to feel more confident to pay via a mobile system.
Is it safe to accept payments on a smartphone or a tablet?
These new mobile payment companies are at their hearts financial institutions, so security is at the centre of their concerns. Multiple card readers can boast about meeting the highest standards of the secure payments industry. Following on with payleven as an example, their terminal fully corresponds to Level 2 EMV and PCI PTS 3.1 meaning that transactions with the payleven Chip&PIN reader are as secure as any bank-ordered terminal.
Another common concern of users is that their personal information may be stored by the card reader, application or perhaps even sold to third parties. No information is stored by payleven, and they will not sell or disclose your information to third parties under any circumstances.
Neither the payment terminal nor the application stores sensitive information. All sensitive data is encrypted and stored in a safe and appropriate environment. Thanks to this, the loss of a payment terminal poses no risk to you as a user, or to your clients.
We hope to have answered your questions about mobile payments and how they work! If you would like further information, you can find it here https://payleven.co.uk/howto/.