How Mobile Payment Applications Can Help Your Business

Many of us may not realize that the online payments and money transfer application PayPal has been around since 1998. In recent years Apple (Apple Pay) and Google (Google Wallet) joined the fold, as well as many others. These digital wallets have changed the way consumers interact with businesses.

Currency, like many elements of our day-to-day life, has shifted towards supporting the online realm. Providing customers with the option of mobile payment may help you increase your sales and customer loyalty. You will be able to provide a fast and easy way for people to get what they want and need.

Now the hard part; which application should you partner with? We will list the features of PayPal, Apple Pay and Google Wallet to help you make a decision.

Tokenization is used in all applications. This means that merchants never see the consumers’ actual credit card information. Also each application requires near field communication (NFC) technology and most require the merchants to pay a fee to use their services.

Apple Pay puts a lot of emphasis on security. Apple uses a security measure called Secure Element. This feature is a one-of-a-kind finger print reader that protects transactions and customer information. Customers do need to have the new iPhone6 to use Apple Pay. Around 220,000 merchants support this application currently.

Unlike other applications, loyalty cards and gifts cards can be stored on Google Wallet. This application can also be used to send money to friends. Google Wallet allows businesses to accept payments both online and in-store. The application stores customer’s information and money in the Cloud which allows it to be available to more places, but opens doors to more security issues.

The big difference with PayPal is in the way that people pay. When customers walk into your store, they need to check-in. With the feature, people need cellular reception.

Now that you have some information, you need to decide which application will best suite your business and your customers. As a business, it is important to understand where the world of retail is heading and how you can keep ahead of the curve. If you would like help with mobile applications and marketing, please call 778-471-5953.