Entries tagged with “Mobile Payments”.


In 2012, the volume of mobile payments made globally was $163.1 billion. By 2017, this number is forecasted to grow to $21.4 billion. Consumers are starting to use the “bank in their pocket” more often. As these numbers show, mobile payments are really coming into their own at the present – and will only get stronger in 2016 and 2017. Capture as many sales as possible, and compete in your niche, by using our 6 steps to optimize mobile payments.

1. Know your options – There are many ways that people can pay with a mobile device. To implement mobile payments in an effective manner, you must know what options your customers want. It may help to see what other retailers near your business are offering for mobile payments as they have identified what their customers want (or use), then look for a mobile payment facilitator that supports preferred payment methods.

2. Understand how mobile payments work – Whether you want to make a mobile payment yourself or educate your staff on “how it all works,” it’s important to know the details. There is a misconception that a customer’s credit card number is transferred each time he or she makes a mobile payment. As a result, people may be afraid to make mobile payments for fear of being hacked. This is not true. Payment systems use a tokenized payment process and never transmit a credit card number as a result. Our ProtectPay® service also encrypts customer data, adding another layer of protection.

3. Invest in the portable technology – Mobile payments are ideal for “anytime, anywhere” purchases where consumers might not have their wallets or cash on hand. If you plan to attend craft fairs, festivals, or markets, then you need a mobile payment processor that can travel with you. ProPay’s portable technology helps you do this easily.

4. Advertise it – Once you are up to speed on mobile payments, have all the tools you need to get started, train staff on how to use the mobile payment system and advertise it in the store. Print out signs for all cash registers that say you take mobile payments and state what types of payments you accept. When customers know you accept mobile payments, they will be more likely to pay this way.

5. Incorporate loyalty and gift cards – If you have a business loyalty card, you can incorporate it into the mobile payment system so customers do not have to bring their physical card. You can also add gift cards so that customers can pay with their mobile device. By embracing mobile payments, you cut the cord between needing your wallet and making a payment. Adding loyalty cards ensures that your customers can complete the transaction without needing to get their wallet.

6. Don’t forget about reporting – Your mobile payment facilitator should have a variety of reporting functions that help you incorporate mobile payment sales data into your reporting. Make sure you get regular reports on mobile payments and integrate this data with your other reporting. Not only is it necessary to report this income at tax time, but it can help you analyze mobile payment sales, see what works, and increase your return on investment.

Mobile payments are here, and they’re only going to get more prevalent as customers enjoy the convenience of a faster checkout. ProPay can help you get started with mobile payments right now, so you stay ahead of the game.

It’s no surprise that customers are increasingly turning to their mobile devices to buy goods and services. They crave the speed and convenience of making these secure, digital transactions, which means that prudent merchants will want to adopt new payment systems to accommodate these on-the-go smartphone shoppers.

The volume of in-store mobile payments is predicted to rise from $1.8 billion in 2013 to $189 billion in 2018, according to a report from the Financial Brand. Consumers are already growing accustomed to using their mobile devices to make payments, just as they are used to using smartphones to exchange emails and visit websites.

In fact, about 83% of 1,000 executives surveyed by KMPG said they believe mobile payments will go mainstream this year, according to report from NFC World. As the mobile payment industry booms, small businesses will have to boom with it. Read on to learn how your small business can save time and money with mobile payments.

What Kinds of Merchants Benefit from Allowing Mobile Payments?

Sometimes small business owners think that mobile payments are not for them, and that this kind of service is more suitable for companies involved in technology and computers. Actually, a wide variety of companies will benefit from mobile payments, including:

* Home-based Small Businesses

* Entrepreneurs

* eBay Sellers

* Restaurants

* Boutique Stores

* Outside Event Vendors

Set up and Go!

Merchants with limited knowledge and experience with computer systems, software and portable devices may avoid adopting mobile payments out of fear that it will be a burden to set up and learn how to use.

Nothing could be further from the truth, however in most cases, a merchant can set up an online account and begin accepting mobile credit card transactions the same day. In a pinch, customer service is just a quick email or phone call away.

Dealing with International Currencies

Merchants that conduct a significant number of transactions with people from other countries, such as tourists or business executives, would be right to wonder what role mobile payments could play in selling items and services to them.

With a system like ProPay, merchants can easily accept payments from major branded credit cards from around the world. Credit card associations take care of all currency exchanges for you, and the customer will be charged in the currency of his or her originating country.

Protecting Customer Data

Business owners are accustomed to using POS terminals to ring up credit card transactions, knowing that the data is encrypted to protect it and keep unauthorized people from accessing the card information.

Switching to a mobile payment scheme seems like it might open the door to more computer hackers. However, the team at ProPay developed the system to include point-to-point encryption and it uses ProtectPay, the company’s solution for tokenization. Merchants never store the customers’ sensitive information, let alone process or transmit it. These tasks are taken care of by ProPay, ensuring all payments are safeguarded.

Transaction Fees

You may be concerned that in exchange for offering your customers the ease and convenience of making mobile payments that you will have to pay through the nose for the privilege.

In fact, ProPay charges only a modest fee to cover costs, such as 3.25% on a $10 purchase along with a $0.35 transaction fee. Keep in mind that payment-processing fees depend on the type of ProPay account you choose. Once you’ve signed up for the service, you click the “Learn More” link to access details on processing fees.

It’s easy!

Small business owners are often wary about adopting new technologies, since any change in how your organization functions could disrupt operations and inconvenience customers. It’s easy to set up a secure, robust mobile payment system and implement it. You’ll soon realize that the transaction fees are designed to protect you and your customers by keeping the network running 24/7 and maintaining the security of each purchase. Sign up for a merchant account with ProPay today, and start accepting cards anytime, anywhere.

A war is brewing between old-fashioned wallets and modern mobile payments, and small businesses need to choose a side in this war. The losers of this war will be those who think it’s best to stick with antiquated methods of making transactions and who can’t be bothered by adopting newer, more convenient payment systems.

If you think there is still plenty of time to wait before you adopt mobile payments at your business, you better think again. Experts predict that by 2016, the mobile payment market (worldwide) will include 448 million users making $617 billion in transactions, according to Gartner, an information technology research firm.

By 2017, the way U.S. customers behave while engaged with mobile phone technology is expected to boost revenue from mobile commerce to 50% of all digital commerce, up from the current 22%, according to another study by Gartner. If you want to get your fair share of this revenue, the simple, secure and eminently affordable payment solution made possible by ProPay may be just what you are looking for.

Why Small Business Owners Need to be on the Mobile Side of the Payments War:

* Customers can make their purchase right from the sales floor instead of waiting for a register

* People in a hurry show loyalty to establishments that cater to their needs for mobile purchases

* Entrepreneurs make more money and are more competitive when they accept mobile payments

* Letting customers make payments with the same mobile device they used to find the store or call for directions provides a seamless shopping experience

Mobile Payments Are on the Rise

It’s so easy to use a mobile device to make a payment, customers often prefer to use their phone for purchases and leave their wallet back at home.

Indeed, researchers at Deloitte predict that by the close of 2015, some 5% of the 600 million to 650 million NFC (near-field communication) smartphones will be used by consumers once a month or more to make payments at retail stores.

Small business owners must recognize the special interests and needs of millennials and adjust the way they accept their payments accordingly. For example, Adweek noted that 63% of people aged 18-34 responding to a study by JWT indicated that they have used a credit card during the last 12 months, and 85% of millennials used cash (compared to 95% of older people). About 70% of members of Gen Y said that they think the way people pay for things will be radically different five years from now.

In fact, 44% of millennials responded that they would prefer to whip out their mobile phone to purchase small items rather than handing over cash. Many people want to use mobile payments because they make for faster purchases (50% of millennials, 31% of Gen X and 26% of baby boomer feel this way).

You don’t want to be left in the dust, as nearby stores continue to roll out mobile payment capability and shoppers flock to them in droves. Whether you run a coffee shop or restaurant, work out of a home office or are an entrepreneur spending much of your time on the road, offering mobile payments is your best option for staying relevant and keeping your customers happy.

If you’ve come to realize that the best way to ensure the long-term success of your company is to let customers make payments the way they want to, using their portable devices, it’s time to get on the right side of the mobile payment war. The winners of this battle can expect to gain more market share from rivals as well as develop more loyal customers when they make mobile payments a routine part of their business.

The world is changing. If your business is going to remain relevant and continue to thrive, you need to change with it. Are you ever more than a few feet away from your phone? Most of us carry them constantly, check them many times an hour and even sleep with them. So why shouldn’t we use them to pay for things, too? Mobile payments are no longer some fantasy about the future; they are highly relevant right now, especially among early tech adopters and busy individuals. There are three groups in particular who want the convenience of paying for things with their phones. If you want the business of these three market segments, you need to make mobile part of your business model.

Today’s Teens

The current batch of teenagers has never known a world that wasn’t digitally connected. They’ve always had the Internet, and they are comfortable with mobile technology. A recent Pew Research Study shows that 78 percent of teens own cell phones, and 47 percent of those cell-phone-using teens own a smartphone. Just as members of this group are completely comfortable sharing their lives on platforms such as SnapChat and Instagram, they are also completely at ease with the idea of pulling out their phones instead of their wallets when they are standing at the register, whether they are buying coffee, new jeans or tickets to a movie. Give them the option that they prefer the most, and they are more likely to choose your business over your competitors.

Tech-Friendly Millennials

This is a cohort that is eager to adopt new technology. Millennials find cash cumbersome and would rather pay for goods by swiping their phones than by pulling out cards. More than half of all mobile payments are made by people in the 18-to-34 age bracket. Millennials make up more than one-quarter of the United States population. Experts say that mobile commerce will account for three quarters of the world’s spending by the year 2020. Win over this group, and you have a hold on a powerful consumer segment.

Busy Moms

This group is super busy. Moms balance kids, careers and homes. They want things to be quick, easy, convenient and painless. If you make it easy for them to pay for your business’s goods or services by simply pulling out their phones, they will come back to work with you again and again. And they hold the purse strings of America. Seventy percent of consumer spending is done by moms.

Mobile payments are safe, convenient and a growing preference for many segments of consumers. Give your customers this option, and they will repay you with their loyalty.

When it comes to running a small business, most owners and startup managers will agree things can be pretty frantic from month to month. The chase to find sales and investment, hire good staff, and deal with exponential growth can easily create 14-hour workdays for those involved. No surprise, the administrative side of a business can suffer greatly as the priority is to get the product or service to customers and keep the business moving. However, it’s the administrative side that one needs when it comes time for obtaining larger financing, dealing with tax agencies, and meeting regulatory compliance. So it can’t be ignored. Here are three simple tips that will save a start small business lots of headaches in the long run using them early and often.

First, don’t rely on paper accounting records. Use a mobile accounting system to track all the business expenses, and make sure daily receipts and transactions are all recorded and closed into the system at the end of the day. Why? Mobile tracking reduces human error significantly, ensures entry of data is done correctly, and it produces clean reports for decision-making when needed. Daily reconciliation avoids the month-end crunch of paperwork, keeps expenses tracked as they occur, and helps a business manage cash flow far better. After all, one of the biggest challenges of a small business is balancing cash flow versus revenue. You can have lots of sales, but cash in the bank is still needed to actually pay bills.

Second, check and prepare clean accounting reports with your mobile payment facilitator every month with an organized archiving of receipts, invoices, and paperwork supporting that accounting. Why? One of the top three reasons a business can end up in bankruptcy is going sideways on tax reporting and taxes. And tax agencies win almost every time when a business says it can’t find its records to explain a deduction or new funds coming in. The taxes due, plus penalties and interest can skyrocket in a matter of weeks, going well beyond any ability to pay them and keep the business going. Good record-keeping is a must to stay out of tax trouble.

Third, take advantage of electronic payment processing and purchasing as much as possible. It provides an extra defense against fraud in that the transaction can be reversed if an issue is caught within the first 24 hours or so. Even afterwards chargebacks can be initiated where a party doesn’t follow through for a business. Paying in cash or by check doesn’t come with these benefits. And your customers will definitely appreciate a business that takes their credit card, especially if operating online. Businesses of all types see significantly more sales with electronic payment than other methods.

Propay’s payment systems are a huge advantage for small businesses in executing the above three tips. They provide accurate activity statements, process payments of all types, and allow a business to function in the digital world seamlessly. Run your small business the right way and grow fast!