Accepting mobile payments is a must for all types of businesses, whether you’re letting users pay on site using smartphones or you’re accepting credit cards. Accepting credit cards allows you to make sales even when a customer is unable to come to your business place. The information used in setting up credit card payments on smartphones varies according to the method used.
‘’How to accept credit card payments on my phone’’ is a quite common search on Google. This article will provide you with all the information you’ll require to achieve this.
Before turning your phone into a credit card processing machine, there are several guidelines you’ll have to follow. These include:
- Setting up an account with a credible mobile credit card processing providers such as Square, BluePay, Payfirma, and many others. Some credit card processing providers will accept the information set up using your phone. Others will require downloading an app, while others will require you to buy a piece of equipment to use with your smartphone.
- The next step after setting up an account will be to install the necessary apps or equipment on your phone.
- Thirdly, you’ll have to enter the credit card information, depending on the company’s processing requirements.
After setting up your account and installing the necessary equipment or applications needed, you’ll be able to process a credit card using your smartphone or tablet. You’ll need to choose between using your own merchant account and using a third party account. It’s advisable to invest in your own merchant account if you’ll be making a lot of transactions. Third party merchant accounts will require you to pay transaction fees for each purchase made. Examples of third party merchant accounts include companies such as Cayan and Flagship Merchant Services.
In case you decide to use your own processing equipment, it’s advisable to perform a trial transaction to know what information you’ll need to obtain from your clients. Some of the necessary information includes a complete credit card number, the client’s name as it appears on their credit card, date of expiry, and the billing address associated with the credit card number. Always remember to file your copy of the transaction receipt and distribute the client’s copy to them.
You should invest in good cybersecurity, and ensure you put up a system that protects customer information, thus making their accounts or yours less vulnerable to hackers.
A third party merchant service will require specific information to process credit card transactions without a signature. Some companies will need a three-digit security code, usually located on the back of the credit card. Other companies have a call-in number, while others use an online processing center. Others provide services 24/7, but others don’t.
Another essential point to note is that if you use a third party merchant provider, you may not have hard copy receipts. Therefore, it’s important to keep a detailed record of all the transactions carried out.
As a merchant, it’s crucial for you to know what works best for you. A third party processor is already set up for you, and it’s quick and with no fuss. But then, you’ll have to pay more charges per transaction compared to owning your own processor.