How to Set Up Your Business for Mobile Wallet Payments

As technology advances, mobile wallets may become the payment method of the future. Mobile wallets are revered for their convenience. Instead of digging through countless loyalty cards, credit cards, and more, customers can make payments and cash in on deals or rewards using their smartphone. If you want to get ahead of the trends and set up your business for mobile wallet payments, here are the simple steps to get you started.

Step #1: Decide How to Use Mobile Wallets

Mobile wallets can be used for any number of things. For some businesses that do not offer discounts or loyalty programs, they may only be useful for actual payments. Other businesses, however, may find that mobile wallets may be useful for offering discounts, coupons, or loyalty programs to their regular customers.

Step #2: Upgrade Your Hardware (if necessary)

Mobile wallet payments, such as the ones Fattmerchant offer, work using near field communication (NFC) technology. In some cases, the card reader at your store may already have this technology implemented. Otherwise, you will need to upgrade to newer hardware to complete mobile wallet transactions in your place of business.

Step #3: Choose Which Software to Work With

There are many software options to consider for mobile wallet payments. This is especially true when you consider that Google, Samsung, and Apple all have their own payment platforms. You should weigh the cost of implementation against ease of training, how quickly the software works, and other factors before making your final decision on which software to use for mobile wallet payments at your company.

Step #4: Inform Customers

Letting your customers know when you are implementing your new method of payment is essential to getting them excited about using it. Offer coupons, discounts, or whatever is in your company budget to get customers onboard. The benefits that you will reap in the future as far as speed of transaction, lower processing fees, and more will make up for it.

Step #5: Train Employees

Training your employees is essential to success with any new software. Make sure that you leave plenty of time for training, however, it should be relatively simple if your employees already have experience using payment processing hardware and software.

Step #6: Implement the Software

The final step of any software is the implementation. This means choosing a start date, ensuring all employees are trained, and more. Remember that the first day may not run as smoothly as you hope. Be sure there are enough trained employees on hand to ensure success.

Frequently Asked Questions

Mobile wallet payments are a relatively new technology, meaning that you may still have some questions about how they can be used. Here are some of the most asked questions regarding this technology.

What is a Mobile Wallet?

A mobile wallet is a digital option to traditional payment methods, often using smartphones. It allows your customers to make payments, redeem loyalty points and coupons, prove their identity, and more. They are also sometimes called eWallets, digital wallets, or mWallets.

What are the Benefits?

A major benefit of mobile wallet payments is that it is harder to duplicate or steal mobile payments, which significantly reduces fraud. Additionally, using these types of payments can result in faster payment time and lower payment processing fees. The final advantage is that you can send incentives during “slower” transaction times to encourage customers to shop.

How Does it Work?

Mobile wallets are extremely easy to use. The customer simply passes their smartphone near your business’ payment terminal and a single-use code is generated. This allows the payment to be processed at the push of a button and provides a high level of security.

Lautaro Martines is a small business owner who just recently converted to mobile wallet payments and has had a great success. He has learned quite a bit of information in his transition and graciously has shared his tips and insight. If you wish to learn more about Lautaro, feel free to view his Google+ profile.

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