Alternative Payments

Are you saying "no" to mobile payments?
Your customers are using smartphones more every day for tasks that none of us even thought possible just a few years ago—controlling home security systems, setting thermostats and, yes, making payments with a simple tap. We use them to browse, compare and shop everywhere. In many cases, we’re more loyal to our phones than just about anything else. Start saying “hello” to accepting mobile credit card payments and giving your customers more ways to pay.
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Mobile credit card processing has been a hot topic for the last few years—with pundits on all sides of the equation. Yes, adoption of mobile payment tech has been slower on the uptick in the U.S. than expected. Why? Well, there’s no reason to change—the card infrastructure is strong and mature; and, people love their cards. Second, despite the swirl of commentary, there’s generally a lack of education—for consumers and businesses alike, about the function and security of mobile card payments. So what really matters? What your customers want—that’s what matters. Start with an understanding of what motivates active mobile payment users and see how Midwest Pay can help set you on the path to mobile payment acceptance.

Credit card payment processing for any kind of commerce

Speed and efficiency

How does “fast” factor into early adopters’ loyalty to mobile payments? Midwest Pay mobile payments are quick, simple and stress-free.

Convenience and ease

Don’t we all have a mobile phone with us, always? Mobile payments from Midwest Pay make transactions both easy and convenient.

Less hassle; more comfort

Does it get any more secure than your finger print? Give your customers some peace of mind by accepting mobile payments.

Mobile payment acceptance

Whatever your take, it’s hard to ignore facts. First, Pew Research Center estimates suggest that 68% of U.S. adults now own smartphones. That’s many adults, with millions of smartphones and lots of opportunity for mobile wallet payments. Second, led by tech giants with a decent track-record of predicting future consumer obsessions, NFC (or contactless) payment systems like Android Pay, Apple Pay and Samsung Pay are here. How will you go the mobile payments road?

How to make the move to mobile payment processing.

For many consumers, phones are the portals to their very consumer existence. If those consumers are among your customers, here’s how to approach your move to mobile.

Talk to your point-of-sale/payments provider or trusted advisor

Your payments need to be on-the-go and you need to be ready to accept payments from consumers on-the-go as well. Mobile acceptance and mobile wallets aren’t simple trends of the day. Whether it’s making sure that you can accept near field communication (NFC) payments that drive contactless services like Apple Pay, Android Pay and Samsung Pay, or have access to in-app payments, you need to be prepared for the emerging mobile wallet-driven consumer. Talking with your trusted advisors about your business, your customers, your existing payments acceptance technology and infrastructure is the place to start.

Make sure those providers are flexible payment partners

There’s no one-size fits all when it comes to mobile payments. Yes, it’s easy and tempting to move quickly to smart terminals, POS systems and other tech that enable mobile payments among other things, but you’ll be best served to think about mobile payments as one piece of your entire payments, and business operations, pie. Mobile payments don’t trump any other slice. They need to be considered in the whole picture pie. That means, considering them in the face of your entire business and payments operation needs.

Be agnostic

Your job isn’t to predict which mobile payment technology will live long and prosper. It isn’t the payment industry’s job, either. It’s the job of consumers. Consumers will be as loyal to device-types and smartphone brands as they are to shoe brands or any other brands. Be open and be careful not to drive consumers in the direction of a competing store or brand that’s working to make life easier and more convenient for them as consumers.

Let’s return to what’s motivating early mobile payments adopters.

Speed and efficiency

Consumers, and cashiers alike, no longer need to complete transactions with more time-consuming payment methods. Contactless scans or taps of a mobile device are as fast as, or faster than, other payment methods. There’s no fumbling through traditional wallets, and many retailers now integrate their loyalty-rewards programs with popular mobile wallets, meaning less for consumers to manage.

Convenience and ease

Mobile payments can help simplify checkouts for consumers. Fewer consumers go anywhere or do anything without their mobile devices in tow, and consumers liking mobile wallet payments exemplify this. Phones on-hand for them make transactions easy and convenient.

Less hassle; more comfort

Physical wallet fumbling doesn’t weigh on mobile payments users. Early adopters have cited the freedom from carrying cash and/or cards as a reason for use. The omnipresence of mobile devices in their lives is clear for users. Many mobile payment users also cite security measures associated with mobile wallets, such as advanced authentication like biometrics, as a comfort with using mobile wallets over other forms of payment. “It’s hard to replicate my finger-print if you’re not me.”

There’s a lot to think about when it comes to accepting mobile payment options in your store. Read on in the companion stories below as you consider and evaluate your mobile acceptance needs.