The fact is that most people use smartphones. So what? And the fact that this must be taken into account when developing your business. This is a given that we live with and need to adjust to. Or which we need to adjust to ourselves – here everyone decides for himself.
So, phones are among us, and payments with their help are commonplace. But, imagine, not every company has a service with which you can make purchases on your phone. It’s about time. And this article is another reminder that this is important.
And yes, in order to better understand the issue and benefit you, we will compare the various offers on the market. Let’s not waste time – let’s go.
The subject of the conversation
Mobile payment systems are, simply put, services through which you can make purchases using your phone. If some soulless robot were writing a definition, trying to explain everything beautifully, he would say: “This is not just a digital wallet, this is a new way of interacting with the world of finance.” And in some ways, by the way, he would be right. The interaction is really changing. Not only do you not need physical money – sometimes it is not necessary to enter even digital ones – the service will calculate everything itself.
There are several types of such technologies. And, of course, each has its own good points and unique opportunities. For example, there are mobile wallets where you can keep records of your bank cards and then, if necessary, quickly pay with them. There are also QR codes that used to annoy everyone, but now they feel very convenient. People, what to say. Another option is NFC (please do not confuse it with KFC), thanks to which you can pay for whatever your heart desires, just by attaching the phone where it should be.
What are the selection criteria
To be honest, everything is simple and banal here. But, as always, where everything seems very simple, in fact everything can be complicated and multi–step. And it is important to choose the right one. It’s worth starting with the fact that you generally understand whether this or that system is compatible with your business. After all, it is necessary that it be easily integrated into current processes. Few people like drastic changes. And I don’t want to invest huge sums in new technologies (although it may be promising).
By the way, regarding the amounts, this is the second criterion. Each operation costs money. As an entrepreneur, you need to understand what the commission will be, whether there are hidden payments. Is it profitable for you at all. And we also remember the saying “a miser pays twice.” Be generous and pay a little more at the start, so as not to go broke later.
The next thing is security. It will be very, very unpleasant if your customers’ data suddenly leaks into the wrong hands. And okay, just the data – the money itself may disappear. Then it will take an extremely long time to restore the reputation. It is better to take care of this in advance by choosing a system that is suitable for the level of protection. What should be basic there: encryption, two-factor authentication.
Almost the most important thing after security is ease of use. Still, your customers (and your employees) will need to interact with it. In this case, you can be guided by two indicators – the simplicity and intuitiveness of the interface.
And finally, think about the future. If you want to further grow your business, study how scalable the service you are currently considering is. The more flexible it is, the better.
The actual comparison
As always, there are many options. Let’s consider the main ones.
PayPal is a good old payment system that everyone has heard about for a long time. Everything is cool, but there is one “but” – the commission. It may be too big for a small business. Well, if you are ready to pay, you are welcome.
Square is just right for small businesses. The commission is small, it’s easy to use. But even here the problem is that it’s hard to scale.
Stripe is good for online stores. And systems from Apple and Google are well–known giants among mobile wallets.
What you choose depends on you. Read the more detailed terms and conditions on the services and make a decision.
Result
We briefly reviewed why payment systems are needed, what they are and how to choose them. We will not detain you any longer – go develop your business. Good luck.