Moving into the mobile payment space gives your business access to a portion of nearly $4 trillion in projected sales over the next few years. When preparing to offer this customer-preferred payment method, careful research can help you create a streamlined, safe user experience.
We've developed this detailed guide so you can make the right moves when it comes to mobile payments.
What Is a Mobile Payment?
Mobile payment means any transaction that takes place when the customer scans a smartphone, tablet, or watch or enters information on an electronic device for payment purposes. Digital wallet or banking apps connect your payment system with the buyer's banking information so you can complete the sale.
Widely-used examples of these apps include Google Pay and Apple Pay. Customers appreciate the speed, safety, and convenience of these types of transactions, which accounts for the exploding popularity of mobile payments over the past few years.
5 Types of Mobile Payments
These are the five most common types of mobile payments merchants may encounter when shopping for these solutions.
1. Browser-Based Transactions
Customers can make card-not-present purchases through the web browser on their smartphone or digital device. They simply enter the necessary information into your company's checkout form, whether they choose to pay with an electronic bank transfer (ACH), debit card, credit card, gift card, or payment app.
When you partner with Pay.com, you can create a customized checkout process for browser-based transactions. You can personalize every aspect of the experience to align with your brand for enhanced customer recognition and trust. Your audience can connect with your business anywhere they have a browser and internet connection.
2. QR Code Payments
Your company might already use QR (quick response) codes for anything from menus to promo coupons. These patterned black-and-white icons can be scanned to send users to a designated link where they can complete their purchases.
Many banking apps and mobile wallets support QR code transactions. They're especially popular in the restaurant and hospitality industry since customers can select and pay for their orders from one intuitive platform.
3. App-Based Payments
Like with browser payments, mobile app methods connect customers to your checkout so they can enter payment details. You might want to consider this option if your brand already has an app where your audience can purchase your products and services.
Transactions in this space benefit from both security and convenience - they take just a few clicks to complete.
4. Payment Links
Similar to QR codes, this method involves sending customers a secure link where they can pay for their order. Depending on your audience preferences, you can reach them right in their personal and social inboxes.
Pay.com offers secure Pay Links you can send through email or text message. When the customer clicks, they reach a fully personalized invoice where they can quickly and easily complete their transaction.
5. Mobile Point-of-Sale Payments
If your business has a brick-and-mortar location, you can use your mobile device as a convenient payment terminal. Pay.com provides a Virtual Terminal where you can manually enter customer credit card details to complete secure transactions on your tablet or smartphone. You might also want to try this solution if you usually sell products and services online, but have an opportunity to set up a table at a community event or take part in a pop-up shop.
The Best Way to Accept Mobile Payments
Pay.com can power a variety of mobile payment methods for your business. Our full-service solutions support digital wallets, debit cards, credit cards, ACH transfers, and many other customer-preferred ways to pay. You simply click to select the options you want to offer when you set up your account.
Your business and your customers will benefit from our Level 1 compliance with Payment Card Industry Data Security Standards (PCI DSS). We meet the highest tier security mandates with innovative protective tech like multi-factor authentication and tokenization.
If you're looking for a quick, easy way to begin accepting mobile payments, you'll be able to accept payments with Pay.com after a streamlined onboarding process. You can also dive deeper with our customized solutions for developers with APIs that flex to fit your existing ecommerce infrastructure.
It's all available for an affordable, transparent flat fee per transaction so you can avoid unexpected charges that cut into your profits.
The Bottom Line
Now that you have the basics about these five frequently-used mobile payment methods, you can decide which options are best for your business. Implementing preferred ways to pay such as payment links and browser-based transactions can help you attract a wider audience and appeal to your already-loyal customers.
Pay.com provides the support you need for a seamless mobile payment experience. We're ready to help you upgrade your existing infrastructure to better meet your business objectives. Click here to sign up now!