While merchant state side are lowing turning to mobile payment acceptance, our northern counterparts have already taken over the game. Today’s youth embraces all things techie and app-based, and Canadian youth and young adults are using mobile payment apps, and merchants are embracing this change. While security issues may be on the minds of merchants, customers love the ease of use, and a quicker and easier checkout process helps improve customer service. Because of the success of the mobile payment apps, US-based merchant should consider investing in technology to accept these payments.
Before you jump to buy a card scanner or mobile payment-capable terminal, you should know that Canada has long been on the forefront of techie and payment processing trends. In Canadian McDonalds was the first fast food chain to take advantage of the mobile payment system, and implemented its technology in its restaurants and drive-ins throughout the country. Canada’s RBC was the first financial institution to back person-to-person cash transfers in North America via Facebook. The country has long been on top of trends, and mobile payment systems seem not to be fading. While all merchants should process this technology, you need to make sure that you are careful with your card processing whilst accepting mobile payments.
Your best bet is to acquire a high risk credit card processing account. Many are able to house mobile payments, and these accounts are typically better set for those who may have issues with fraudulent charges. This is possible for any merchant, but especially those who accept mobile payments. A fraudulent charge can be tough to deal with for the merchant and the credit card processor, and high risk credit card processors are better equipped to deal with the fallout from a chargeback. And by “fallout” I mean a chargeback. These fees can harm even the most profitable businesses, and you need to make sure that your credit card processor understands that these charges are simply part of the retail industry in the 21st Century. Be sure to check into a high risk credit card processing account, especially if you intend to accept mobile payments.