Fintech Insights

How to make the move to mobile payments


July 09, 2019

Your customers are using smartphones more every day for tasks that most of us never thought possible just a few years ago. From ordering groceries to hailing a car service, controlling home security systems to paying utility bills, the smartphone has become an all-encompassing digital assistant.

We trust our smartphones to help us with the things that matter most. It’s no wonder that smartphones are emerging as the perfect device to make payments. Smartphones offer the perfect combination of security and convenience that make accepting mobile payments make sense for almost any business.

So what really matters when deciding if mobile payments are right for your business? Start with understanding what customers want and how you can best serve their needs. Then start saying “hello” to accepting mobile payments.

The benefits of accepting mobile payments

Mobile payments are fast. Contactless taps of a mobile device like a smartphone or smartwatch are fast. Mobile payments allow consumers to complete transactions with freedom and ease with just a tap of their device and following a few simple prompts. No more retrieving a card, inserting it in a machine and waiting for the transaction to complete.

Mobile payments are easy to use. Mobile payments can help simplify checkouts for consumers. Your customers hardly go anywhere or do anything without their smartphones. Virtually everyone knows how to use smartphones, making them the perfect device for making payments. 

Mobile payments are secure. Mobile payments benefit from additional layers of protection above and beyond carrying around plastic cards. Smartphones and other consumer devices like smart watches and wearables, like athletic trackers, offer the advanced security of the device itself, like biometric authentication with fingerprints or facial recognition.

What do I need to accept mobile payments?

You’ll need the right tools and equipment to accept mobile payments. Today that’s easy with affordable options for the way your business works. Most consumer-facing payment terminals and equipment are ready to accept mobile payments.

From relatively simple credit card terminals to integrated point of sale systems, there’s a solution right for your business. Today, you can even accept mobile payments with another smartphone or tablet and a small attachment known as a “dongle.”

You’ll need the right technology to accept mobile payments. Whatever payment acceptance equipment you chose will need to be equipped with Near Field Communication (NFC) technology. Mobile payments also rely on technologies like encryption and tokenization to securely transact payments. The best part is that while you’ll need these technologies, they’re already working in the background to help protect your business.

You’ll need the right people to accept mobile payments. First and foremost, you’ll need a trusted partner to help manage payments acceptance. Leading credit card processors and merchant service providers can work with you to craft a mobile payments solution that fits the way your business works.

Start on the road to mobile payment acceptance

There’s no one-size fits all when it comes to payments. Yet, it’s easy and tempting to move quickly to acquire the latest shiny object. Payments are different—payment acceptance is an essential function that fuels your business success. Like any essential infrastructure, setting up your payments requires thinking ahead and planning to build a solid foundation.

Are you ready to start accepting mobile payments at your business? Worldpay partners with small businesses everyday to make accepting payments easy, safe and secure. We’ll help you with the tools, technologies and people to make mobile payments work for your business.