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. Show moreYou 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.Show less
In order to create this list of best Mobile Payment Systems we have checked 121 leading apps currently available on the market, analyzing their features, how easy are they are to learn, client service, possible integrations with other systems as well as mobile support with our unique SmartScoreTM rating algorithm. This list has been created by Nestor Gilbert, our software expert dedicated to the Mobile Payment Systems category.
An innovative POS solution designed to help businesses sell more efficiently and process payments with ease to improve customer experience and grow their bottom line. Lightspeed Payments provides all the tools you need to offer a fast, secure, and consistent checkout experience, whether in-store or online.
A game-changing mobile payment system that delivers an exceptional shopping experience to Apple device users. It is an intuitive platform that lets consumers make fast and secure payments on the web, in apps, and in-store, wherever they buy goods or services.
A robust mobile payment app and credit card reader designed by QuickBooks to help businesses accept payments anytime, anywhere. QuickBooks GoPayment allows you to accept all major debit and credit cards, and also functions as a mobile wallet for the consumers.
PayPal Payments Pro integrates merchant accounts and payment gateways into a unified solution, enabling users to process payments easily. It's built on PayPal’s technology that can handle credit card, mobile, and retail card payments. What’s more, it doesn’t require buyers to have a PayPal account.
A reliable mobile payment system designed to help retail businesses and restaurants accept payments more securely, easily, and quickly. It’s a flexible solution that lets you accept card payments the way you want on phones, tablets, PCs, or the web.
An all-in-one payments platform that provides flexible features to help businesses deliver seamless payment experiences. It helps unify commerce customer journeys and accept payments on mobile and at the point of sale. It also supports global payments, which is an excellent feature for businesses that want to expand globally.
A PayPal-owned payments app designed to simplify the digital payment experience for users. Businesses can tap into the capability of this app and allow customers to quickly check out on the web, app, or mobile device. Millions of consumers use this digital wallet to make and share payments.
A scalable payment processing solution for businesses of different sizes and types. Sage Payment Solutions makes it a breeze to accept and make payments, anytime, anywhere. It also integrates with Sage accounting products to help manage all your money from one system.
A strongly secure and compliant multi-assets currency storage, exchange, and transaction platform that enables users to trade between national currencies, cryptos, and more. It operates in more than 35 countries and accepts 27 national currencies, 30 cryptocurrencies, and up to 4 metals.
A powerful point-of-sale tool for the food and retail industries. It offers an extensive range of sales management tools that can be accessed via its Revel Assistant tool, a smart Management Console. Its other features include kitchen management, product management, menu building, and employee management.
A payment integration for processing payments for advanced and premium features.
A secure and customizable payment management system for marketplaces, crowdfunding platforms, and collaborative economy players; supporting multiple currencies, and local and international payment methods, and employing anti-money laundering methodologies.
Mobile payment tools 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.
It’s simple. Mobile payments systems leverage near field communication (NFC) technology to work. Typically, when mobile devices and payments terminals are close together, they communicate wirelessly to complete the transaction. Essentially, when the two devices are two inches close to each other they pass encrypted information using specific radio frequency to get the transaction rolling.
A mobile wallet is simply a digital wallet that is accessible via a mobile app. The app provides a secure channel to add or update bank details linked to a debit or credit card. Once the details are authenticated, you’ll no longer require the physical cards to make payments. You simply authorize the payment on your phone at the point of sale system to complete the transaction.
Pricing details are a vital consideration when you analyze SaaS providers. Ask the vendor if they offer price protection and contractual flexibility. “Shelfware” has become a major problem in SaaS licensing as customers end up shelling out for more than they need. Plus, to get pricing predictability, consumers are forced to subscribe to long-term contracts. Make certain you don’t get saddled with perpetual licensing and get locked in for a long time with a single vendor. Ask about easy exit policies that enable you to move on to another provider if you are not satisfied with the services provided by the current one. Select a provider that offers a convenient standard annual termination facility as well as long-term price protection.
Another important aspect to consider is whether the cloud provider meets compliance and security requirements. Your business is accountable to staff members, consumers, business partners, and regulators. Therefore, you should choose a provider that has deployed a technically sound and comprehensive security program. Map your security control needs such as availability, integrity, confidentiality, privacy, and accountability to the provider’s capabilities. Ask the potential provider about the processes and systems they use to protect your sensitive data. Do they meet general as well as industry-specific compliance and security regulations? Do they provide special measures to meet the unique security needs of your specific industry? Get satisfactory answers to these questions before you make the investment.
The best mobile payment system is Revel Systems POS, a cloud-based, iPad point-of-sale solution for every type of business. Being one of the leading POS systems, the platform has carved a name in the niche thanks to its speed, security, and stability of payment processing. Besides, it offers flexible features that are designed to scale with your business.
Revel Systems POS has remained in the fore of POS innovation and it’s therefore unsurprising that the system is used by more than 20,000 businesses. Beyond the iPad as a POS, which the vendor pioneered, the platform offers advanced reporting, customer display screen, and self-service kiosk. The features work in unison to streamline customer checkout, overall order accuracy, quality of service, and customer experience.
Merchants, regardless of the industry or size, have embraced mobile payments. This mainly because these systems deliver multiple benefits which include:
To deliver the benefits mentioned above, mobile payment systems should include a set of standard features. These features include:
Mobile payment systems are designed to simplify payments, as a result, they are generally easy to use. We analyzed numerous products on the market today and found the following systems to be the easiest to use:
Mobile payment systems are typically free to use for specific transactions. However, there are certain fees associated with the services they offer. The following solutions were the best in terms of their fee:
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