The shift towards mobile payment processing in recent years has been fast and significant. The technology that allows us to use our phones to make payments for goods and services has changed the way that we shop, how we consume, and has opened up a whole world of possibilities for businesses that function within myriad industries.
Finding a payment processing system that works is therefore a vital part of a business plan these days and becomes an even more crucial component of a business that is deemed high risk by traditional banks and lenders. In these cases, there will be a need for a high risk merchant account, providing a stable, secure, foundation of processes and protocols that allows a business to accept mobile payments.
What is mobile payment processing?
Mobile payment processing is the process by which a business can accept payments in-person or online using mobile technology. This can either be through a traditional card insertion for chip and pin, NFC technology for contactless payment cards, or the use of mobile wallet payments. These include:
- Mobile point of sale (mPOS) – this is a smartphone, tablet, or wireless device that acts as a point of sale and is used by retailers, restaurants, and taxi drivers to name a few.
- Mobile payment wallets – an alternative payment method where card information is stored in an app on a smartphone – think Apple Pay and Google Pay as the two major examples.
- Online transactions – mobile e-commerce is any online sales transaction where mobile devices communicate with nearby computer networks to process transactions.
- Peer-to-Peer (P2P) payments – this includes mobile apps that make it easy for payments to be split between multiple customers, as you might wish to do with a larger party in a restaurant for example.
What do you need to process mobile payments?
There are a few things that a business needs in order to process mobile payments. High-risk businesses will have the expertise and guidance of a high-risk merchant account service to offer a payment service that is robust and efficient.
An NFC or QR Code reader
An NFC reader is necessary technology that allows for contactless payments from both mobile processes and card payments. All the customer has to do is tap or wave their mobile wallet app in front of the device and payment is taken. QR code payments have become popular since the Covid lockdowns and restrictions in particular, allowing customers to access goods and services, order and pay through a link and a QR code.
It is vital that your business and payment process follows all compliance and regulations. Any credit card data must be secure, with anti-virus and other protective software updated regularly to ensure that all transactions are as secure as possible between customer and business.
Find the right cost to suit your business
Always take your budget into account when evaluating your choice of mobile payment processing apps and the devices you’ll need. There will be flat fees for some, transaction fees for others, and a whole host of add-ons available in most cases. Look at each option and how it fits with your business needs and budget.
Solid customer support
This is a prime concern for a high risk merchant in particular. Finding a payment processor and mobile payment gateway that has significant, speedy, and efficient customer support is vital. You’ll most likely require a fast response from customer service should you need to pick up the phone due to the system being down temporarily or an urgent query about a specific transaction. Choose wisely when working with high risk merchant account services.
A variety of payment methods
The best mobile payment systems consider the flexibility required from a modern business. If you wish to accept a variety of payment types, device types, credit and debit cards, and international payments and transactions, your payment system needs to reflect that.
The benefits of a high-risk merchant account
If you want to accept mobile payments but your business is deemed high risk or works within a high risk industry such as gambling, it is important that you find a high risk merchant account service that you can trust. A business with access to a high risk payment gateway can plan with confidence, processing credit card transactions and mobile payments across multiple currencies and international payments.
Even if you have poor credit and have suffered financial setbacks in the pact, you deserve the support and guidance to move forward. It will also provide you with protection against chargebacks and potentially fraudulent activity, with a reserve account providing that safety net you need.
Finding that level of expertise and support that a high-risk merchant account services offer is a vital part of any growing business. Allowing for mobile payments has changed the landscape for many businesses.
It truly has opened up the possibilities for a small business to accept payments from people in a rush, those who have forgotten their cash and want to use their phones, or those who wish to pay through an online payment system using their online wallet. High risk merchant accounts help a high risk business to find that solidity and balance to build from, accepting payments from mobile payment processing systems and having the security to back it up.