Mobile credit card processing offers an easy platform to merchants to accept card payments anytime anywhere. Though this is a powerful tool for every business, it is mostly the small businesses that have reaped wonderful benefits. Without having a set location, they can attract maximum customers, sell their products/services and process the credit cards to generate funds.
How credit card processing works?
Well, this is very simple and requires a reader to be attached to a tablet or smartphone that allows the feature of swiping the credit card. It can also be said that everything here works just like the ordinary POS system. Customer’s credit card details are read and then processed to complete the transaction game.
The Ascend of Mobile Credit Card Processing
Looking at the past few years, there has been a flourishing rise in the rate of credit card processing via mobiles. As obvious, this is because the number of people using smartphones is increasing day by day. Hence, more and more users are shifting towards mobile credit card processing.
The Pros and the Cons
The best way to describe the pros along with the cons is calling the processing, ‘easy to use but not secure’. Talking about the positive side first, the biggest benefit is that this sort of card processing offers perks to customers as well as merchants. Irrespective of one’s location, they can seamlessly make the transaction if they have a mobile reader. Therefore, whether you are a hairstylist, a business owner or a construction worker, you can easily accept payment for your on-site services.
Moving on to other reason that has made smartphone payment processing hype is that setting up mobile payments is way too easy. Simply download the app, plug the card reader into the audio jack and it’s all done.
Done with the benefits, now comes the drawbacks. First and the foremost is that is not something that is confined to a single company only. Surely there are companies that do not charge any monthly fees while offering mobile payment processing solution, there is variation in their rates, which does not go well with every merchant. Moreover, if one fails to swipe the card or the swiper does not read the card due to any reason; the charges asked are quite high.
Thankfully there are some companies that charge lower rates to suit the needs of merchants that either handles more transactions or process greater volume. This is something fruitful for the merchants as they are not required to pay more.
Though credit card processing has become common, there are many people who still feel nervous and confused in trusting them. This is because there have been numerous cases of fraudulent activities and security breaches with confidential details being stolen. Besides, there have also been issues regarding poor customer service and account terminations or holds.
Consider Every Payment Option
For smooth and rewarding experience, merchants are always suggested to be careful regarding their search for the right service provider. They should also focus on concluding that the decision of teaming up with merchant services instead of going for a mobile card reader is actually profitable for them or not.
Last but not the least, though mobile credit card payments do have outstanding benefits, it is good to consult the expert professionals and know every aspect regarding it. For secure, promising and risk-free services, it is wise to take enough time and settle for the right professionals.