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Big Banks Strike Back Against Mobile Payments

Mobile payments are seemingly taking over the processing world, and banks are fighting back. Apparently not happy with these developments, banks are cutting ties with merchants who wish to accept these transactions. While it may seem okay that banks do this, stating that their safety is at risk due to the unknowns with these mobile payments, merchants are seeing red. What do you do when your longtime bank or merchant account provider cuts ties with you? You look for another processor, of course.

Payment processors are everywhere, but not all are cooperative when it comes to dealing with a merchant who wishes to have mobile payment access. While some look at this as a novelty that may go away, others see it as a risk. Mobile payments are somewhat untested, and while security features may help keep some secure, they can also raise issues. Remember the first week of chaos surrounding Apple Pay? Some consumers suffered double-charges, and Apple Pay nor the merchant could refund, thanks to the encryption of the processing. So, while this may help keep you safe it can also cause issues if something causes a double-charge.

However, issues or not this is a hot thing for merchants. Those wanting to take mobile payments should look for a cooperative mobile payment processing source. Many “high risk” merchant account providers accept these payments, but not all do, so be sure to ask before signing on the dotted line. The same goes for mainstream merchant account providers. The unknowns with mobile payments can have you in a jam quickly, but the right merchant account provider can help you overcome it.

Mobile payments are great for those who are looking for an easier way to go to their customers, as well as for those who have a small retail space. Attaching this little device to your phone eliminates any bulk of a desktop terminals – and it makes the checkout process much more personal. Be sure that you have though this through, as the decision to accept mobile payments can improve your business – but it may leave you looking for a new merchant account.