Because they’re safe, quick, and handy, mobile payments are becoming more popular as a means to take in-person payments. In fact, by 2024, worldwide mobile payment volume is expected to reach $6 trillion.
Adapting to mobile payment technology is incredibly important for your business, especially because the expansion of Apple Pay and other NFC payments isn’t slowing down. From mobile money transfers to accepting NFC mobile payments at your company, this article will walk you through all you need to know about mobile payments.
What are Payment Apps?
Mobile payments (which include mobile wallets and mobile transfers of money) are controlled payments that happen on your phone. For example, instead of using cash, checks, or conventional credit cards to pay for things, mobile payment technology allows you to do it online. Payment systems can be used for “peer-to-peer” transactions or for paying at a physical location.
In contactless payments in a brick-and-mortar store, you pay for particular items or services at the checkout counter using an app on your mobile device rather than cash or a card. In this case, the company would require a certain sort of point-of-sale equipment (which we will discuss further below) to make the payment.
How Do Payment Apps Work?
Hold your mobile device close to the NFC-enabled payments terminal at the checkout counter to pay with it. To initiate the transaction, the reader must be within 2 inches of the source (cell phone). Mobile wallet payments are commonly referred to as contactless payments since there is no physical touch between your smartphone and the payment reader.
In a mobile wallet payment, your device and the NFC-enabled point of sale are essentially communicating with one another. They transfer encrypted information back and forth to process the payment using the precise radio frequency we mentioned before. All of this happens in a matter of seconds. One of the most appealing aspects of NFC payments is its speed.
Types of Different Payment Apps
Any transaction made with a mobile device is referred to as a mobile payment. The most well-known mobile payment mechanisms are mobile wallets and NFC payments. There are also other more sorts of mobile payments, including:
- Payments of the MST
- Payments through QR code
- Payments between mobile phones
How to Integrate Payment Apps?
To take cashless apps at your business, you’ll need point-of-sale equipment that supports NFC technology. It isn’t necessary to spend a lot of money on this. The Square contactless chip reader costs only $49 and accepts EMV chip cards as well.
It’s incredibly simple to start taking Apple Pay and Google Pay as soon as you have your Square mobile payments reader. Simply ring up a sale, wait for the green light to show on the scanner, then have the buyer pay by holding the phone over the reader.
If you are looking to integrate a payment app with your ecommerce store and you are on WordPress, you can easily integrate the app with the help of a plugin. If you don’t have a plugin available, you can use the API provided by the payment gateway app for ecommerce transactions.
Is it Safe to Use Payment Apps?
We’re grateful you inquired. This indicates that you’re being careful, which is appropriate. A token is given to the business when you pay using your mobile wallet. This implies that the mobile wallet does not disclose any of your account information with a shop, including your credit card number, expiration date, or CVV number. The merchant is given a token number that is typically random. To provide you even more peace of mind, none of your information is saved or monitored in mobile wallet apps (such as Apple Pay). It’s on your phone, and even if someone had access to your wallet app, they wouldn’t be able to recover it.
What are Safe Payment Apps?
Some of the best mobile payment apps that you can use for your ecommerce integration are:
- PayPal
- Stripe
- Quickbooks online mobile
- Freshbooks
- Venmo
- Authorize.net
There are many others that you can use for safe mobile payments, but these are some of the best ones. That is why we have added them to our list. You can easily create an account on any of these mobile payment apps if you are living in the US or Europe. If you are not in any of these countries, you will have to use a mobile payment gateway that is available in your area. Usually, banks offer payment gateway services for ecommerce stores and mobile apps. So, getting in touch with them to discuss your case will be a good idea. Or, you can also see what countries’ top payment gateway services support.
Charges
Mobile payments do charge a small amount as fees for payment transactions. The payments can range from 2.5% to 3% depending on the type of payment gateway used. If you are using two different payment gateways i.e. Credit card and PayPal, then the charges will be a lot more. On the other hand, if you are just using a single payment gateway like PayPal, the charges will be less.
Similarly, Apple Pay has a payment fee of 3% for credit card payments. PayPal has a 2.9% fee for credit cards and PayPal payments + 30cents fixed transaction fees.
Venmo only charges a small fee of $0.25 cents per transaction for Venmo to Venmo transfers. However, it charges flat fees of 3% for credit card payments.
Bottom-line
Mobile payment apps make your life easier by improving the way you pay for stuff bought online. Whether pay using your smartphone or through a desktop, mobile apps make the payment process seamless. They do charge a small fee for payment transfers but that is the maximum you will be paying.
On average, payment apps can charge from 2.5% to 3% depending on the nature of the device used for payments.
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