Mobile Payments App: Factors To Consider When Selecting One

May 17, 2016/0/0

Mobile payment apps have become extremely popular, and considering the fast-paced lifestyles many people live, perhaps that should come as no surprise. Every day, transactions occur in retail stores and other physical buildings, but there are many advantages that can occur when a mobile payments app is used:

  • Allowing food delivery customers to pay on their doorsteps when items arrive.
  • Permitting people to pay for items at trade shows and get digital receipts.
  • Making it possible for street vendors to securely take credit card details.
  • Giving a taxi driver a tool to get credit card details in case a person does not have cash.

Although mobile payment apps are incredibly convenient, they are not all the same. With that in mind, there are numerous things to think about when selecting one for your needs.

Proper Credit Card Encryption

It is essential to choose a mobile payments app that thoroughly encrypts credit card details according to industry standards. Otherwise, your business could be at risk for lawsuits, not to mention, permanent damage to your reputation. Ideally, choose an app that encrypts payment data as soon as a card is swiped, and never stores sensitive data on the respective device.

Ability to Easily Handle Sales, Plus Process Returns

A good mobile payments app should do more than just help you sell items. Sometimes, products are not quite as customers expect, so they choose to return them. Although that outcome is not ideal for your business, it is still a reality you must anticipate.

That is why it is smart to select a mobile payments app that can help you swiftly process returns. Generally, the more smoothly you can complete the return process, the more likely it is your customers will not be so upset they opt not to do business with you in the future.

A Report-Generating Feature

Analytics are often at the heart of a business that consistently performs well. By constantly staying on top of sales data, company leaders can gauge whether current sales levels will allow the company to meet targets, or if adjustments need to be made as soon as possible.

If you specifically look for a mobile payments app that has a built-in feature to generate reports, it is easier to quickly access the information. Without that type of assistance, you might be forced to reduce sales insight to mere guesswork, or at best, spend far too much time trying to retrieve the necessary figures.

Capability to Create Digital Receipts

Depending on your sales environment, it may be impossible to use traditional printing equipment to make receipts, especially if you are in a place without electrical outlets. Fortunately, many leading mobile payment apps can create digital receipts and e-mail them to customers. Furthermore, you may be able to electronically capture signatures, meaning you do not even have to have a pen handy when closing a sale.

Although these are not the only features to keep in mind when evaluating mobile payment apps, they are certainly some of the ones you will most likely need to use regardless of your industry. Being aware of them could help you pick your preferred app more quickly.