With the rise of technology and having the need for easy and fast access, mobile payments are more important now than ever before for your business. According to AlliedMarketResearch.com, the mobile payment market is expected to reach $4,574 billion by 2023. That is only four (4) years from now. This is a great reason to set up mobile payments for your business.
When receiving and/or making payments, mobile payments are the fastest and easiest way to make a transaction. You don’t have to rely on cash or check, then have to go to the bank to deposit or withdraw. You no longer have to deal with automated clearing house (ACH) transactions where it takes 1-3 business days for it to be processed. Or even look for your credit card to enter payment information every time you do a transaction. Mobile payment makes it simple and instant when it comes to transactions.
What is mobile payment exactly?
Mobile payment is money paid for a product or service through a portable electronic device such as a tablet or cell phone. It includes mobile wallets and mobile money transfers.
How does mobile payment help your business?
Mobile payment helps your business by saving time for both you and your customers. Everything is instant and from a click of a button in the palm of your hands. Also, mobile payments can be transacted no matter where you are located. Neither you, nor the customer, has to wait to receive or send payment. You can send mobile payments instantaneously, anywhere.
Most importantly, mobile payments are secured with encryption. Mobile payment platforms, such as Apple, Android and Samsung, use tokenization that encrypts customer data. And, for your business ease and security, you don’t have to worry about using a black sharpie to block out a customer’s credit card information after processing their payment.
Get your payments sooner by taking the step to set up your business for mobile payments.
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