Should I Offer Mobile Payment at My Retail Business?

Should I Offer Mobile Payment at My Retail Business?

Whether you have been in retail for a long time or you are just starting out, you have probably considered offering mobile payment at your business. Mobile payment is the latest in payment processing technology and it is currently the most secure way to pay on the market.

In 2014, Apple Pay introduced the first major mobile wallet to consumers. Since that time, the adoption of mobile payment has grown exponentially. By some predictions, mobile payment transaction volume could grow to over $500 billion by 2020!

Should you offer mobile payment at your retail business? Today we’ll take a look at what mobile payment is and how it works, to inform your decision.

What Is Mobile Payment?

Mobile payment goes by another name, “contactless payment.” Here’s what a typical mobile payment transaction looks like:

A customer approaches the retail counter with their purchase. Your employee scans or keys-in the product barcode. Now it is the customer’s turn, to pay. Rather than searching their pocket bag for a wallet, all they have to do is raise their smartphone up to the mobile payment device. With ease, they have made their purchase. Happy about an expedient checkout and a positive service experience, your customer goes on their way.

To summarize, mobile payment allows your retail customer to pay with their smartphone.

To summarize, mobile payment allows your retail customer to pay with their smartphone.

As we mentioned earlier, mobile payment is technologically advanced and secure. It is also highly convenient and places control in the customer’s hands!

How Would Mobile Payment Work for My Retail Business?

To provide mobile payment as a consumer, you must download a mobile wallet app. Top phone service providers each offer their own variation:

  • Apple Pay – Using Apple Pay is as easy as entering your credit card information in the app after download. Then, when you are at a retail store that accepts mobile payment, you can hold your iPhone up to the mobile payment device with your finger on the touch ID to pay!
  • Android Pay – Equally simple, Android Pay requires that you have the app open on your Android to pay. Because there is no touch ID, the lock screen provides security of payment.
  • Samsung Pay – Samsung Pay works in exactly the same way as Android Pay.

To offer mobile payment as a retail business, you must have a mobile payment device that integrates with your point-of-sale (POS) system. If you have chosen the right merchant services provider, they will handle the integration for you. Here at Cornerstone, we take care of everything required for the setup of mobile payment, from installation to training.


The technology that powers mobile payment is called “near-field communication” or “NFC.” Near-field communication is a wireless transfer of encrypted credit card information that occurs when a retail customer’s smartphone and your mobile payment device are held within two inches of each other.

For some time now, EMV (chip) payment has been considered the most secure form of payment (more secure than payment by magnetic strip). Mobile payment is arguably more secure. Not only does it require multiple levels of encryption, but the additional security of touch ID on iPhone and the lock screen on Android adds an additional layer.


Now that you have all the data, do you think that you should offer mobile payment at your retail business? We think so, and our team would be happy to talk more with you about your options. If your current merchant services provider does not provide mobile payment and you are looking to make a switch to one that does, we are currently offering exciting perks to retail business owners who give us a try. Give us a call!

Not sure where to start?

Scroll to Top