May 11, 2016
Part 4 – Consumers’ and Retailers’ Guide to Mobile Payments: Merchant Acceptance
This is part four of a four-part series. Missed the first posts? Check out Part 1 -Consumers’ and Retailers’ Guide to Mobile Payments and Part 2 – Consumers’ and Retailers’ Guide to Mobile Payments: Mobile Wallets and Part 3 – Consumers’ and Retailers’ Guide to Mobile Funds Transfer Applications before you read on.
As a merchant, it can be difficult to keep up with quickly evolving payment technologies. You’ve recently had to adjust to EMV card acceptance. Are you prepared to accept mobile wallets and other forms of electronic payments? Here are some of the most popular technologies retailers can use to accept mobile payments.
- Devices: The Flint app is downloadable on a majority of mobile devices.
- Software: Download the Flint app to accept payments from credit and debit cards.
- Capabilities: Allows retailers to scan credit and debit cards to accept payment and sends customers invoices and receipts electronically.
- How it works: With the Flint app, retailers use their mobile devices to snap photos of credit/debit cards in order to run a transaction. The retailer can then send receipts to customers electronically.
- Where it works: Any business can get the Flint app on their mobile device to expand payment options to customers.
- Devices: With purchase of Square’s card-reading products, any mobile device or card can be accepted.
- Software: Point-of-sale (POS) systems that accept swipe card payment methods, EMV and NFC technology, a contactless data transfer system that works between devices that are within eight inches of one another.
- Capabilities: Expands payment options for customers by providing a way for merchants to process payments using mobile devices.
- How it works: Purchase any of Square’s three card-reading products to accept payments on a majority of mobile devices. The magstripe reader is inserted into the AUX plug (headphone jack) of a device and allows any credit/debit card with a magnetic stripe to be swiped. The Contactless + Chip Reader accepts NFC software; customers wave or tap their devices near the Square reader to make payments. The Stand connects to an iPad to process payments; it includes swiping capability for all credit and debit cards.
- Where it works: Any business can purchase these products from Square.
- Devices: With purchase of PayPal’s card-reading and NFC-compatible products, any mobile device or card can be accepted. With the download of PayPal’s software, retailers can accept payments online or use a computer or mobile device to allow for the transfer of funds directly from the consumer.
- Software: POS systems that accept EMV, NFC and swipe card payment methods. App and online technologies used to send or receive funds or collect payments online.
- Capabilities: Expands payment options for customers by providing a way for merchants to process payments using mobile devices and online payments. The software also allows for businesses to send and receive funds electronically from their bank account or credit and/or debit card.
- How it works: PayPal Here offers a variety of products to accept payments. PayPal’s card-reading products allows merchants to accept payments by attaching the products to mobile devices or purchasing separate card-reading or NFC technology readers.
- Where it works: Businesses can purchase these products from PayPal to accept payments at POS locations or download the app to transfer funds and accept payments online.
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