Most Of the Merchants Accept Card Payments On Phone and It Is Still Relevant
If seen, in today’s time, most people want online payment. Because carrying cash has become a problem. According to the UK Finance report 2019, the payment market is increasing rapidly because of the use of cashless payment mode like a credit card, debit card, electronic check, etc. 65 percent of adults have credit cards, 90 per cent have debit cards. In 2018 the payment volumes increased by 14% and reached a total of 39.3 billion payments. Cash payments continued falling by 16% to 11.0 billion payments in 2018. The leading cause for the downfall of cash payments is the increased use of debit/credit cards, and in particular, the increasing trending of contactless payments. 47 percent payment done via card by 2018 and can reach up to 61 per cent by 2024.
You are a business proprietor and want to accept credit card payments as well as debit cards on your phone without any hassle. So, no need to worry about which payment solution is the best for your business. We are happy to assist you and are at Quadrapay team. We are a reseller of various credit card processors that provide mobile credit card processing solutions.
How to Accept Card Payments On Phone Can Increase Your Profit!
It is easier to carry a card than cash, and this will probably increase your profit. The phone can be easily moved from one place to another, and in the same way, you can take payment anywhere through your phone. This solution is best for small businesses because customers or clients want to pay for goods and services with their card at their location. This is a quick and easy solution to accept payment over the phone.
Technologies Used For Mobile Phone To Accept Payment
- Near Field Communication(NFC). It is a short-range and high-frequency wireless technology. By using an NFC enabled POS(point of sale) device, the data is encrypted and accepts payment over a mobile phone. NFC can be used in a person-to-person transfer if both sender and receiver are present at the same place.
- Bluetooth Technology. It has a much longer range compared to the NFC. Bluetooth is probably faster, but payment processing is slower due to friction. Bluetooth technology can facilitate multiple credit card transactions at a time but not in NFC.
Solutions To Accept Card Payment on Phone
- Mobile Card Reader. This solution is easily connected with your mobile through a mobile app. In this solution there are two devices in use at the time: the first one is a mobile phone and the second is a mobile card reader. All major cards are easily read by the card reader and complete the transaction within a couple of minutes.
- POS Device. This solution is very demandable and highly used by the merchants. In this solution, there is only one device that is a point of sale. Pos system connects and does transactions with GPRS, Wifi, Bluetooth as well as lower internet speed. This device is easily portable from one place to another place. In this device card, readers are built and capable of accepting contactless payment also. This solution is fast compared to the mobile card reader solution.
- Echeck Solution. This solution is best for business if you process lots of checks in a day. It is a digital form of a paper check. By using this, you can accept payment from the payer account into your bank account. In the Echeck solution, paper checks are scanned and uploaded to the ACH network. After processing the amount is credited into your bank account within a day.
Benefits Of Accepting Card Payments Over The Phone That May Change Your Perspective
- Easy to Integrate with mobile devices like a smartphone or tablet.
- Supported majorly used OS platforms like ios and android.
- Low Monthly Fees.
- Low transaction processing fees.
- Easy to carry mobile credit card readers.
- Track your customer transaction and inventory.
- Fast Checkout.
- Easy to understand the user-friendly interface.
- Supported Magnetic tape and EMV Chip card payment.
- Accept credit and debit cards payment with the safety of card information.
Still, you are confused related to processing solutions. Contact us at [email protected]. Our 24×7 merchant support team will be happy to solve your all queries.