Accepting payments from specialised mobile apps is an efficient method of processing payments that can transform how businesses manage finances
The adoption of card payment acceptance by smartphone apps is transforming how payments are processed. Mobile payments not only benefit retailer-customer relations but open up business opportunities to innovations such as click-and-collect and mobile wallets with integrated loyalty. This is according to virtual payment card provider Lanistar.
Jeremy Baber, CEO of Lanistar said: “With smartphone technologies continuing to advance, businesses can process card payments through apps to improve efficiencies and streamline sales. Merchants should consider accepting card payments on a mobile device to allow customers to pay from any location. Mobile payments not only reduce expenses but increase data security which is instrumental to business success.”
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Businesses can choose from a variety of methods of mobile payments, including cloud terminals that process transactions through a web-based application, scanning app-generated QR codes and sending payment links directly to customers that leads to transaction web pages. SoftPos a new revolutionary technology also bypasses the need for external card readers by using NFC technology on smartphones to read cards and accept payments.
Baber continued: “Payments accepted through smartphones are the future of transactions provided that proper regulations and compliance are in place. However, due to its restricted availability, it is crucial to choose the app wisely. Merchants must select a reputable service provider with a reliable track record, with regular updates being the top priority.”
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Accepting payments through mobile apps provides a host of benefits, including reducing costs by eliminating external hardware and cumbersome payment infrastructures, and increasing sales thanks to the reduced complexity of processes. Merchants are also more secure, with payment app developers continuously introducing fraud-prevention tools to enhance safety.
Baber concluded: “New mobile payment tools allow organisations to analyse financial behaviour providing data-based knowledge to establish business strengths. Furthermore, accepting phone payments is a sustainable and green option, eliminating the need for extensive hardware and the need for printing receipts and transaction records.”
“Mobile payment acceptance is the future and will help satisfy a new generation of customers with smooth payment experiences. Mobile devices are transforming where we can do business, with new processes allowing businesses to accept payments from any location. Organisations need to adapt to change as the benefits speak for themselves.”
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