While smartphones are often used to play video games and browse social media, they are so much more than just a fun pastime. Smartphones have become an integral part of our daily lives and they have changed the way that we interact with friends, family, and businesses. Since approximately 81 percent of Americans own a smartphone nowadays, it’s critical for your business to offer a mobile payment option to your customers. Whether you run a coffee shop, a law firm, or a restaurant, FlashBanc has a mobile credit card processing solution to fit your unique needs. Keep reading to learn more!
The Basics of Mobile Payments
For starters, what exactly is a mobile payment? A mobile payment is when a purchase transaction is completed by using a portable electronic device, like a smartphone or tablet, instead of a physical credit or debit card. There are a few ways that mobile payment technology is commonly used in our everyday lives:
- In-Store Transactions: In-store mobile payments are becoming increasingly popular as the COVID-19 pandemic continues. Mobile wallet apps, like Apple Pay and Google Pay, allow consumers to make purchases by simply tapping their phone to the credit card processing terminal. This payment method has become increasingly popular due to the hygiene concerns associated with the pandemic.
- On-The-Go Payments: Businesses that make sales on-the-go, such as food trucks or event vendors, often utilize a lightweight and portable payment device to accept mobile payments. With this type of device, it doesn’t matter whether you’re in a store or at an event: mobile payments can be accepted anywhere and at any time.
- Bank Deposits: Many banks offer their clients the ability to deposit checks by using their smartphones. Instead of driving to the bank and dropping off a check, they can simply take a photo of the check and send it to their bank for validation and subsequent deposit.
- Person to Person Transfers: With the help of apps, like Venmo, PayPal, and Zelle, people can easily transfer or receive money from others. Whether you need to pay your share of the rent, pay someone back for buying dinner, or request money for something you’re selling on Craigslist, apps like these make transferring money to others easy and convenient.
Benefits of Offering Mobile Payments
FlashBanc is here to help you set-up mobile payment options that will allow you to better serve your customers. We’ll assess your unique business needs, determine which payment solutions are right for you, and prepare your organization accordingly. Here are a few benefits of working with FlashBanc to offer mobile payments:
- Proven Security: Mobile payment technology, which is already built into a majority of smartphones, has been around for decades and it’s been proven to be highly secure and efficient. When a mobile payment transaction happens, a customer’s credit card information is never directly exposed, which makes it more secure than a regular chip or stripe transaction. Payment data is simply transmitted from a person’s mobile device to the payment terminal once the data has been tokenized into a one-time code.
- Fast Transactions: With mobile credit card payments, transactions are processed within 2-3 seconds. Additionally, many portable payment devices feature a built-in printer which will make the payment transaction process easy and quick.
- Avoid Losing Sales: Processing payment transactions in-person via someone’s mobile phone will reduce the risk of financial losses associated with declined credit cards processed off-site.
- Risk Reduction: If you run a business where you’re processing mobile payments at an event, it can be risky to carry large amounts of cash. Utilizing mobile payments will eliminate this unnecessary risk, and it will keep you and your money safe.
- Increased Mobility: Offering mobile payment options means you can take your business wherever your customers are. Whether you want to sell your products and/or services at a concert, sports event, or food truck rally, you can easily bring your portable payment device with you to process payments.
- Lower Processing Costs: Processing costs for mobile payments are lower compared to manually key-entering card information at a later time. Every penny of savings can help your business during the pandemic!
Contact Us Today
If you’re interested in learning more about offering mobile payment options at your business, please contact us today. One of our representatives will be happy to assist you in identifying which solutions are right for you and how to get started!