What are Mobile Merchant Accounts

Merchant Services Q&AWhat are Mobile Merchant Accounts
Bankim Chandra Staff asked 7 months ago
1 Answers
Bankim Chandra Staff answered 7 months ago

Let us quickly understand what are mobile Merchant Accounts or Mobile Merchant Services.

In the world of cashless payments or some may even call it virus free payments customers prefer to make payments by using there credit and debit cards. The retail credit card terminal that you see at all stores are basically mobile merchant accounts. Similar solution that utilizes Mobile Merchant services is an add on device that you can connect to your android or iPhone device. The card readers can be used to process transactions.

After the pandemic of 2020 almost every where in the world customers are preferring virus free payment gateways. The technology used in these modern mobile merchant accounts is of NFC. This way customers do not have to handover the card to the merchant. they can just tap and pay.
Our understanding is that in coming years keyed in transactions will be less and NFC transactions will be more.

Factors to Keep In Mind When You Signup For A Mobile Merchant Account

  1. What is the cost of the device. How are you going to make that payment. Compare with the offer of 3 providers and choose the cheapest one that offers same high quality device. One time or With Monthly Bill Or You will just pay the rent. Mobile merchant account providers usually offer 3 options. Either you can pay the cost of the device at the start of the agreement, Second option allows you to pay a fixed fee for 12 or 24 month. After that time period you dont pay anything for the device. The last option is that you keep paying the rent of the device till the time you use the mobile merchant account. We suggest that the first option is best. If you are unable to pay the cost of the device then the second option may be chosen. The third option may keep you stuck with an out dated device for long time. Let us understand there is a cost of the device. Some one has to pay it. If the Mobile Merchant account provider is paying the same and taking part payments from you then it may charge some additional amount. Its pure business and is totally rational.
  2. Quality of the device. Some providers may offer old or refurbished machine. These machines are OK for usage however who would want to show a refurbished device to the customers. Ask your provider if they can give you a brand new machine.
  3. Rate of Transaction. Monthly Fee. Negotiate with your Mobile Payment provider about the charges you pay for each transaction.
  4. Support. Make sure you check the support options. The provider should offer robust technical support as these devices are complex and some times can stop working properly. If the support is not optimum then you may not be able to accept card payments thus it will result is loss of business.

At Quadrapay we have the ability to offer brand new mobile merchant accounts in the European union. Our Partner providers are will known and are very competitive.