Mobile Wallets & Your POS Systems in Your Business
Between the success of Apple Pay and Google Wallet , it’s clear consumers are accepting and expecting businesses to provide the convenience of mobile wallet solutions. At what point should you jump in? Before you decide if implementing mobile pay is right for you, it’s important to do some homework. You can contact CobraPOS for more information on this subject.
Know how mobile payments work. Both Apple Pay and Google Wallet work through apps that use a wireless connection and near field communication (NFC).
To accept mobile payments this way, the point-of-sale (POS) device must have NFC technology installed. If your POS system hasn’t been updated, an upfront technology investment might be necessary.
Transaction fees are similar to the fees paid with credit card transactions.
Mobile payments are reportedly more secure than credit card swipes because the technology ‘tokenizes’ critical data, such as passwords and pins by translating the information into symbols. In addition to other safeguards, liability for the business decreases.
The consumer jury is still out on which technology platforms they’ll adopt for the long term, but as we’ve seen time and time again, the winner will be whichever is easiest to use. So, talk to your customers and make a move when it’s right for your business.
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