How To Choose The Best Mobile Payment Processing Partner

How To Choose The Best Mobile Payment Processing Partner

Over the years, there have been major advancements in the payment industry which has enabled businesses to accept other forms of payment from customers other than cash. It all started with the use of checks and later on the use of plastic cards was introduced which removed the need to carry cash. The most recent advancement in the payment industry has been the use of mobile payment which has made it easier to accept payments from anywhere.

As a business owner looking to increase revenue and customer satisfaction, you need to invest in mobile payment processing which will allow your customers to make payments through their smartphones. We have put together tips to help you pick the best mobile payment processing partner for your business.

Find Out What Are Your Business Needs And Those Of Your Customers

Different businesses have different platforms of operations. For this reason, there are various mobile payment providers who offer different mobile payment processing depending on a business needs. For example, if you only need mobile payments to process debit or credit cards then your platform will be different from a business that needs to receive payments while tracking inventory management. Some mobile payment systems are specifically designed to support reward programs and customer loyalty like the retail environment.

As for customer needs, you need to consider their psychographics and demographics. What does this mean? You need to find out if the majority of your customers are into mobile payments or they prefer other forms of payments instead. If most of your customers prefer mobile payment, find out what kind of technology they prefer to use. For example, if most of your clients use iPhone then that means you need to find a mobile payment that accepts Apple Pay.

Calculate The Processing Fees And Other Costs

Before partnering with a mobile payment processor, you need to find out how much their services will cost in the long run and calculate whether the investment is worth it. You need to look up different mobile processors and how much are their processing fees. Compare these rates and look for one that will fit within your budget.

Also be keen to find out if there are any other fees before signing up with the partner. You should be on the lookout for charges such as monthly minimum fee, monthly statement fees, interchange fees and early termination fee just to mention a few. When you find a payment partner with the most favorable fees, you will be able to save more and that means generating more revenue for your business.

Ensure Security Is A Top Priority

Just because mobile payment allows businesses to accept payment from anywhere and at any time, it does not mean that there are no risks involved. You need to protect yourself and your customers from card frauds. You can invest in security features like the Point-to-Point Encryption (P2PE).

Other tips you need to consider to help you pick a mobile payment partner include

  • Find out if they are PCI compliant.
  • Confirm what payments the processor accepts. It is important that you look for a processor who accepts all major debit and credit cards.
  • Find if the setup is easy and also ensure that they have good customer service.