Entries tagged with “Mobile Payments”.


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!

The more you do to make things easier for your customers and clients, the more likely they will become loyal users of your products or services. Whether you are a small startup firm or a major company looking to improve your bottom line, one area where you can really offer them convenience is in the payment process.

If your business has been relying on traditional payment methods, such as one or more cash registers in fixed locations with lines of people queuing up to pay, you should know that mobile payments are a superior alternative that will save your customers time. Implementing a mobile payment system will reduce your transaction costs and improve security.

Mobile is Always Where You Are

Traditional payment systems slow down the purchasing process. Mobile payment capabilities make it easier to finish the sale. When a salesperson is done assisting a customer in making a selection, he or she can finish the transaction on the spot instead of having the customer walk over to the cashier.

If you’ve been running your business on a cash-only basis, such as at a farmer’s market or food truck, you can easily use mobile payment technology to process credit card transactions, noted a recent article at American Express.

Improved Attention to Security

Identity theft and other forms of cyber crime are a growing problem and companies that address the security issues in their payment system can advertise this fact to their customers to ease their safety concerns.

ProPay’s secure payment options give you the ability to accept credit card and debit card transactions and ACH payments without having to store, process or transfer the data. ProPay’s ProtectPay® service provides encryption and tokenization of sensitive customer data to ensure it is secure.

A single security breach can spell disaster for your business, leading to a public relations nightmare and the exodus of your customers as they look for a company that is able to properly manage their financial details.

Savvy business owners looking to improve their customer experience will want to take advantage of mobile payments with the ProPay swipe device. You’ll speed up each transaction and will enjoy improved security, while also keeping better track of your inventory and the purchasing trends of each of your valuable customers.

Mobile payments—those you make without cash, check or a credit/debit card—are expected to total more than $720 billion worldwide by 2017, more than doubling the volume achieved in 2014. [1] Mobile purchases in the U.S. are forecast to nearly triple from $50 billion to $142 billion by 2019, according to Forrester Research. [2] The increasing penetration of smartphones into the consumer market drive this phenomenal growth. One in three people say they pay with their phone simply because they purchased a smartphone, while another 20 percent choose to pay via mobile device simply for its convenience. [3] Yet in the short history of mobile payments, essentially since 1997 when Coca Cola installed a Coke machine that accepted text messages as well as cash, people have made mobile payments using an array of interesting technologies. [4]

SMS Payments were among the earliest methods for purchasing with a mobile device. SMS (Short Message Service) is better known today as texting. Using SMS payments, your text message travels to a mobile payment service provider, which processes the transaction between you and the merchant. The cost of the purchase appears on your monthly phone bill.

You can pay via Wireless Access Protocol (WAP) using your smartphone to buy from a website if the site has installed the necessary WAP software. This methods lets you buy with a single click and is most often used to pay for digital content, subscriptions and related services. [5]

Mobile Card Readers, such as our ProPay JAK, plugs into your smartphone audio jack. It encrypts the customer’s card data when you swipe the card, ensuring security compliant with PCI regulations. A smartphone app allows the customer to sign for the transaction and, optionally, to receive a receipt by email.

In the past few years, NFC (near-field communication) has come to the forefront. It allows your mobile device to exchange data with an NFC-equipped point of sale system when the two devices are within a few centimeters of one another. Your mobile device acts as a credit or debit card and is perhaps the most secure method for making mobile payments in use today. Devices that use NFC use a special “secure element” designed to be tamper proof. That “secure element” may be a chip (as in iPhone 6) or may exist in the cloud. [6]

Mobile wallets use NFC hardware technology along with software on your mobile device. Wallets are available for both Android and IOS devices. You enter a PIN, choose the payment account (VISA, Mastercard, or your checking account, for example). Then, simply hold your mobile device near the NFC reader to transmit payment information to the merchant.

Quick Response (QR) codes, invented to automate manufacturing processes by Denso-Wave, a subsidiary of Toyota, [7] are now being used to make mobile payments. Paying by QR code requires the merchant to place a machine at checkout that displays a unique code for each transaction. Likewise, you need to download an app provided by the QR mobile payment company. You make a purchase by scanning the code the merchant displays with your mobile device. The app then debits your bank account or the credit/debit card you previously registered. This method of mobile payment is popular in Europe and Asia. In the U.S., QR codes are used widely for advertising, but are only at the starting gate as a method for mobile payment. [8]

Mobile payments are poised to flood the banking systems like a tsunami. When you consider Android and IOS smartphones alone, ignoring tablets and other mobile devices, they have been the fastest-selling technology products in human history. In the U.S. about half of all adults carry a smartphone. [9] Worldwide, two billion people will carry one by 2016, increasing to one-third of the world’s population by 2018, according to eMarketer. [10] ProPay is positioned to help you sort through the options that work for your businesses—whether yours is a small business or a multi-national—with an array of products and services that deliver convenience, security and reliability…and that can help you ride the mobile payment wave.

Sources

  1. http://www.statista.com/statistics/226530/mobile-payment-transaction-volume-forecast/
  2. http://bits.blogs.nytimes.com/2014/11/17/u-s-mobile-payments-market-to-boom-by-2019-research-firm-says/?_r=0
  3. http://www.statista.com/statistics/291069/reason-began-using-mobile-payments/
  4. http://payments.intuit.com/history-of-money-and-payments/
  5. http://www.mobilepaymentstoday.com/companies/showcases/txtnation/products/wap-billing-and-payforit/
  6. http://www.cnet.com/how-to/how-nfc-works-and-mobile-payments/
  7. http://www.qrpay.com/qr-codes
  8. http://www.logicsolutions.com/what-is-mobile-payment-systems-ecommerce/
  9. http://www.economist.com/news/leaders/21645180-smartphone-ubiquitous-addictive-and-transformative-planet-phones
  10. http://www.emarketer.com/Article/2-Billion-Consumers-Worldwide-Smartphones-by-2016/1011694

It is projected that mobile payments will reach $142 billion by the year 2019. And because the trend will continue, it’s in your best interest to have as many mobile payment options as possible.

Why are mobile payments so important?

Millennials are taking over the business market in a big way, and if there’s one thing that they’re fond of, it’s their mobile devices. If you’re a small business and you want to conduct business with these younger audiences, then mobile payment processing is a train that you don’t want to miss.

Additionally, fewer people—regardless of age—want to conduct business in cash. Why? Because it’s easier to work with a card and there’s less of a responsibility of having to take care of loads of money. Plus, who really has time to go to the ATM? Let’s face it: If you want to connect with people better than your competitors, the ability to offer a convenient method of payment will trump just about anything.

What sets ProPay apart from other mobile payment processors?

At ProPay, our mobile solutions can be accepted anywhere, anytime, whether or not you have a data connection.

One of the biggest things that sets ProPay apart from other payment processors is our variety of mobile processors, now with a dozen options to choose from, including Visa checkout and MasterCard’s MasterPass. No other payment processing company offers as many options to accept mobile payments as ProPay.

ProPay’s Big Four

Aside from being convenient, there are four main benefits that make ProPay shine brighter than even the largest payment processing company.

1. Anytime, Anywhere

Although many payment processors make this same claim, what they really mean is that you can accept payments anytime and anywhere that you have a data connection. However, at ProPay, when we say “anytime, anywhere,” we mean it. For example, if you’re taking part in a rural fair where you don’t have Internet access, you can still use ProPay’s mobile devices, which will store all of the encrypted payment information until you get to a place that has Internet.

2. Efficiency

When it comes to processing payments and storing credit card information, you don’t need a spreadsheet or an old-fashioned pen and paper. With ProPay, you can store payment information in a secure and efficient way with ProtectPay, eliminating your need for that college crash course in Excel.

3. Professionalism

No matter what size business you’re running, having a professional atmosphere and being taken seriously are both invaluable attributes. Because many people are more hesitant about giving their credit card information out, they’re looking for a professional company that they can trust—one that offers the ability to accept mobile payments, so that they have better peace of mind.

4. Security

Just as children need their security blankets, customers feel more comfortable knowing that their payment information is secure. When you take one of ProPay’s swipe devices and plug it into your computer or smart device, as you swipe the card, the information is encrypted at the head, which makes your payment information much more secure.

Every company is different, so why should there only be a few ways to accept payment? Your company needs a payment processor that will fit you, not the other way around. Mobile payment options offer greater diversity and mobility. Here are five types of companies that are ideal for mobile card readers.

1. Multi-Level Marketing Company

Multi-level marketing companies are always on the lookout for ways to help their sales reps. When sales reps have to spend valuable time hand-recording information, they lose selling time. Writing down credit card numbers is not only tedious, but is prone to inaccuracies. When reps later try to place and process an order, but have the wrong credit card number, it takes yet more time to contact the customer, ask for his or her credit card number again, and give the customer the opportunity to reconsider the purchase, potentially resulting in a lost sale. Hand-recorded credit card information is also at a higher risk of being lost or stolen, which presents a serious security risk to customers.

A payment option like ProPay JAK, a mobile card reader that can plug into the audio jack of any smartphone, will make payment processing quick and easy for sales reps. Instead of having to spend all that valuable time recording and then hand-entering credit card information, they can take a few seconds to swipe a card. Then later, they can just match the order with the processed amount, and they’re done! Plus, since credit card information is encrypted when the card is swiped, security issues are virtually eliminated. It’s also a snap to set up recurring payments with ProPay’s EnsureBill service, which securely maintains and updates customer credit card information. And if those aren’t enough reasons to use a mobile payment process, paying the lower “card-present” processing rates, rather than “card-not-present” rates will save money.

2. Food Truck

Food truck owners are always on the lookout for anything that will fit with their mobile business. They can already make delicious dishes on the go, but their busy, always-on-the-go clientele can’t always pay with cash. Even when “Cash Only” signs are clearly posted, food truck employees are constantly asked if they take credit cards. Can they really afford to tell all their potential customers, “Cash Only”? Having to purchase a large and expensive point of sale (POS) system when space and money are both premium assets is a hassle they just don’t need. A mobile card reader that plugs into any smartphone will turn the device into a small and completely mobile POS system. Customer credit card information can be processed and authorized within seconds. Plus, the information will be encrypted, keeping sensitive information secure. For a totally mobile business like a food truck, a totally mobile solution is what’s needed.

3. Boutique

Boutique owners are all about a personalized shopping experience. Their merchandise is as unique and sophisticated as their clientele. Boutique customers look for a level of luxury and joie de vivre that they can only find in a boutique. But, after personally helping customers find that perfect item, making them wait in a long line to check out can be disconcerting. Few things are more impersonal than a busy check-out line with a harried employee manning the register. A mobile payment option that can be used with any smartphone or tablet will extend customers’ personalized shopping experiences right to the point of payment. Instead of helping customers and then sending them off to the checkout, employees can securely accept payment right where they are. A mobile payment processor will mean no more long lines, and will increase that meticulously cultivated sense of personalization and sophistication.

4. Coffee Shops

Whether a coffee shop is cute and cozy, or sleek and modern, they’re all about offering their customers the best. The best coffee is an absolute must, but a positive experience from start to finish is just as important. Some customers may need to get in, get their daily fix, and get out as quickly as possible. But others will want to linger and enjoy the atmosphere. Regardless of whether they stay or go, no one wants to deal with payment hassles. A mobile reader that can attach to the headphone jack of any tablet makes payment a snap. A large user interface lets customers quickly and easily see their total. Plus, the app can be set up to automatically offer a tipping option. It can even offer an email receipt option that will cut down on paper waste for both you and your customer. With such a fast and easy payment method, customers can get the best with none of the hassle.

5. Restaurant

The focus of any restaurant should be on the quality of the food, not the length of the wait. Waiting for a table to become available can drive some customers straight into the arms of the competition. Not only do customers have to wait to get in and start eating, but they also have to wait at the end. Whether they have to get up and pay at the counter, or wait for their server to bring the check and then process payment, eating at a restaurant can sometimes mean more time spent waiting than dining. A lengthy payment process can slow down table turn over and increase waiting time for other customers. A mobile payment processor that can be used with any smartphone or tablet will let servers accept payment, allow customers to leave a tip, and sign, all in one easy process that will eliminate that wasted time where customers are waiting to pay. Customers will get a quick and personal experience, meaning more can be served without feeling rushed out of the door.