What is mobile payment processing?

Mobile payment processing is the process of taking money from a customer's credit card, debit card or checking account. Mobile payments are conducted with cards that have Near-Field Communication (NFC) technology, which allows the customer to simply wave their phone in front of an NFC reader for this transaction to complete. A mobile wallet app can be used to store credit, debit and loyalty cards. Customers can then complete the transaction with only one swipe of their phone.

How is mobile payment processing safer than traditional payment methods?

Mobile payment processing

What types of mobile payment processing exist?

Mobile payments can be made in three ways: via NFC enabled smartphones, via a mobile wallet app and via a payment card.

What is NFC?

Near Field Communication (NFC) — which was developed for the use in debit and credit cards — allows devices to establish radio communication by touching them together or bringing them into close proximity, usually no more than a few inches. When an NFC-enabled smartphone touches an NFC reader, it completes a transaction.

What are the advantages of using NFC?

According to The Strawhecker Group's Transaction Report for Quarter 3 in 2012, about 32 million Americans owned an Android or iPhone with the capability of supporting NFC. Of those 32 million people, 7 million used their phone to pay for something at least once in the three months before October 2012.

What is a mobile wallet app?

A mobile wallet offers all of the features and conveniences of your physical wallet, but in an electronic form that you can access on your smartphone or tablet computer. The mobile wallet keeps credit cards, debit cards, ID cards and loyalty/rewards cards in convenient one-stop storage.

What are the advantages of using a mobile wallet app?

Customers who use mobile wallets have seen an increase in sales, fewer returns and faster checkouts for their business. Additionally, when you're using a customer's phone to complete your transaction, you can build up rapport with them by asking about their day or business.

How do I accept mobile payment processing?

payment processing

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