What Merchants Should Know About Mobile Wallets

What Merchants Should Know About Mobile Wallets

Are you a business owner who processes credit cards for your company? Do you want to stay on top of the latest technology available to collect your credit card payments? Do you want to offer your customers an easy way to make their payments through their mobile phones?

If you are in any of these categories, then you may improve the efficiency and productivity of your business by learning how mobile wallets operate.

Essentially, a mobile wallet is the name given to financial transactions conducted over the phone. Some of your customers may feel wary of trying to conduct business over their Smartphone, but the technology of the mobile wallet makes it safe and secure. Best of all, your customers can pay you quickly, easily, and efficiently — all with the click of a few buttons on your mobile phone.

Here are a few categories to learn about when educating your clients on the safety and ease of the mobile wallet:

Security Features

Inside every Smartphone is a safe and secure “smart chip” that allows financial institutions to access a client’s account information. This chip is entirely different from the memory chip inside every mobile phone that stores important data such as apps, address contact lists, videos, and photos. Your clients can rest easy when sending their financial payments via their mobile wallet because the secure smart chip keeps their personal information safe and protected from hacking via several layers of security designed in the smart chip.

In addition, Smartphones feature an a Near Field Communication (NFC) antenna and controller and antenna. This additional security feature allows a client’s financial payment to travel safely to a creditor or business.

Finally, a feature called the “Trusted Service Manager (TSM)” securely connects a credit or debit card to a client’s mobile wallet. In just a few seconds, the Trusted Service Manager feature allows client’s to enter their account numbers into their mobile phone wallets. TSM authenticates the account, and then the client is free to use the mobile wallet to make payments.

Ease of Use

Not only is the mobile wallet secure, but it is easy to use. From a Smartphone, the client can manage his accounts and pay creditors with a few taps on his mobile phone key pad.

The Trusted Service Manager feature integrates a number of different credit and debit card numbers onto the Smartphone, as well as gift cards and loyalty accounts so that wherever clients go, they can select the right account from which to draw payment for the services and products they need.

In addition to these easy-to-use features, a mobile wallet helps a customer keep track of her transactions on her mobile phone and do a number of other important tasks as follows:

  1. A customer can create and change her PIN number that she must enter each time she makes a purchase with her mobile wallet.
  2. A customer can scroll through the list of integrated debit and credit cards on her mobile phone and select from a library of cards for different purchases.
  3. A customer can check his balance on a prepaid account or view the number of points accumulated in a loyalty program for a store.
  4. The customer can get a full history of all his transactions and receipts from his mobile wallet purchases.
  5. A customer can search for store promotions using her mobile Smartphone, check on offers and coupons at her favorite stores, select rewards or discounts from these stores, store these discounts and coupons, and finally apply them to her current transactions whenever she is ready.
  6. Once a customer has made a purchase using the mobile wallet, he can sign up to receive a digital receipt that will be stored in his mobile wallet.

Equipping Your Business

Your business will need to make a few modifications in order to accept mobile wallet payments. You’ll need to partner with a company that makes electronic payment hardware and then upgrade your current equipment. Industry experts expect this will cost the business owner about $10-$15 per processing machine and includes new software downloads.

Learn more about how you can make your business grow by learning about mobile wallet technology. Mobile wallet technology allows your customers to make quick and easy payments to you directly from their bank or credit card accounts all with a few clicks on their mobile phones. If your clients have Smartphones, then they may be good candidates for the mobile wallet.

Learning about the mobile wallet and its unique features will help your business in the long run. You can teach your clients about mobile wallet technology and encourage them to pay you through this system. While some customers may not trust mobile wallet technology at first because of potential security threats, you can assure them that the technology is secure because it uses a high-tech encryption service. For quick and easy cash and credit payments to your business, educate your clients on mobile wallet technology today. You will revolutionize your business one mobile phone at a time!

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SMB Reviews
SMB Reviews 473 posts

SMBReviews is committed to providing small and mid-sized business owners with the information and resources they need to select the best service or product for their company.

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