Mobile Payments

Mobile Credit Card Payments

When people use the term “cashless economy,” it may sound like something out of a science fiction novel. However, the truth is that we are much closer to this reality than you might expect. With the advent of mobile payments — essentially people using digital methods to make purchases, we are coming one step closer to a cashless existence. And while people have been using digital wallets to make online purchases for a long time, many traditional storefronts are making use of mobile payments, accessing new channels and customers by doing so. Using all the available technology to your advantage can help your business get a leg up on the competition as well: you can learn more about this trend by calling One Source pos, Inc. and speaking to our team today!

How Do Mobile Payments Work?

Accept payment, anytime, anywhere. Most of us are familiar with the use of digital payment methods when buying products online. Instead of entering your credit card number, you can use one of several digital wallets to make your purchase. You can also send and receive digital money from friends, family, and even employers. However, mobile payments change the game even more drastically. Using a mobile device, whether a phone, tablet or otherwise, you can pay for products in many traditional storefronts. To accomplish this, a customer simply scans a barcode or app, withdrawing funds from the source of your choice — whether that is a digital account with the store, a digital wallet like Paypal, or a linked debit/credit card.

What are the Advantages of Mobile Payments?

Mobile payments offer several key advantages over standard payment methods. A few of these include:

  • One location – If you have ever gotten your various credit cards, gift cards and accounts mixed up, mobile payments may provide the solution. A customer can use their phone to access all of the above, making for a much smoother buying process.
  • Encrypted – during the payment process, customer information is protected through an extra line of encryption, making mobile payments a safer way of paying for products and services.
  • General convenience – it is easier to organize your various accounts using a single device, but it’s also incredibly convenient to manage these same accounts using that same device. Modern mobile payment makes it possible to send and receive money, transfer funds, and pay for products online and in-person.

With all of these incredible advantages over cash and card payments, the growing momentum behind mobile payments is hardly surprising. In other countries throughout Asia and Europe, mobile payment options have already become a mainstay, and the U.S. seems to be moving in that direction as well.

How Can I Prepare My Business for Mobile Payments?

Preparing your business for the oncoming wave of mobile payments is an easy process. Just as when credit cards began to replace cash as the dominant method of payment, technology has grown and expanded to accommodate for new forms of financial transactions. With the advanced mobile payment processing provided by One Source pos, Inc., your business can take advantage of the many shoppers who are starting to use mobile payment methods. To learn more about our solutions, give us a call today or leave your contact information on our website!

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