There are most definitely benefits to having mobile payments at your business, but what are the risks involved? How do you bypass them? While mobile payments are a great way to help your company keep up with the changes of our fast-paced society, there are potential security threats you should pay attention to. Let's dive into the risks and benefits involved below.
Benefits of Mobile Payment Processing
Quick, Convenient & Inexpensive
Not only are mobile payments convenient but, unlike a traditional point-of-sale system, mobile payments don’t require a large investment and they come with a low learning curve. Mobile payments only take a few seconds to complete, meaning you can help the next customer faster — quicker checkouts tends to mean happier customers.
In order to accept mobile payments at your business all you need is your smartphone or tablet, card reader and a mobile app. Bringing your own device allows you to save even more as you don’t need a terminal or point-of-sale system. At TransNational Payments, we have plenty of affordable options for your business.
EMV Chip Card Technology
Accepting EMV chip card technology with mobile payments gives your customers the benefit of a secure payment method due to the multiple layers of encryption. EMV chip card technology is definitely safer than a magstripe payment, but you’ll want to be sure to choose the right mobile payments partner — one that allows the support of your mobile payments with EMV, just like TransNational Payments does. Our mobile credit card processing app allows merchants to quickly and securely accept mobile EMV credit card payments from any smartphone or tablet.
When you understand your customer, it allows you to make better business choices. Mobile payments provide insights into your customers’ buying habits as well as give you a look into your inventory levels. Being able to see these purchasing patterns shows you what’s popular and in demand and can help you keep your inventory stocked, allowing you to cater to your customers more effectively.
Mobile payment apps, such as TransNational Payments’ mobile credit card processing app, provide great reporting tools that enable you to stay efficient and recognize purchase data to help you make smarter business decisions.
Risks Involved with Mobile Payments:
Small businesses are a target for fraud, considering the outdated technology many of them rely upon for payment processing. But it’s not just the time or effort wasted on fighting chargebacks that causes the biggest damage — fraud can have heavy financial implications, to the point of forcing owners to go out of business. Mobile credit card processing from TransNational Payments matches the latest security guidelines, including EMV and PCI standards.
One risk that comes along with mobile payments is the safety of your customers' data. There are criminals all over who thrive off of hacking mobile payment systems, especially during the holiday season, to steal credentials of your customers for fraudulent activity. This is why it’s extremely crucial for your business to be PCI compliant. Being PCI compliant allows your customers’ payment details to be protected. It determines how you will store, handle and transmit cardholder data. By not meeting those compliance guidelines, you could face non-compliant fees. Luckily, with TransNational Payments, we are a compliant payment processor and will provide you with tools to help you remain compliant as well.
While there are both benefits and risks involved with mobile payments, there are ways for you to reduce the risks — take proactive security measure to be sure that your business and your customers' information is safe. Making sure you keep yourself educated and prepared will certainly set you up to run a successful business! Mobile payments are a cost-effective solution for millions of small and mid-sized businesses. Stay ahead of the competition and grow your business with your new mobile payment solutions!