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Friday, November 13, 2015

Mobile payments and the future of the credit card processing business

Convenient payment options builds brand equity

By Lautaro Martinez

Technology moves at a rapid-fire pace and retail systems are no exception. Sleeker, more innovative equipment is making its way onto the market and business owners are taking notice. Fattmerchant is a part of that innovation, providing mobile payments that will help streamline your business. 

Mobile payments are going to be a big part of the future of the credit card processing business, and companies like Fattmerchant are out ahead of this technological wave. Here are just some of the ways in which mobile payments are changing the retail game.

They’re a major convenience booster

Almost everyone has a smartphone, and the capability to turn that smartphone into a terminal is a major increase in speed for the user. Fattmerchant works with RIM OS, iPhone, and Android phones. You download the Fattmerchant app; there is no extra equipment necessary. You can begin swiping once the app is installed. Many functions are available; discounts, taxes, and tips can all be processed with this app. Accepting payment while “on the go” will allow you to generate revenue faster than you would if your payment process were more stagnant. Innovation engenders innovation, meaning that an innovative payment system allows your business the flexibility to try new things that couldn’t previously have been accomplished without “on the go” mobile card processors.

Returns and refunds—No problem

Refunding someone’s money or accepting a returned product might seem like it can’t be covered by a mobile app, much less one that doesn’t require any additional equipment. Fattmerchant’s app is actually able to do that. Refunds and returns are configured with the system, simplifying a process that may not seem to be mobile-compatible at first.

Amex and Discover aren’t an issue

Discover Card and Amex (American Express), both cards that may cause other merchants trouble, are not an issue with Fattmerchant’s software. These two cards are included in Fattmerchant’s pricing plans with 0% markup. They’re also funded the next day, no typical 48-hour waiting period. This relates to mobile payments because it’s important to remember that Fattmerchant software plans extend to even this revolutionary, new way of paying. The mobile payment app isn’t more difficult or complex to use. Simple, easy transactions exist across the board.

Wide-range wireless support

The Fattmerchant app is supported by all major wireless carriers, meaning that there isn’t a lot of finagling and hassle to attempt to get it to work. In combination with the major phones it services (iPhone, RIM OS, Android), the app, along with all the other software options Fattmerchant offers, uses the National Processing Company as its primary processing system. The base of people who can accept mobile payments grows because, as aforementioned, almost everyone has a smartphone and is supported by a major wireless carrier. Mobile credit card processors mean that you’re not limited to terminals; the options for payment are widely expanded.

Protection still a priority 

Mobile payments don’t require a tradeoff. It’s not necessary to give up security in exchange for the convenience that paying by app provides. The mobile payment system is still compliant with the Payment Card Industry Data Security Standard, which is a set of guidelines and standards by which companies have to comply. The PCI DSS standards ensure the protection of customer data and private information. This mobile app is compliant with PCI DSS standards, so there is no need for a heightened concern about privacy simply because the process itself is functionally simpler.

Mobile payments are a vital component of the future of the credit card processing business. They follow the general trend of technology as we progress through the 21st century: faster is better. Payments are made simpler and hassle-free with the click of the download button. Convenience is the key with Fattmerchant.  

About the author:  Lautaro Martinez is a small business owner and freelance writer who is constantly striving to run his business smoothly and effective while staying up to date with the latest technlogy. If you would like to learn more about Lautaro, you can check out Google+ profle