Mobile payment option are growing every year, and everyone from teenagers to the elderly are embracing their convenience and coolness. Scanning your phone is easier than digging through your purse to find your debit card, and it accomplishes the same task. What’s not to love? Well, many processors and banks turn up their noses to this new technology, calling it “risky” and “untested”. While this is common place – especially for already “high risk” labeled merchants – there are options for you.
With more and more people using mobile payment apps, merchants need to invest in mobile payment processing options. This is common sense, but many merchants still believe that someone will whip out their debit card instead. This isn’t always the case, and it can leave you losing business. There are many options available for merchants, from Apple Pay to PayPal to local banking products to process mobile payments. However, not all are the best fit for your company. Not all options have good processing rates, and not all options have the sales limits that you need. For instance, PayPal flags and closes any account that they deem takes in too many charges within a small amount of time. This can be disastrous during the a big sale or the holiday season.
In order to combat this, you need to do your research. There are mobile payment processing options available, like the ones through EMB, that are geared toward high risk merchants. Any merchant can be hit with this label if they end up with too many chargebacks. If the merchant does not know where to look for a high risk merchant account processor, they can be left without the technology needed to safely process mobile payments.
It can take time and effort to find the right mobile payment processing option for your business. This technology is much needed in various fields, from auto shops to e-cig shops, and even salons. Regardless of your industry, customers young and old are using mobile payment technology, and you should cater to them with safe option for processing.