As technology evolves there are increasingly more ways for businesses to utilize technology and lower costs. Whether your business is big or small, using a mobile wallet can save your company money. Before you ditch your current payment processing system and invest in a new one, you need to learn more in order to make an informed decision. With that in mind, here’s what you need to know about mobile wallets and how it can benefit your business.
What is it?
Mobile wallets allow shoppers who purchase in-store to pay with their mobile device. In other words, credit cards are not necessary to make in-person purchases; information can be digitally transmitted to your mobile wallet from a customer’s smartphone or other mobile device.
There are two ways your mobile wallet can complete transactions. The first way this can work is by using short-wave radio-transmissions to communicate with your mobile wallet. The second way this technology can work is by using applications like Google Wallet or Square Wallet. But don’t worry. Just because you’re using a third party application doesn’t mean your security has to be compromised. Mobile wallets can be just as secure as in-person transactions as long as you’re careful and observant.
How will it help me?
Mobile wallets make it easier for customers to shop and easier for you to process transactions. By using digital means to process payments, transaction time can decrease helping to streamline your company. Additionally this technology enables your company to keep up with an ever-evolving market of customer needs, which can make your place of business more attractive to a wider client base.
By using mobile wallet technology you’ll also be able to gather, accumulate, and access a larger quantity of customer information and use it more effectively, at less cost to you.
Are there any downsides?
Since mobile wallets are relatively new technology, it’s unclear as to what sort of effects mobile wallets have on chargebacks. This means that unauthorized transactions and how they’re handled, which could prove costly to your businesses. You can read more about chargeback fraud and avoiding chargeback disputes here.
You must also keep in mind that employees will need to be trained to use the new technology. Make sure that you have the time and resources set aside so that the integration of your new system can be as smooth as possible.
How do I find a reliable vendor?
When shopping for a vendor, consider your needs carefully. Since you’ll be investing in an entirely new program and system, find a vendor that will be compatible with the systems you already have in-store. Integrating new technology into your time-tested systems as smoothly as possible can keep your business schedule flexible, and it will reduce your training time for employees on new technology.
Another important aspect of finding a reliable vendor is the security they provide. Be sure to carefully consider whether or not the vendor is compliant with PCI (Payment Card Industry) standards. Make sure that the prospective vendor uses a strong system of encrypted data to ensure all data is stored as securely as possible.
As technology continues to move forward one step at a time, it’s becoming more and more possible to store information securely and efficiently so that both you and your customers have the maximum benefits available to you both. The mobile wallet provides your business a way to take one step forward in payment processing while keeping your systems operating at their smoothest.