If there is a mobile payment solution that is fast growing, then it is mobile credit card processing. Some experts in fact have predicted that the number of mobile POS systems with the merchants will increase by almost 400% from this year up to 2017.
Now the question is, what really is driving this trend?
- Speed: Compared to paper-based check processing, mobile POS transactions are as fast as the conventional credit card terminals as we know them.
- Economical: Upgrading to a mobile credit card processing option is a fairly affordable process.
- Flexible: Mobile payment processing is designed to allow business people to conduct business anywhere. Simply put, with mobile payment solutions, POS transactions are no longer tied to a single location, making them ideal for a wide range of off-site applications.
Merchant who own a tablet or a good smartphone, can immediately start to receive mobile payments after having downloaded the right payment software applications.
Is it safe to use a personal phone to process business related transactions?
Although it is not recommended to use a personal phone to process business related transactions, most people end up using them. There are a number of benefits to this approach. To start with, a merchant does not have to invest in another device if he already has a good smartphone or tablet for business uses. Like most people, merchants have their personal phones with them at all times, making it easier to process unanticipated sales.
Keys benefits of this separation
- More transparent liability
When a credit card fraud does occur, it becomes easier to know who is responsible. And because a merchant cannot legally mandate that each personal smartphone undergoes periodic security checks, it is better to have a separate phone put aside for business transactions. At least, with this phone a merchant can be able to periodically update its security features himself. If not so, then the bank or insurance service provider will not care that the mobile device that was used in a fraudulent activity is the sole property of one of your employees when investigating and thus ending up losing money.
- Easier maintenance
It is easier to care for and maintain a mobile device that is solely used for business transactions. But when using a personal mobile device, it becomes harder to take responsible for malfunctions and breakages.
- Easier accounting
It is easier to track expenses when you have a dedicated tool for business related purposes and one for personal uses. You will find this particularly useful during the tax season.
As clearly shown above, merchants are better off keeping business related and personal aspects of their life as separate as they can. Things such as credit card purchases, banking activities and the likes should all be kept separate from the personal aspects of a merchant’s life. This also applies to physical items such as the computers, cars, and mobile devices. The above merchant tips where mobile devices are concerned can make a big difference in your personal and business related transactions too.