Top 4 Mobile Payment Misconceptions Explained

Top 4 Mobile Payment Misconceptions Explained

Commercial transactions made on smartphone and other sizeable, internet enabled devices continue to grow every day. The trend has not shown any signs of slowing down. The fact that experts estimate mobile payment revenue to be more than $ 1 trillion shows just how vital mobile payment is today. In light of such revelations, it would be a mistake to ignore mobile payments in your business.  The best you can do is to set up systems that can accept and process mobile systems. This can be a little bit hard with so many misconceptions surrounding mobile payments.  The most common ones include the following.

Mobile Payments Are Hard To Incorporate

This might have been the case when mobile payment was still a new concept. Things have since changed.  Mobile payments are now easy to incorporate. The most reliable payment systems are in fact automated to a point where they take less than 10 minutes to be put in place. They are intuitive, reliable and more importantly, user friendly. All one needs is a merchant account with a reputable provider. Download the provider’s application and you’re set. You may need to plug a credit card swiping device into an audio jack of your tablet or smartphone. This should not worry you though as most mobile systems today use Bluetooth technology to read a customer’s card. It gets better with the fact that you can manually key in credit card information if need be.

Mobile Payments Are Not Secure

This is perhaps the most common misconception about mobile payment systems. It has kept so many business owners from incorporating mobile payment into their businesses. In so doing, it has denied them revenue. This is strange mostly because mobile transactions are more or less similar to e-commerce and traditional POS systems.  Clients’ personal and sensitive details are digitally transmitted. This means that even if one loses a device, no financial or personal information can be accessed by a person other than the owner of the device.

It Is Not Worth Your Money

This is yet another misconception standing in between business owners and profits as far as mobile payments are concerned. This misconception is fueled by the belief that mobile payment systems can only process payment up to a certain figure. This is of course, not true.  Mobile payment systems can process infinite figures. It does not matter how large. This is a perk in itself as it means saving time and money that would have been spent hiring accountants and bookkeepers.

Mobile Payments Interfere With Operations

You may have to set up an IT department if you run a big business. This does not in any way means interfering with normal business operations for the sake or incorporating mobile solutions. As a matter of fact, the department you set up will force you to give up other departments and bring all operations under one roof, a move that will streamline your business, and in the process help you save time. You will for instance, do away with manual bookkeeping, and accounting.