Mobile payment apps are becoming more and more popular, and merchants should be able to accept these payments. They are quick and easy to process, which makes the checkout process smoother. If you have a brick and mortar store, this process helps your checkout line move quicker – which everyone loves. However, for all of its popularity, many are still under the assumption that this is a fad, or an unsafe way of processing a payment. Below are some common myths that merchants believe about mobile payment apps.
First off, many believe that they are unsafe to use. While every type of processing is at risk of being hacked, mobile payment systems have increased security at checkout. This is because the customer’s card information is not stored on the card skimmer, or other processing device. Merchants need to make sure that they are able to accept these payments, because not all high risk merchant account processors provide the technology. Most mobile skimmers are small, and at risk of being misplaced. If this happens, because of the lack of information saved, customers information is safe from hackers.
Second, many believe that this is a fad because the technology is new. While it is true that the technology is new, it has been used for the past few years successfully in Canada, the United Kingdom, Spain, and many African countries. The portable system is great for small stores, and for those who cannot otherwise have a way to accept payments. If someone does not have access to affordable electricity, as is the case in certain African countries, this method requires only a WiFi signal to work, and no electrical outlet.
Another myth is that the systems are expensive. This is far from the truth. Portable payment swipers are relatively cheap when you consider that a traditional desktop terminal is an average of $1,000 US dollars. All you need to do in addition to the portable payment swiper is to obtain a high risk merchant account and download a payment acceptance app. It is that simple.
While you may be successful without mobile payment acceptance, times are changing. You need to invest in the technology to accept mobile payments, because this is the future of payment acceptance in the USA.