Mobile payment systems is a vast term that includes payments made at restaurants with your phone, a card swiped on a friend’s tablet, and money transfers made with your mobile device to your contacts. Mobile payment systems include everyday transactions made with an app or mobile wallet, point of sale payments done by tapping your phone on the card reader, closed loop mobile payments facilitated by companies like Starbucks for faster ordering, carrier payments facilitated by your cell phone company, and mobile card readers that you can plug into your tablet or phone to accept payments on the go. You can download a mobile payment app to make payments and top phones nowadays come with a built-in mobile payment feature. Start by checking our leader Apple Pay, and other recommended solutions in this category.
Mobile payment systems are a boon to consumers and businesses as they are fast, secure, and convenient. There are a number of mobile payment apps available in the market. So, how do you do educated comparisons to select the best mobile payment apps for your business? We help you in this task by detailing the main features and factors you should look for in your selection process.
Start your search for the best mobile payment tools by signing up for the free trial or demo offered by leading vendors. This will enable you to perform a general comparison of features and gauge each app’s suitability for your needs. We recommend you shortlist the following programs and try them out: Apple Pay, Samsung Pay, and PayPal. These platforms have received high rankings and good reports in our mobile payment app reviews.
Best mobile payment systems offer convenient solutions that can be used by consumers, retailers and restaurants, merchants, and other businesses.
There are 4 main types of mobile payment systems:
Focus on mobile security. The growth in the mobile payments sector has attracted the attention of hackers and fraudsters who think it is a new opportunity to steal consumers’ payment data. Therefore, mobile payment providers are focusing on improving security by using technology advancements such as tokenization which replaces your financial data on your device to provide extra protection. This kind of technology ensures the info hackers can get their hands on becomes totally useless.
Greater mPOS adoption. Merchants are increasingly adopting mobile point-of–sale (mPOS) systems as they are encouraged by the safety and ease of use provided by mobile payments. ABI research predicts there will be about 51 million mPOS devices by 2019. This is about 50% of the current number of POS systems. Many retailers have designed a business model that allows the use of both types of platforms.
Outdated infrastructure and technology. Mobile payments are less costly than conventional POS systems but you still need to invest in new hardware like terminals or phones that support Near Field Communication. In short, if you don’t have a smartphone or use an older credit card terminal, you can’t accept mobile payments. Plus, you need updated infrastructure and a reliable internet connection to process mobile payments. This can be an issue for small businesses in developing countries.
Read the fine print. Mobile payments are undoubtedly convenient for consumers and businesses. But businesses need to pay a price for them. For instance, a mobile payment processor like Square charges a 2.75% swipe fee for transactions. For each manually entered transaction, they charge 3.5% plus $0.15. Therefore, make sure to read the fine print about processing fees to learn exactly what it will cost you to accept mobile payments.
Our Score 9.8
User Satisfaction 98%
A mobile or storefront payment processing application with proprietary card-reading devices. Read Reviews
Our Score 9.6
User Satisfaction 81%
Our Score 9.5
User Satisfaction 99%
Our Score 9.4
User Satisfaction 97%
Our Score 9.2
User Satisfaction 100%
Our Score 9.1
User Satisfaction 87%
Our Score 9.0
User Satisfaction 100%
Our Score 8.9
User Satisfaction 85%
Our Score 8.8
User Satisfaction 95%
Our review platform makes use of our proprietary SmartScore™ mode to test all the applications in the Mobile Payment Systems category to help you choose the best possible service. It analyzes the following aspects: main components, collaboration capabilities, custom elements, integration, user friendliness, help & support, how secure a software is, mobile support, general media ratings. At the moment, Apple Pay is the leader in this category and is recommended by our experts. Following extensive examination it got the best results among its competitors and our experts strongly suggest that you consider it as one of the options for your company.
A summary of total user satisfaction with the services in our Mobile Payment Systems category evaluated with our unique algorythm that collects client reviews, comments and opinions across a broad set of social media sites to help you make an educated buying choice.
Each vendor in the Mobile Payment Systems category will offer a different group of pricing packages for its product and each plan will include a varied group of features. Below we list the overal pricing for the cheapest plan available for each product. Keep in mind that advanced features may have an extra cost.
An analysis of what kind of devices and operating systems are supported by all B2B solutions in the Mobile Payment Systems category, including mobile platforms and web-based solutions.
Learn which languages and countries are supported by the best B2B services in the Mobile Payment Systems category, including apps aimed at international markets and created for multi-cultural groups of employees.
Examine what pricing plans are supported by the vendors in the Mobile Payment Systems category to check which one suits your business requirements and budget best. Keep in mind that specific services can support free or freemium accounts for you to test first.
An overview of what kinds of clients a selected B2B service in the Mobile Payment Systems category provides for, from small businesses and non-profits to big enterprises.
A summary of what styles of service deployement are provided by every B2B vendor in the Mobile Payment Systems category. Even though almost all modern SaaS services are cloud-hosted there are solutions may offer an on-site deployment model too.
Post by Alex Hillsberg