Best mobile Payment apps for Small businesses. Recently online payment has become common and easy to operate and proves reliable. Today’s technology has become more modernized in providing secure and easy modes of payment for customers who desire to use online or physical products and services. The Contactless payment method has been introduced to smartphone users in Near Field Communication (NFC). To gain knowledge and detail on this topic Best mobile Payment apps for Small businesses continue reading this article.
Mobile Payment Apps – How do they work?
The recent smartphone contactless payment method NFC works like a credit card. You will have to use your smartphone when making payment at physical stores. With NFC it’s so easy, there is no use of credit card or confirmation of any PIN on external devices. All the you require to do, is to bring your smartphone near the terminal and you can process everything on your smartphone. Most of the mobile payment apps come with extra functions such as inventory tracking and employee timesheet.
As earlier mentioned our topic on this article as Best Payment Apps for Small Businesses. Here are the best mobile payment apps for small businesses. There are, GooglePay, Samsung Pay, PayPal, Venmo, Apple Pay.
Mobile Payment Apps – How Secure are there?
Also, in terms of security, mobile payment apps operate with money there are typically use a high level of security to secure all financial information stored in the wallet. They are password-protected, some use facial recognition or fingerprint scans, to unlock the app. Some are always tokenized for safety such that your card real number is not stored on the device when your making payment using any card reader.
Additionally, NFC technology transit information at a short distance. They use the tokenized payment card, which passes information from a smartphone to a merchant’s NFC-enabled reader. Although not all mobile wallets use NFC some do such as Walmart Pay, uses QR scan codes. Samsung Pay.
Best Payment Apps for Small businesses
Google Pay (Best for paying in-store)
Google Pay is a mobile payment app. It is available for Android devices and iOS devices. It allows users to add any credit cards including royalty cards. This will enable users to earn points for each transaction they made. Google Pay allows users to link their PayPal account to Google Pay for an additional layer of convenience. With GooglePay all card information is secure in the cloud. On a device, card tokenization, encryption, and Password or biometrics protect users’ information. It is also a peer to peer payment.
PayPal (Best for Paying Online)
PayPal is the most popular payment wallet for online payment. It specializes in peer-to-peer payments. PayPal offers free fund transfer for non-business transactions. It offers its users discounts and rebates. PayPal account is very easy to sign up. It has an up to or more than a million active user account.PayPal can be used for payment processing at physical locations. Users can fund an account by linking a credit or bank account to a PayPal account. The funds can be kept there forever, transferred to a bank account or used via the PayPal debit MasterCard.
Additionally, PayPal mobile app is compatible with iOS and Android devices. This mobile wallet accepts funds of different currencies and connects with other banks from different countries.
Samsung Pay wallet is another good mobile payment system. It is accepted by millions of places which makes it a good NFC payment app. Samsung Pay offers a rewards account. It works with other wearable Samsung devices. Such as the watches, Samsung Galaxy devices only. It can store up to 8 debit or credit cards including Visa, MasterCard, or American Express and gift cards.
Also, it’s has NFC technology and MST meaning that it can be used for payment through old magnetic card readers. Therefore, it can be used like a swipe card anywhere that accepts the card payment.
Venmo (Best for digital purchases)
Venmo is the sister-company of PayPal. It works just like GooglePay and PayPal but with fun. Venmo function basically by sending and receiving money from friends. It is a good app to access your bank on the Internet. It is compatible with Web, iOS and Android devices can be used for in-store payments. The Venmo app is common with young users. You can add notes to your payments and transactions using simple text and emojis.
In conclusion, there are numerous mobile payments out there. These few we considered as best mobile payment for Small businesses. Watch out for our article on the other payment system for Small businesses.