How to Choose the Right Mobile Payments Platform for Your Business
One of the most innovative advancements in the payments industry has been the ability for businesses to accept payments directly from a mobile device. This makes it possible for businesses of all sizes to accept payments from basically anywhere.
Companies like Flint even allow you to take payments from customers without any dongles or a point-of-sale (POS) terminal. It’s easier than ever to pick a mobile payments solution and start transacting! That said, there are a few things you want to keep in mind before selecting a partner.
Here are a few questions you’ll want to ask before selecting a mobile payments solution for your business:
What are the processing fees and other related costs?
When working with any online payments solutions you’ll encounter some form of credit card processing fees. That said, fees and pricing varies quite a bit across the industry so it’s very important to inquire about specific costs.
Here are a few of the most common fees to take note of:
- Interchange fees: These are the fees that are charged for every credit or debit card transaction. The actual amount is determined by many factors including the type of card, type of transaction (swiped, keyed-in, dipped, etc..), and transaction size.
- Monthly statement fees: Some companies may charge you a fee for requesting a monthly processing statement.
- Set-up fees: These are fees associated when setting up a merchant account and or in-store payment terminal.
- Monthly gateway fee: These are fees that may be charged to you each month for using the payment gateway.
- Early termination fee: If you cancel your contract early or at all, you may be charged with a hefty early termination fee.
Take a look at your various options and make sure you choose a solution that has clear transparent pricing. I recommend taking a look at some of the top payments companies that offer flat rates so you’ll always know what you’ll be paying for.
What payment types and methods are accepted?
As you go mobile you’re essentially going for a more convenient way to accept payments. In addition to credit and debit cards you should also inquire about accepting eChecks, mobile wallets (like ApplePay and SamsungPay), and even cryptocurrencies like BitCoin.
Additionally you should look for a mobile payment solution that allows for additional payment methods. Along with a point of sale solution, you can also look to accept payments on invoices or even integrate into your online store via an API or Mobile SDK.
Is the platform secure?
First and foremost you will want to check if the payment provider adheres to the PCI Data Security Standard (PCI DSS). The majority of the mobile payment solutions will be PCI Compliant but it’s very important that you do your own research to confirm.
In addition to PCI compliance you should also ask about security features like tokenization and encryption. These security protocols ensure that your customer data is no only secure, but it also cannot be deciphered in the event of a security breach.
How easy is it to get set up?
There’s really no reason why your mobile payments partner should be too complicated to set up. Flint, for example, allows you to setup your account and accept payments instantly using patented credit card scanning technology.
If setting up requires technical troubleshooting and multiple phone calls with the provider, it may not be worth pursuing. Integrating with most solutions these days should be intuitive and seamless.
How do they handle support?
Last but not least you should partner with a mobile payments provider who offers 24/7 customer support along with direct access to an account representative or manager. Especially when dealing with payments, it’s imperative that you have access to a representative around the clock. You’ll never know when you have an issue with a payment and any delays may cause you to lose that customer. If 24/7 support is not offered then make sure there’s enough support documentation available that can easily resolve issues as they come up.
At the end of the day, every business has different requirements that will work better with certain mobile payment solutions. That said, there are still a few questions that every business owner should be asking before making the final call. If you’re in the market for a mobile payments provider, make sure you’re using these tips so you can find the right solution.