In the past, credit card payments could only be accepted with the help of a bulky machine. As a result, merchants were tied down to the location where they had their machine installed. Fortunately, as technology has progressed, it has made it easier to accept credit card payments
Not only is it now possible for merchants to accept credit card payments online, but there are quite a few more options for accepting these payments in person. If you’ve decided that you’re ready to update your old machine and are evaluating the different options that are available, here are the most important things you need to know about accepting mobile payments:
Square and PayPal Aren’t the Only Two Options Available
Because one of its cofounders is also a cofounder of Twitter, Square receives a lot of media attention. And as a result of all this attention, PayPal recently launched their own mobile payment competitor. Both of these options make it possible to process mobile credit card payments by plugging a small dongle into a cellphone. Credit cards can then be swiped directly through the dongle.
While both of these companies are bringing more awareness to what can be done with mobile payments, it’s important to understand that these aren’t the only two available options. Additionally, there are potential downsides to both products. In 2011, Square was criticized for not being secure enough. And because PayPal just launched their platform, chances are there will be at least a handful of major issues that need to get ironed out.
Security Needs to Be a Top Priority
When it comes to comparing mobile processing solutions, security needs to be at the top of your list of features. While being able to process payments on the go is incredibly convenient, you don’t want to choose a solution that’s going to create security holes. That’s why you will want to choose a reader that has enhanced security features. Additionally, it’s best to choose one that’s capable of performing instant card authentication. The reason this feature is important is because it will give you a line of defense against cards that have been altered or are completely counterfeit.
Don’t Forget About Dedicated Readers
Credit card readers like the BT90 and iDynamo are great because they can plug directly into your cellphone. While these work well in a lot of settings, don’t automatically disregard dedicated wireless terminals. There are several reasons a dedicated machine may actually be the best option for your needs. Although cellphone companies can leave a lot to be desired in terms of service and coverage, dedicated readers harness specialized 3G technology to provide the best and most reliable coverage possible.
Two other features to consider are battery life and sharing. Because wireless terminals are specifically used for processing credit card payments, their battery is designed to maximize the number of transactions that can be completed on a single charge. And since there’s a good chance your employees will be processing credit cards, it makes more sense to hand them a dedicated machine instead of your cellphone.