Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
Whether serving customers in-store or out in the field, efficiency and fast processing are inevitable segments of each industry. Nobody can afford to lose time waiting for payments to go through. Hence, you will benefit from intelligent solutions that integrate digital transactions at a lower cost.
Mobile payment processing systems can help your company accept and process payments quickly. Besides, the use of such advanced solutions across U.K. markets has become omnipresent. Learn the basics of mobile processing and how to streamline customers’ payments to boost productivity.
Mobile payments are transactions made via mobile devices. Such payments are 100% legal and regulated but happen digitally through tablets and smartphones. Since the term is broad, it can include:
Most mobile payment processing solutions depend on NFC technology. Near Field Communication enables two devices located nearby to exchange data. Hence, payments can get processed when consumers use tablets or smartphones, whereas the merchant carries a mobile payment terminal.
Thanks to their built-in mobile wallet apps, users can store card details and pay electronically. In addition, using digital wallets is a highly secure, fast, and efficient process that runs facial or thumbprint validation to prevent fraud.
Shoppers can also use mobile devices to approve payments via QR codes. To this end, the customer’s device creates QR codes with the essential payment data. The merchant only needs to scan the QR code with the POS system to complete the transaction.
Traditional payment methods like cash and checks are gradually becoming obsolete. Due to health and safety reasons, people avoid carrying cash and writing checks. Hence, more and more businesses are adding mobile payment processing into the mix to give clients an extensive range of options.
Besides building a positive image, you’re also offering consumers a secure and convenient way to pay. The only thing they need to proceed with the payment is a smartphone with an installed app.
Moreover, by dropping checks and waiting for them to clear, you get paid right away. On-the-go processing also allows merchants to accept payments in the field.
As for regular credit and debit cards, they tend to include hefty processing fees. So, it often makes no sense to shrink your profits only to allow card payment processing. As a result, even top-notch smartphone developers like Apple and Samsung have embraced this trend and created mobile payment apps.
Finally, it would be irrational to eliminate cash, cards, and checks all at once. Elderly consumers may not be familiar with mobile payments or be skeptical and reluctant to change their ways. The ideal approach is to let them use the conventional methods.
Ensuring the privacy of customer data is a priority for any company operating in the 21st century. Fortunately, NFC-enabled mobile payment processing is among the most secure ways to shop. When consumers use debit or credit cards, their banking details transmit via a network.
As opposed, payments executed with NFC technology make use of tokenization. In short, the device designs a single-use code every time the customer uses a mobile device to purchase something. These one-off numbers transmit to the company POS system, and the transaction is complete. Merchants don’t need to handle sensitive personal data, and this reduces the risk of theft.
Plus, mobile devices do not store transaction details on their CPU. Smartphones and tablets contain a secure chip that creates a unique card number beyond the CPU. Then, data remains in the cloud, and you can delete it remotely.
Last, digital wallets require identity verification before completing each transaction. Multi-layer security measures include recognizing biometric data, including a face or fingerprint scan. Other processing systems allow device use only by inserting a numeric code.
Overall, no single payment method comes 100% safe and risk-proof. Still, mobile payments are among the most reliable for businesses and consumers due to the added security level.
Mobile payment processing has unlimited potential for businesses and may benefit various industries. For instance, banks and financial institutions are investing a lot in mobile payment solutions. Also, service providers that operate in the field find mobile card processing reliable and efficient. Below is a non-exhaustive list of affected sectors:
Undoubtedly, these businesses can also thrive with cash and check transactions. Yet, the possibilities for growth are way more significant if they include digital wallets and credit cards in their daily operations. Running on-the-go businesses without wireless mobile payment processing capabilities can often be doomed to failure.
The advantages of digital payment options for both businesses and shoppers are immense and include:
Mobile experiences lead today’s digital economy. Hence, any forward-thinking company needs quick and secure mobile payment processing options. Elly can help you keep up with mobile consumer trends by offering unified software with global capacity and robust security.
Elly’s solutions enable clients to run their businesses at any location and accept all payment methods. Our platform is user-friendly and customer-focused. All you need to access and update customer information, add service offerings, and check reports and dashboards is a single app.