Are you considering offering mobile payment to your customers? We think that’s a great idea! Mobile payment is quickly growing in popularity due to how easy and convenient it makes payment processing for both the business and the customer. Keep reading for 4 reasons to offer mobile payment at your Anchorage business.
How Does Mobile Payment Work?
But first, how does mobile payment work? Also called “contactless payment,” mobile payment allows a customer to pay for their purchase without swiping, dipping their credit card, or providing their credit card number to the customer service agent. Instead, all they must do is hold their smartphone up to a reader device and voila! They’ve paid.
1. Mobile Payment Is Big and Growing
Mobile payment started gaining popularity when Apple Pay came out with the first major mobile wallet in 2014. It has been growing ever since.
Some predict that by 2020 (next year!), transaction volume could climb over $500 billion. Whenever a new technology grows this big, this fast, Anchorage business owners should take note.
2. It’s Technologically Advanced
Mobile payment is made possible by a technology called near-field communication (NFC). This technology allows for the wireless transfer of encrypted credit card information between a customer’s smartphone and a mobile payment device.
The transfer occurs when the two devices are within two inches proximity. It is incredible that technological advances have enabled Anchorage business owners to offer this level of payment experience to their customers at an affordable rate.
3. Mobile Payment Is the Most Secure Way to Pay
Mobile payment not only provides multiple levels of encryption, but it also requires the customer to pass touch ID on an iPhone and the lock screen on an Android as an additional layer of security. Up to this point, EMV (chip) payment has been spoken of as the most secure way to pay on the market. Mobile payment may be considered even more secure.
4. It’s Easy and Convenient for Your Anchorage Customers
In order to use mobile payment, all your Anchorage customers must do is download a mobile wallet app, such as:
- Apple Pay – Using Apple Pay is as easy as downloading the app, entering credit card information, and using touch ID at purchase.
- Android Pay – Using Android Pay is equally simple, except instead of using touch ID, you must unlock the screen and open the app.
- Samsung Pay – Samsung Pay works exactly like Android Pay.
Mobile payment is easy, convenient, secure, and an all-around fantastic way to pay. Ready to offer mobile payment at your Anchorage business? At Cornerstone Credit Services, we have been serving the Anchorage business community with payment processing solutions for years. We would love to talk! Give us a call.