Mobile Payments Tips for Retail Business To Know

Mobile payments are easy ways to facilitate payment plans in an e-commerce or retail business. It involves direct payment from any internet-approved device without making use of a physical credit card, debit card or probably meeting with the seller. One of the most important parts of the retail business is putting up smart, fast, efficient, and easy payment processing for customers.

Digitalization has brought e-commerce into a specifically easy system of payment. Trading has changed rapidly. If you are a retailer, keen on making it out easily from the online market, then the use of mobile payment is as important as your offer.   Without much ado, let’s go into a brief rundown of incorporating mobile payment in your retail business. This is an overview of mobile payment and its effect on any eCommerce or retail business out there.

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What are mobile payments in retail and eCommerce?

Mobile payments are payments carried out on portable smartphones and tablets to enhance a transaction that might have taken place with the use of physical bank cards, cash, or check at a physical store.  Hence, in the e-commerce space, transactions are carried out faster using credit cards, payment issued QR Code, Wallet address, etc.

Mobile payments are applicable in virtually every area of online businesses. They are regulated and secured for customers. Sincerely, most consumers are looking into the way of mobile payment since it will facilitate a flexible transaction.  If customers can use their phones for in-store purchases, P2P or escrow payments, merchant’s payments without the use of the physical POS, you don’t expect them to go for a riskier physical payment.

Smartphone and tablet users are quickly adopting the use of mobile payment and they are ready to dump businesses that are not making use of these payment methods if there are alternatives. Now that you have an idea of what mobile payment looks like, don’t you think the process at which it works would be amazing as well? In the next subtopic, you can confirm that.

How do mobile payments work?

Mobile payment is soon going to take over the digital payment structure, perhaps the physical payment method would have been wiped out. A time is coming when smartphones and tablets alone wouldn’t be the portable device for mobile payment, smartwatches or Google Glass will be used for payment as well.

How on earth is that even possible?

NFC technology is the main innovation used for providing mobile payment structures. This Near Field Communication allows transactions to be completed between a mobile device and a merchant payment terminal. 

This NFC technology has been built in such a very accessible payment app, customized QR code, etc. The payment app collects information about customers’ credit, debit cards, stores them and uses them for a faster transaction. While QR code is scanned for information about merchants’ payment terminals, then it becomes activated and customers can pay to that payment terminal.  Meanwhile, NFC technology makes it extra secure because mobile payments will involve facial recognition, thumbprint, or passcodes that are unique to a certain customer to prevent fraud.

How can retailers accept mobile payments in-store and online?

Right now, most retailers make use of mobile wallets rather than customized QR codes. Perhaps because it is costlier, many don’t know about it yet and are in its early phase. So, I will advise you to start with mobile payment before making use of QR codes.

For mobile wallets follow these steps to step up mobile wallets for your business:

Choose a credit card processor that supports mobile payments. Remember not all credit card processors support mobile payments. Many support it, depending on your location and type of business. Popular ones include Paypal, Google Pay, and Square.

Then you need to upgrade to an NFC-supported credit card reader. Meanwhile, you can contact the credit card processor first to ask about making use of digital or mobile wallets.

Set up an account with them, pay for the required items for setting up a mobile payment. And you are done! Meanwhile, this might be a longer process regarding the credit card processor.

Why should retailers accept mobile payments, along with other payment methods?

The main reason retailers should consider mobile payment along with other payment methods is customers’ convenience and satisfaction. If you can look through what will facilitate the transaction of customers, then you will probably conclude on mobile payments.

Alternatively, there are downsides to using mobile payments for online retailers and e-commerce stores. However, I can assure you that they are nothing compared to what the advantages of mobile payment will offer you.

Pros and Cons of mobile payments?

Pros of mobile payments

Customer Convenience

Customers only return to retailers or merchants that provide them with peace of mind. Reasonable right? You have to capitalize on this customer convenience.  Instead of customers carrying their credit card or cash around just to pay for goods and services, their smartphone is a very fast and convenient mode of payment.

Security of Funds

Mobile payments are more secure than physical payments. There are several reasons customer funds will be lost and might not be recovered eventually. In mobile payments, customers will only target the retailer’s payment terminal.

Access to Stats

With this mobile payment method, retailers can easily reach more people in less time and even check out the frequency of trading. The customer behaviors can easily be predicated with actionable data from mobile wallets.

Also, these stats will help retailers to plan rewards and programs offered for their customers. If the credit, debit cards are saved in a wallet, retailers can easily send in free rewards or account funds for future payments. 

Cons of mobile payments


It’s secured but still, it is open to unauthorized sources. That’s if consumers are not careful of bugs and errors, they might be opened to malware and stolen bank account information.

User Adoption

In developed countries, several people have already adopted the use of mobile payments fully. However, developing countries have a lot of processes to convince people to use mobile payments because it is faster. Also, users in developing countries might not be able to manage the intensity of using a wallet with a strong internet connection, digital infrastructures, etc.

Top Tips for making mobile payment safe

Safety of funds is required in any business without forgetting convenience. You need to put some things in place to make mobile payments very safe and convenient. Some of which includes:

  • Retailers should ensure that they are making use of built-in security features that enable fingerprints, voice, or facial recognition.
  • The users’ experience should be improved in such a way that users below 18 years should be allowed since they can also make transactions in stores.
  • Retailers should make use of a trusted credit card processor such as PayPal.
  • Users should be careful with their mobile payment information. It is better to keep it a secret.


As a retailer, it is high time you made use of mobile payments, whether bank card apps, QR code payments, etc.  Consumers tend to dive towards retailers that make use of a faster mode of mobile payments. It’s best advisable and even beneficial if you are looking to retain old clients and new customers.

I hope this has been a helpful piece. You don’t want to be left behind in this online, e-commerce world, so make use of mobile payment as explained in this post.

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