Why should the rise of mobile payments matter?: The concept of using a mobile device to initiate a process of financial transaction is not very foreign. It has been around for quite an amount time and can be seen with a more widespread implementation of the tablet POS system. However, the explosion in the mobile device adoption has triggered the entry of some well-funded market participants to support combining the use of technology and product innovation and effectively transforming the payments industry. More payment is becoming increasingly popular with more platforms such as Apple Pay and Samsung Pay are providing alternatives for their customers to pay using their mobile devices. Amazon and eBay are also providing more alternatives for their customers to complete the transaction on their websites.
Every retailer, financial institution or business to business companies need to pay close attention to this space because the changes that mobile payments bring will likely impact every company and individual in the coming months and years. It is important that more businesses take into account the adaptability of the tablet POS system so that they can make it much easier for customers to do a transaction with them.
It is important to understand how we got here to the mobile payment age by seeing several factors that have brought about the tablet POS system.
Quality of user experience
There is a large influx of functionality-rich mobile apps on popular mobile devices and websites. This is a kind of experience that consumers are coming to expect in this age. The explosion of mobile devices also continues the shift towards using a mobile centric user experiences. The use of tablets have increasingly caused the mobile trend to continue. More business owners need to understand that customers are very inclined to select a business that can provide them with the best quality of user experience. For a better user experience, head over to Shopify today and check out their range of tablet POS and other POS systems that your business can adapt according to your budget.
Confidence in the security of financial transactions
With the explosion of mobile devices, more consumers are comfortable with making financial transactions online. Be it credit card transactions, PayPal or any other popular platforms that people used to make payments. For more information about different payment platform that you can integrate into your POS system, head over to Shopify today and speak to one of their experts. Furthermore, Shopify also provide business owners were different other tools that can help them to complement the use of tablet POS systems on the day to day operations. Banks and credit cards networks which are trusted by consumers to handle financial information securely are creating their own mobile payment services.
That said, more people are cashing in on the mobile trend that is available in the market today. There are plenty of technology alternatives such as the secure element on a mobile device or payment credentials which are stored in the cloud which then provides further possibilities to build secure services with a level of risk the same or better than current payment alternatives. To understand more about how you can increase the flexibility of your payment options in your business, head over to Shopify today. You can also speak to one of the experts available at Shopify about how to increase the security of your financial transactions.
Unique value added services
Information for products, price comparison, location-based promotion, access to loyalty programs and permission-based targeted marketing are easily available on mobile devices. This increases the need for businesses to use POS systems such as tablet POS to increase the level of flexibility that is already available in their business.
Let’s define several terms that we must understand when we are speaking about mobile payments.
Digital mobile wallet
This is a digital wallet store which stores payment credentials such as credit or debit card information and can in some cases communicate with the payment infrastructure in a store to enable payment. This is where your POS system from Shopify comes in. The use of a tablet POS is also very useful for your employees to reach out to customers that maybe walking around your retail location and you want to close the sale without having to queue or go over at the checkout counter. By using a digital mobile wallet that your customer probably has, you can also connect it to your tablet POS system so that you can easily transmit or receive payment credentials to a payment processor by a payment gateway available on your tablet POS system.
The tablet POS provider at Shopify is a very accustomed with the use of digital mobile wallet to help you integrate it into the many different type of payments that you are stored is able to receive. A lot of people do not prefer to carry around cash due to security reasons and having an addition of a digital mobile wallet option to your store to the use of a tablet POS by Shopify can be very beneficial for your business.
Mobile payment instrument
This term basically means that it has a separate payment instruments that have a value account. One of the best examples for us to display the usage of mobile payments is illustrated through the use of PayPal. This account can be funded by various sources such as credit or debit cards, bank account that has the ability to make it easy for person-to-person payments through the use of tablet POS system. Furthermore, it also reduces the processing costs for the issuers of these instruments. Head over to Shopify today and speak to them about how you can incorporate the use of mobile payment instrument into your tablet POS for any other POS system which are available in your business today.
There are also closed loop payment instruments that can only be used at a specific merchant such as the Starbucks card. These are a store specific mobile payment solutions which drive efficiency and speed during the checkout process and are usually tied to a merchant loyalty program. This is a great method for you to think about when you are setting up your tablet POS system because you can tie any document solutions that you have to an application or any POS provider for your services. Starbucks is a great illustration of how they have made this instrument work for them.
Mobility-enabled point of sale
The are typically mobile devices which have card readers. These are what allow small merchants to accept credit cards without incurring a lot of these charges associated with the card acceptance. This is why you need to consider using a tablet POS. The providers over at Shopify are able to provide you with a mobility enabled POS. It is very simple to set it up with the use of the services provided by Shopify.
Furthermore, this mobile POS is also very useful as a tablet POS is because smaller merchants for whom is fixed charges can represent a significant percentage of their overall cost will prefer to have a variable cost structure where fixed costs are kept to the minimum.There are several similar plant products for mobility enabled POS system but you can check out the several options available on Shopify to date. It will significantly increase the profitability of your business especially if you enable credit card payments or mobile devices was a tablet record readers. This is one of the things that you need to consider as well when you are adding your tablet POS to your business.
Direct carrier billing
In this method, consumers charge purchases to their mobile phone bills. Traditionally, this method has been usually used to reserve low value digital goods or other small ticket payment items. This is a great way for you to integrate them into your current tablet POS or any POS system available in your business so that people can easily purchase from you without having to worry about bringing a lot of cash in their pocket.
It is very much reasonable to say that mobile payments will be adopted by consumers because it has a tangible value. More businesses need to create and adopt POS systems that makes it easy for customers to use their mobile tablets to do a transaction. A tablet POS is very common to use in this case because it can integrate with card readers. The convenience of digitisation for payment credentials that it brings to consumers must be accompanied by context specific services such as location-based offers, in-store shopping tools, discount promotions and so on.
In short, a mobile payment provider must seek to drive large-scale adoption must find innovative way to preserve the commonly used loyalty benefits. For customers to adopt the form, payment, they must be accustomed with something equal of being a consumer value and it is already provided by current providers. By adapting your POS system to receive more mobile payments in your business, you are telling consumers that you are ready to make the next move and are supportive of the mobile payment environment. One of the ways that you can do this is by adopting a tablet POS system into your day-to-day operations. If you want to find a great tablet POS system provider, head over to Shopify today and you can check out several selections that are available on the website.