Mobile pay services such as Android and Samsung Pay are quickly becoming popular, and these services are scheduled to expand operations into Australia in 2016. As a small business owner, you may be wondering if you should invest in a point of sale system that is compatible with mobile pay apps. In most cases, the answer is a resounding "yes".
This cutting edge technology helps make your shop more appealing to young people and tech lovers by allowing these patrons to pay in a modern way that feels comfortable to them. However, these transactions are also safer. Here's how a POS with mobile pay capabilities can protect your clients and your business:
Additional Safety for Your Consumers
If a consumer drops his or her credit card on the ground, a thief can easily pick it up and use it before the consumer even realises it is gone. In contrast, if a consumer leaves his or her mobile phone somewhere and a thief picks it up, the thief cannot get into the phone because it is most likely locked with a password or even a biometric ID lock.
In addition, when the consumer notices his or her phone is missing, he or she can wipe out the payment app remotely and erase all of the data on it. In contrast, if the consumer lost his or her wallet, he or she would have to call and cancel each of the cards individually, which can be a time consuming process. As a result of issues like these, mobile pay offers more security to the consumer.
Additional Safety for Merchants
Mobile pay also helps the merchant. In most cases, if a merchant accepts a credit card payment that is later disputed by the cardholder and the bank, the merchant ends up absorbing the loss. However, by reducing the chance of thieves using other people's accounts, mobile pay protects your bottom line.
As a security measure, mobile pay apps use tokens. When a customer pays, his or her real account number is not downloaded into your POS system. Instead a single-use token is downloaded into your system. If a hacker steals all of the data from your system, he or she will not be able to use the single-use tokens. As a result, fewer customers are likely to be affected by the hack, and that fact helps to safeguard your image.
For more information on how a POS system that works with mobile pay apps can benefit your business and your clients, contact a POS sales rep.