Mobile Payments: Dont Sacrifice Security for Convenience

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Businesses are moving more toward a mobile mindset for their organizations and away from the traditional model. We are seeing this specifically when it comes to payments. Traditional payment processing systems require significant set up costs, installation and maintenance of expensive payment terminals (cash registers), limitations on the store layout, and a heavy reliance on third party providers to manage the system. Whereas mobile payment systems allow businesses to accept payments using cloud based systems, operated on mobile phones or tablets.

The first mobile payment systems started appearing in the 2000s, opening up the market to new providers and technologies. Existing payment providers, like PayPal, dominate the market, but the growing mobile payments industry has also provided a solid ground for new processing options, like Square.

Mobile payment systems meet every requirement of payment processing and put the control back in the hands of the business owner - all they need is a mobile device. The set up is significantly lower than a traditional system and the style of mobile payment processing is particularly well suited for business owners such as private taxi drivers, personal trainers, tradespeople and so on.

Consumers can use mobile payment applications to send and transfer money. This gives them a quick and secure way to pay for goods and services without carrying cards or cash. Smartphone ownership is on the rise with consumers, which means they are using smartphones and tablets to access financial information and make payments. With this in mind, its very important to make sure your mobile payment systems have the most secure fraud prevention solution available. Fraud risks can greatly increase with the transition taking your business mobile.

Mobile payment solutions are an evolving technology that holds massive potential for smaller businesses. Right now, its a race to see who can develop the most efficient, effective, and secure platform one which gives businesses and consumers exactly what they want in terms of security, convenience and growth potential.

[Contributed by EVS Marketing]