Should I Accept Payments On A Smartphone?
by Debi Enders
Mobile businesses can now turn their smartphones into mobile cash registers using card reader apps like ROAMPay, offered by Commerce Bank. But are these apps right for your mobile business? It depends. Some mobile businesses still function just fine—for example, using automated processing services that let them call in a customer’s credit card information over the phone. Such services are simple and reliable and require no additional equipment. Still, many businesses are drawn to the convenience of mobile card reader apps that make it possible to accept card payments on a phone, anytime and anywhere. Each of these app-based solutions is different. To choose one that meets your particular needs, you’ll want to ask some questions:
Is someone there to help? Some services offer a support team that helps with setup, conducts test transactions and provides support later if issues arise. With other apps, you are largely on your own.
Is it secure? If you get your service through a bank, you’ll likely benefit from its investment in encryption and other security measures to minimize credit card fraud. Newer, non-bank-based providers don’t necessarily offer the same level of security. You don’t want to learn this the hard way.
Does it streamline your operations? Better apps automatically calculate sales tax, provide email confirmation and deposit payment directly into your bank account within a couple of days.
Does the fee structure fit your business? Both tiered and flat-rate pricing options are available, depending on the app you choose. You’ll want to choose the one that offers the best value for your volume and frequency of use.
The bottom line: Mobile payment systems can help you get paid faster. Choose one you can trust.
Debi Enders (debi.enders@commercebank.com) is vice president, small business banking at Commerce Bank.