Category: Field Services

Mobile Payment Processing Guide for Businesses On the Move

As a mobile company, most of your business is done on the go. This makes having a secure way to accept and process payments very important. Making sure you have a secure mobile option for customers should be a top priority so you can quickly get payments processed and be able to see your sales and costs in one integrated space.

This guide will walk you through mobile payment processing, the core benefits of using mobile payment solutions, what you need to accept and manage mobile payments, and data security.

The Benefits of Mobile Payment Solutions: Flexibility and Security

Investing in mobile payment services and expanding from a cash-only business will broaden your horizons. Instead of carrying a lockbox from venue to venue and balancing your cash drawer at the end of the day, you can check your sales from your tablet or phone. And since more consumers prefer to pay with a card over cash, you’re also providing a better experience for your customers.

Besides being a more flexible option, it’s also more secure. A cash box can be stolen or lost, but integrated mobile payment processing solutions securely store your payment data in the cloud so you can access it anytime, anywhere. And your information is protected with layers of security in compliance with the definitive payment security standards.

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A Look at Mobile Payment Processing

Mobile payment processing is commonly offered by most payment services providers. Mobile payment solutions give your customers choices and give you flexibility. Mobile payment processing is a good fit for new businesses or businesses without a home office or storefront.
When you choose a payment processing services provider for mobile payment processing, their price structure can be the deciding factor. Some payment services providers offer mobile payment processing with an added markup, or with flat-rate pricing. With a markup, each card you swipe, dip, or tap will cost you a different amount because of interchange rates.

Interchange is the price set by credit card companies for businesses that want to accept credit cards. Interchange can be tricky because it varies between card brands and card types. With flat-rate pricing, you pay a static percentage every time you swipe a card. Flat-rate pricing looks like the best deal – at first. But the more your business grows and the more you process, the more your costs add up.

The right payment services provider needs to be able to grow with your business without sky-high costs. A subscription-based payment services provider will give you a stable, predictable monthly cost – without any hidden fees tucked away on your statement.

What You Need When You’re On-the-Go

Here’s what you’ll need to increase your business mobility:

Mobile Swipers

Most payment processing services providers offer some kind of mobile credit card reader you can use with a phone or tablet to process your payments. The best feature of mobile swipers is their portability. They can plug into the headphone jack of your phone, or connect through Bluetooth and still work with your mobile payments application. You can grab and go wherever your business takes you and still have the same functionality as a countertop terminal.

Mobile Applications

Mobile applications for iOS and Android offer a new kind of visibility and functionality without sacrificing flexibility. For inventory management, you can manage your catalog items and apply discounts without leaving the application. You can go beyond a desktop computer to do business, knowing what your sales are from one hour to the next with sophisticated analytics tools like a heatmap based on sales volume.

Total Integration

In the past, business owners needed to use a different tool for each part of their payment experience. But total integration streamlines payments for your benefit. This kind of technology offers a new kind of flexibility for your business, especially when you’re on the road or with a client.

With an integrated payment platform built for growing businesses, you can process payments from your phone just as you would if you had a countertop terminal. And because all of your solutions are connected, you can check your analytics and payment information from a desktop computer or tablet.

Why Data Security Matters for Mobile Payment Processing Services

Data security is the backbone of integrated technology and mobile payment processing. Without proper fraud prevention measures, your customers’ data is at risk. With the average cost of a data breach at $3.92 million, protecting sensitive cardholder data matters more than ever. And PCI compliance, tokenization, and encryption will safeguard that data.

Integrated mobile payment solutions will streamline the way you do business. Cloud-based payment platforms will protect your data while also enabling you to access it from any computer, tablet, or mobile device. And since PCI compliance ensures your data stays secure and protected, you can manage your payments much easier than manually counting cash every day. Its flexibility is convenient, freeing you to take your business anywhere.

Interested in adding mobile payment processing for your business? At Stax, we provide easy-to-use yet highly effective mobile payment solutions to businesses of all sizes. Whether your moving business is aspiring to scale its operations or if it already enjoys a significant presence in your service area, Stax works with your enterprise business to address all of your growing needs.

To learn more about our services and how they can help grow your moving business, talk to a Revenue Consultant to request an ROI quote. We will be happy to answer any questions you have and help you obtain the right mobile payment solution for your needs.

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7 Features To Look For In A Payment Processing Platform

Find the Best Payment Processing Platform

According to recent statistics, credit cards issued in the United States alone hold a value of approximately $2.92 trillion. Add that to the fact that 83 percent of Americans aged 30-49 own a credit card, and you have a customer segment with a spending power that can tangibly contribute to your business’ growth.

That’s why if you are looking to sign up with a modern payment services provider, you need to make sure your payment systems are equipped with a few essential features.

Here are seven key features you should look for in your payment processing platform.

Make Sure It’s an Integrated Payment Platform

The first thing you should look for in your new payment processing service is its ability to integrate with other key business tools. Overall, an integrated payment platform makes your payments faster and more efficient. But when paired with the other features on this list, it also brings a few additional advantages to the table.

With such a payment services system, you no longer have to do any reconciliation of invoices. You also don’t have to go through redundant data entry to receive your payment in your account.

This allows you to save time on your payment processing activities. Further, it helps you complete your payments with virtually just a few clicks.

Look for Multichannel Payments

Multichannel payments let you offer customers multiple ways to pay. Customers have more flexibility in how they shop and pay, likely leading to more revenue.

It keeps you from having to run after different payment systems to get your payments in order. It also lets you analyze the performance of different avenues quickly.

Remember that having a POS system that supports the key forms of payments that are best for your audience and able to be flexible in adding new ones later down the road goes a long way.

There are several ways to accept payments today, including but not limited to digital wallets, phone and mobile payments, and ACH payments. Your best bet is to look for a system that can support a wide variety of payment types and doesn’t limit you to using only 2-3 ways to pay. While you may not need to pay attention to all aspects of this process now, over time that could change.

Overall, this lets you broaden your horizons and expands your ability to accept all kinds of credit cards and alternative payment methods in the long run.

7 Features To Look For In A Payment Processing Platform

Also Check Out: The Mobile Payment Processing Guide for Businesses on the Move

Look for Mobile Payments Support

With the evolution of various business models and the need to go cashless for better business management, mobile payments are a necessary feature in the payments market.

To be clear, mobile payments encompass pick-up-and-go payments and allow you to tap into a broad variety of services that range from mobile card swipers to tablets and more. The idea is to have the flexibility to accept payments from anywhere in addition to accepting payments without a physical card being present.

Mobile payments work best with an integrated payment platform. Pairing up both of these features gives you a formidable payment system that can cater to all your needs.

Ensure Cost Effectiveness

All payment providers hold different charges for credit card processing. It is always important to do your research to avoid overpaying for providers as you start comparing each payment processing platform.

In addition to platform service costs, you will find that most modern payment processing software comes with unique cost-saving measures. Automated features such as tip acceptance, inventory management, and auto-syncing with accounting software such as QuickBooks Online are ways payments processing software can help save you costs day-to-day.

This is usually possible due to the way these payment processors deploy their services. But it also has much to do with their backend systems. By finding a company that offers a payment processing platform with the key features that your business can directly benefit from rather than a generic, one-size-fits-all solution, you can make the most of your platform.

Look for Data Analytics

Payment data analytics is yet another modern feature that has made its presence known in the past few years.

By using this powerful system to analyze your payments, you can get valuable insights into your business performance and customer perception. To make this even better, you can visualize data points with the use of graphs and charts.

When paired with compatible processing services, this feature makes it simple for you to analyze the historical performance of your business locations. It also lets you judge the effectiveness of your specific offerings, such as your loyalty programs. This helps you make effective decisions that help you grow your business with ease.

Check for Simplicity

You want to make sure that you use a platform that is simple and easy to use. When looking for the best payment processing system, there are a few things to consider in order to achieve the greatest simplicity. You must ensure that your adopted system is user-friendly, easy to use when accessing key features and tools, and adaptable when processing payments in various environments.

Simplicity also correlates to reliability. Having a system that is easy to navigate, makes it possible to accurately locate tools almost instantaneously, therefore decreasing the amount of time spent on insignificant tasks.

Simplicity and intuitive design are critical for sustainable long-term efforts. Consequently, working with a user complex platform will negatively impact your business’ efficiencies, revenue, and customers. As your company continues to mature and expand, it is essential to have a system that will adapt to you as well as your expected growth and changes.

Check for Digital Security Measures

Last but not least, you must check each system for compliance with key security measures.

Any payment processor worth it’s salt will ensure that you can safeguard your customers with complete compliance to the Payment Card Industry Data Security Standard (PCI DSS). This is true for all providers, whether they offer their services through conventional or integrated payment platforms.

This compliance ensures that your payments are processed via exclusive, secure channels to keep your customers’ financial data secure at all times.

With the inclusion of additional payment methods, other security features such as Transport Layer Security (TLS) and tokenization for encryption are also being used by a variety of providers.

Make sure that you take the time to discuss security with your preferred provider before you sign up for their services. This way, you can ensure to keep your business safe from any liabilities.

At Stax, we offer secure, modern payment solutions that can be a perfect fit for your business. Whether you need mobile payment solutions or POS credit card processing, we can fulfill all your needs. To learn more about our state-of-the-art payment processing solutions, or get a custom savings quote, reach out to us at Stax today.

You Might Also Like: Boost Your Business in 2021 with a Payment Processor Platform

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FAQs about Payment Processing Platform

Q: What is a payment processing platform?

A payment processing platform is a system that facilitates the exchange of funds between customers and businesses. It allows businesses to accept various forms of payment, including credit cards, digital wallets, and mobile transactions.

Q: What are the key features to look for in a payment processing platform?

The key features to look for in a payment processing platform include integration with other business tools, support for multichannel payments, mobile payment support, cost-effectiveness, data analytics capabilities, simplicity and ease of use, and robust digital security measures.

Q: Why is integration important in a payment processing platform?

Integration is crucial as it allows the payment platform to work in tandem with other key business tools, making payments faster and more efficient. It eliminates the need for invoice reconciliation and redundant data entry, saving time and improving efficiency.

Q: What are multichannel payments?

Multichannel payments enable businesses to offer customers multiple ways to pay, providing more flexibility in how they shop and pay. This can lead to increased revenue and allows businesses to analyze the performance of different avenues quickly.

Q: Why should a payment processing platform support mobile payments?

With the evolution of business models and the need to go cashless, mobile payments have become a necessary feature in the payments market. They allow businesses to accept payments from anywhere and without a physical card, enhancing flexibility and convenience.

Q: Why is cost-effectiveness important in a payment processing platform?

Different payment providers charge different fees for credit card processing. Researching and comparing these charges can prevent overpayment. Moreover, modern payment processing software often includes cost-saving measures such as automation and synchronization with accounting software.

Q: How can data analytics enhance the effectiveness of a payment processing platform?

Data analytics can provide valuable insights into business performance and customer perception, allowing businesses to make effective decisions for growth. This feature simplifies the analysis of the historical performance of business locations and the effectiveness of specific offerings like loyalty programs.

Q: How does the simplicity of a payment processing platform impact its usability?

A simple and easy-to-use platform allows for quick navigation and access to key features and tools. It also adapts well to various environments, making payment processing more seamless and efficient. A complex platform, on the other hand, can hinder efficiency and negatively impact revenue and customer satisfaction.

Q: What security measures should be in place in a payment processing platform?

A reliable payment processing platform should comply with the Payment Card Industry Data Security Standard (PCI DSS) to safeguard customers’ financial data. Other security features such as Transport Layer Security (TLS) and tokenization for encryption are also crucial, ensuring that payments are processed via secure channels.

Q: What factors should be considered when comparing different payment processing platforms?

When comparing different payment processing platforms, factors to consider include the range of features offered, the cost for services, the simplicity and usability of the platform, the integration capabilities with other business tools, the types of payments supported, and the security measures in place.

 

Your Definitive Guide to Mobile Payments

All you need to know About Mobile Payments Solutions

Prominent businesses stay up to date with the latest trends and integrate new improvements such as mobile payment solutions. The race of global banks to adopt and offer these payment systems is quite apparent. With different ways to approach this modern payment method, mobile app payment solutions are taking the financial technology world by storm.

But apart from making waves in fintech, mobile merchant payment solutions also bring lots of practical uses to the table. From offering convenience to improving efficiency, these mobile payment processing solutions fulfill the requirements posed by many businesses.

If you have been wondering about using mobile payment services for your business or want to learn more about the medium, then you are not alone. With over one billion people using the technology in 2020, more and more businesses are paying attention to this segment. To help you learn how mobile payments services work and why exactly they are essential for your business, here is all you need to know about this revolutionary technology.

What are Mobile Payment Solutions?

The term “mobile payments” is used to describe an array of funds transfer services carried out via a mobile device. This includes but is not limited to tap-to-pay services, scan and pay solutions, and swipe-to-pay methods through mobile app payment solutions.

Now, Instead of having to carry cash or credit cards for payments, your customers can turn to mobile payments solutions to pay your business. Due to the ease of use that these mobile payment services bring to the table, they are gaining more and more traction year over year.

With the advancements in this technology, there is more than one way to use mobile payment processing solutions. Large-scale payment providers such as Visa and MasterCard are paying attention to cater to each of these services. This makes it easier for your business to choose from an array of mobile payments methods. Further, it also makes these solutions super accessible to your business.

But to make these solutions your own, it is essential to learn precisely how different mobile payments solutions work.

How Do Mobile Payments Work?

Tap to Pay Solutions

This method of paying through mobile devices is available on iOS and Android devices. When applicable, this feature allows customers to load their debit or credit card information into their phones. Then, it is all a matter of tapping their phone against a compatible point of sale (POS) terminal at the time of making a transaction.

These mobile app payment solutions will find support by most debit and credit card providers. Despite turning mobile phones into contactless payment cards, they come with the same level of security as a physical card. This process is possible through the usual PIN codes and a one-time password (OTP).

To accept these payments at your business, you need to have POS terminals and card readers that are compatible with this solution. These devices connect to your merchant account and transfer funds to your business in a conventional way.

This method is usually suitable for brick and mortar stores that entertain walk-in customers. But it can also be used by pop-ups and delivery services through mobile card readers.

Scan and Pay Solutions

By using a modern association method in the form of QR codes, these solutions go a step further in mobile payments. Instead of having to pay through a POS terminal, customers can scan your business’ QR code through their mobile and make payments from their bank or payment service’s dedicated app. This lets customers process payments directly via their bank account, in addition to their physical credit cards.

These scan and pay solutions are also being powered by major banks and payment processors such as Visa and MasterCard. This component is why a lot of businesses are turning towards these mobile merchant payment solutions.

You can use these solutions by contacting a reliable mobile payments processor and getting a QR code that is exclusive and unique to your business. Any payments that are made by your customers are transferred to your dedicated merchant account. This way, you can make use of mobile payments and receive funds instantly without even having to use a POS terminal.

These scan-to-pay, QR code payment solutions can be used by a variety of businesses. Whether you have a physical setup or a pop-up, a delivery service, or an online store. Place a small placard or banner with your QR code at the checkout counter or page and let your customers do the rest.

Swipe to Pay Solutions

Mobile payment processing solutions are not limited to customers using their mobile devices to make payments. They also refer to businesses using specialized mobile devices to accept payments for their services. This process is possible via mobile card readers that can either work on their own or attach to a mobile phone to work through a payment app.

Whenever your customers have to make a payment, they can swipe their debit or credit cards through your reader. With support for almost all iOS and Android devices, this is a super-easy way of accepting regular payments through a wireless and modern method.

The way these services are designed makes these card readers work just like traditional POS terminals, but without the constraints that conventional equipment brings to the table. This improvement also means that they can accept payment cards from almost all major processors such as Visa, MasterCard, and American Express.

These mobile payments solutions do not require customers to do anything special. But they still allow your business to benefit from not having to tie itself to a physical location. Just get your mobile card reader and get payment cards swiped on it. Or attach your specialized reader to your mobile phone to accept payments through a dedicated app.

This streamlining makes these swipe and pay mobile solutions ideal for almost all businesses that deliver their services off the internet. All you need to benefit from this solution is to contact a credible mobile app payment solutions provider. The rest of the process is as simple as it sounds.

How Do Mobile Payments Services Benefit Your Business?

Mobile payments services bring a certain level of flexibility and ease to your operations. But apart from the apparent benefit of ease of use, mobile merchant payment solutions also bring a particular set of additional advantages for your business.

They Increase Sales

Mobile solutions give your customers more than one option to make payments to your business. This is highly applicable to situations such as pop-ups, open markets, and doorstep delivery, where one could previously only choose cash payments and nothing else.

The ability to use their credit cards and bank accounts in situations where they wouldn’t otherwise be able to utilize them will encourage your customers to do business with you. It also gives you an edge over competitors who are still stuck with traditional methods.

It Improves Efficiency

Not having to turn to the register to audit your cash payments and then enter the data into your books saves you a bunch of time. It also prevents data entry errors and makes sure that all your financial processes finalize faster. If you integrate your payments with your accounting software, then you also save yourself from redundant data-entry tasks.

This component goes a long way into improving your efficiency while also steering clear of unfortunate mistakes. It’s why mobile payment processing solutions are becoming so popular among modern businesses that want to improve their operations in more than one way.

They Enhance The Customer Experience

Offering mobile payments solutions to your customers improves their experience in terms of delivering more payment methods and a more straightforward transaction mode. It allows your business to give them the ability to pay the way they find most convenient, which in turn makes them willing to transact with your business with more frequency. But this ability to enhance customer experience goes even further than that.

In most cases, you can also study transaction trends through an easy-to-use analytics dashboard. This component allows you to assess the performance of your business and its different products and services. As a result, you can make targeted decisions to focus on improving your value proposition and create additional enhancements to your customer experience when it comes to product placement, cost, and even within customer service.

At Stax, we deliver our services in a way that allows you to accept mobile payments through Apple and Android devices. Regardless of the type or scale of your business, Stax’ solutions can help you take your operations to the next level in a fast, secure, and affordable way.

To understand how our mobile app payment solutions can support your business, don’t hesitate to contact us for a free consultation today. We will be glad to answer any questions you may have to help you maximize profit with our state of the art payment technology

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