The world today has gone so digital that when it comes to business transaction payments are no longer dealing with cash. Also, as an owner of a business, you want to accommodate all your customers by allowing them to use any technology devices of their choice for payments. In this article, we would be discussing the Best Payment Apps for Small Businesses. However, there are a large number of mobile payment systems in the marketplace these days.
Mobile Payment Apps – How do they work?
As a business merchant, mobile apps are installed on a phone or tablet, sync up to a card reader and takes your client’s payments. Most of the mobile payment apps are sophisticated and contain additional functions such as inventory tracking and employee timesheet.
In this article, our focus is on the various types of payment apps for Small businesses. Some of them are Google Pay, Venmo, Apple Pay or Cash App. Customers uses these apps to store their credit and debit card information and as well use them to transfer money for businesses. Most of these apps have a strong social networking segment, while others like Zelle, move money between bank accounts.
Also, because these mobile wallets apps operate with money there are typically using a high level of security to secure all financial information stored in the wallet. They are password-protected, some use facial recognition or fingerprint scans, to unlock the app. Some are always tokenized for safety such that your card real number is not stored on the device when your making payment using any card reader.
Furthermore, mobile wallets that allow users to make physical payment at in-store also take advantage of the NFC technology. The technology transit information at a short distance. This is how a tokenized payment card passes information from a smartphone to a merchant’s NFC-enabled reader. Although not all mobile wallets use NFC but some do.
Some of the Best Payment Apps for Small businesses
Below you are going to find some of the best payment apps for small businesses. You have to pay attention so you will understand all that will be discussed.
Apple Pay is one of the best payment apps for Small businesses. The services are available in more than 17 countries. With Apple Pay, users can keep their tokenized credit or debit card information in the app. The apple pay app is password-protected and can be locked via face recognition or fingerprint scan. Also, you can store electronic cash in Apple Cash where you can load cash from your bank account, credit card, or debit card. You can also send or receive money from this cash account.
Apple Pay users can send or receive cash through iMessage or by asking Siri. You can make purchases with your stored payment cards at a physical store, online, or inside an app. You can link your Apple watch to the app and transfer tokenized payment card information to the watch and later tap the watch to pay for items at a retail store.
Recently, Apple started it’s own credit card called the apple card. It is a MasterCard issued by Goldman Sachs. For a merchant to accept Apple Pay in-store, one must have a credit card reader or terminal that reads NFC signals. It is iOS devices compatible
Google Pay is another excellent payment system. The app is available on both Android and iOS devices. On the app, you can store credit, prepaid cash, and loyalty cards. You can use these cards to make purchases on a phone, app and on a browser. Users can link their PayPal account to Google Pay for an additional layer of convenience. All Card information is securely stored in the cloud. On a device, card tokenization, encryption, and Password or biometrics protect users’ information. It is also a peer to peer payment.
All the top pay in-store wallets can also be used for payment online, but PayPal is still one of the best for online payment. It specializes in peer-to-peer payments. It is a safe way to pay and receive payment from strangers. The account is very easy to sign up. It allows payment processing for physical locations. Users can fund an account by linking a credit or bank account to a PayPal account. The funds can be kept there forever, transferred to a bank account or used via the PayPal debit MasterCard.
Additionally, PayPal has a Web dashboard and a mobile app compatible with iOS and Android devices. Users are offered a checkout option called One Touch. This allows automatic login and auto-fill of billing information.
Square Cash App enhances small businesses, allowing individuals, organizations, and businesses to send and request cash via email or by using a unique identifier called cashtag.
The Square Cash App is compatible with iOS and Android devices. In-store payments, e-commerce, and in-app payment are also allowed on the app. It is also a peer-to-peer payment system.
Additionally, users can fund the Cash account by linking a bank account or through a credit or debit card all for free. The cash card can be used to make withdrawals at the ATM.
Venmo is owned by PayPal. It is a very different app than PayPal. Venmo is an app designed for function basically by sending and receiving money. The Venmo app is common with young users. It is embedded with a social aspect. It is a good app to access your bank on the Internet. The Venmo app is compatible with Web, iOS and Android devices. Venmo can be used for in-store payments.
In conclusion, there many and good Mobil payment app out there. We just pick up a few that we feel are the beat to discuss in this article.