November 10, 2014
Top 5 Ways to Get Mobile Payments
In 2012, Gartner reported that mobile payment transactions would exceed $12 billion by 2014. This number was up by 62 percent from 2011’s projected $106 million figure. As more customers start to trust eCommerce buying and mobile payment systems in particular, the ability to offer as many mobile payment options as possible might be your only way to set your shop ahead of the rest. But are you only familiar with just one or two, though? No worries. Here’s a list we prepared of the top 10 mobile payment systems many of your customers often use.
1. PayPal Here
If you’re running an online store through cloud-based software or apps like Shopify, then you already know PayPal. PayPal continues to be part of the list of top payment processing methods that dominate the market. Based on the convenience the service offers, it’s easy to see why. Customers can pay retailers straight from their mobile PayPal accounts. Registration is free and cardless payments are easy. Customers just have to log into their mobile PayPal app and transfer the money to your account. Remember, though, that like most online credit card processing companies, PayPal charges a percent for every final sale of 2.7 percent. Make sure your customers are aware of that. The good thing though is, PayPal has no monthly fees or additional setup charges, so that’s a plus.
PayPal Beacon is a recent addition to the company’s lineup of payment options. It’s a Bluetooth device that can connect your existing POS to your customers’ PayPal app. Customers can activate the device the very minute they step into a shop.
2. Google Wallet
This mobile wallet allows for both online and in-store payments but it’s only operational by near field communication (NFC). This means you first have to invest in a compatible hardware for your customers using Google Wallet. NFC readers can be bought or rented from First Data, Google’s partner. However, for customers who are Android users, all they would have to do is run the Google Wallet app and hold their phones over the reader to register a payment.
If you already have an online payment processing service, integrating Google Wallet with the system is easy. However, every time you use Google as your payment processor, there are transaction fees starting from 1.9 percent charged, so keep that in mind.
With LevelUp, you can start accepting payments from your customers without a credit card but you need the LevelUp terminal for this system to work. The terminal links up with the POS system you have. That’s how the quick response (QR) code on the smartphone of your customer gets scanned.
Aside from quick and hassle-free mobile payments, this app gives you the chance to create a variety of loyalty programs for your customers. This way, you can give bonus credits to your regulars by transferring those credits into their LevelUp account. For credit card transactions, you’ll get charged with a 2 percent flat fee. There are no service fees as well as authorization or monthly fees, though, so you still manage to save on these costs.
For payments on multiple sites, types and currencies, this cloud-based app is an apt choice. It’s compatible with plenty of mobile technologies offered by Powa Technologies, its parent company. The built-in POS app allows your customers to send money in all of 20 major currencies. The system gives retailers like you a clear advantage since you won’t have to pay international transaction fees along with foreign exchange fees that often prove too high. mPowa also just launched its chip and pin device. Cards are swiped or inserted into the device, with the data wirelessly—conveniently—sent to you via Bluetooth technology. Customers need to enter a PIN for added system security.
While not yet on the market, this mobile payment system is expected to be launched next year. Backed by retail giant Walmart, along with 7-Eleven, Kmart and Best Buy, CurrentC is a product of the 2012 joint venture of these stores. By launching CurrentC, retailers hope to eliminate processing fees from credit card payments. This is how mobile wallets like Google Wallet, Apple Pay, and the like charge for their services. However, if there’s any chance in the future for small to midsized businesses like yours to join in the venture, your customers may end up using CurrentC as well.
These are just some of the mobile payment options out in the market. More are sure to come. Explore other apps and services too so you know which ones offer the best in terms of system compatibility and app customization. For invaluable insight, make sure to ask your customers as well.