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 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.
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%
FinancesOnline employs our innovative SmartScore™ method to examine all the solutions in the Mobile Payment Systems category to help you get the best possible software. It pays attention to the following factors: main functionalities, collaboration elements, customization, integrations with other services, simplicity, customer support, security, mobility, ratings in media. As of now, Apple Pay is the leader in this category and our experts are really satisfied with it. Following detailed research and analysis it had the best results among its competitors and we strongly suggest that you consider it as one of the choices for your business.
An overview of general user satisfaction with the software in our Mobile Payment Systems category evaluated with our unique algorythm that gathers client reviews, comments and opinions across a broad range of social media platforms in order to help you make an educated buying choice.
Every vendor in the Mobile Payment Systems category will have a different group of pricing packages for its app and each package will include a different group of tools. Below we list the overal pricing for the most affordable package offered for each product. Keep in mind that advanced features may cost extra.
A summary of what kind of devices and operating systems are supported by the listed B2B tools in the Mobile Payment Systems category, including mobile platforms and web-based solutions.
Learn which languages and countries are served by the top B2B solutions in the Mobile Payment Systems category, including services intended for international markets and created for multi-cultural teams of employees.
Examine which pricing models are provided by the vendors in the Mobile Payment Systems category to see which one fits your business needs and budget best. Be aware that some solutions can provide free or freemium accounts for you to test first.
An overview of which kinds of customers a specific B2B service in the Mobile Payment Systems category provides for, from small businesses and non-profits to big enterprises.
A summary of what types of software deployement are offered by each B2B vendor in the Mobile Payment Systems category. Although almost all modern SaaS solutions are cloud-based certain services may offer an on-site deployment model too.
Post by Nestor Gilbert