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accepting mobile payments

Three Things to Consider When Thinking About Accepting Mobile Payments

By Lori Stafford-Thomas

As consumer adoption and usage of mobile payments grows and new technologies gain traction in the market, forward thinking retailers are getting serious about implementing mobile payments in their businesses. But many business owners are unsure about how to take the next steps.  Read on and we’ll discuss some key elements to consider as you head down the mobile path.  

1. Talk to your POS provider

A good POS provider is an expert when it comes to payment technology. If you have had a good experience with a POS provider in the past, that is an excellent place to start.  A trusted provider has valuable insight when it comes to understanding your business and your unique technology needs.  They can help you assess your current situation, your desires for the future, the technology available, and how industry trends are likely to impact you in the future.    

2. Use a reliable and flexible payment processor

Some payment processors only work with one form of mobile payments, which can significantly limit your customer base.  Make sure your processor has the flexibility to accept a range of mobile payments technologies so you don’t unwittingly eliminate mobile wallets that aren’t compatible with your processor.  Also, make sure your payment processor has the payments technology needed to keep your mobile transactions secure, like tokenization and encryption. 

3. Be digital wallet agnostic

Don’t limit your customers and your business to one particular mobile wallet. In much the same way you want a flexible payment processor, you need to be a flexible merchant and allow your customers to use the mobile payment of their choice.  Fortunately, many of the top mobile wallet providers require the same hardware, a NFC terminal, to facilitate a payment. NFC stands for near field communication and enables the technology in a mobile phone to communicate with the technology in the terminal device attached to the POS system. There are many different NFC terminals on the market to choose from, so talk to your provider about one that makes sense for you.      

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