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Payment solutions

There is no doubt that the trend is towards mobile and even contactless payment. Are you considering implementing a mobile payment solution? There is no doubt that this will have a positive impact on the user experience you offer to your customers. The rise of mobile payment solutions means that the question is no longer whether to opt for a mobile payment solution. 

Rather, it’s about choosing the solution that will best meet the specific needs of your SME. If you are looking for a mobile payment solution for your SME, this guide will provide you with information on the criteria for choosing your mobile payment solution and the main solutions available on the market.

The best mobile payment solutions for a small business

There are a plethora of solutions available to SMEs when it comes to mobile payments. There are mobile terminals that receive credit cards and process the transaction. These are portable devices designed to make credit card payments.

Other methods require boxes that work in conjunction with a smartphone. The third and most important solution is to use an application or web browser installed on a smartphone. In addition to the fact that these solutions are all portable, easy to use and easy to carry, they each have a number of advantages and disadvantages.

Opt for a mobile payment terminal

A mobile payment terminal is undoubtedly a practical solution. These terminals have become so popular that it is now possible to choose a terminal based on several criteria, both subjective and objective. This means that small and medium-sized businesses can now choose the mobile payment terminal that suits them best.

In this respect, several proposals exist on the market. We could mention the Smile and Pay solution which proposes a terminal that only charges on transactions. The Smile and Pay solution is available in several versions and accepts the vast majority of bank cards with a fast transaction and instant payment. Other alternative solutions exist such as iZette or Moneris.

On the other hand, some solutions involve the use of a box that is coupled with a phone to operate. In concrete terms, the box can read bank card data, but must first be connected to a smartphone via Bluetooth in order to function. This is for example the case of Sump Up Air which, according to its designers, transforms the Smartphone into a portable POS terminal. The disadvantage, however, is that it is not autonomous like other terminals that are more user-friendly.

Simplypay, an all-in-one solution

Why not offer a complete solution to SMEs to really help them address the issue of mobile payments? Simplypay’s goal is to allow entrepreneurs to increase their turnover while focusing on other tasks in their business that require more attention. This is a bet that the company has taken and that has led it to develop a complete solution that includes intelligent mobile payment terminals and mobile payment solutions via its smartphone. This is a very interesting option when you need to think about a mobile payment solution for your SME. It encompasses all possible choices in the best way.

Let’s take the case of the Interac Simplypay terminals. They are capable of reading EMV chip cards, making contactless payments with NFC or magnetic stripe, reading, scanning and printing… In a nutshell, these are the latest generation of Eftpos terminals that accept all bank cards with the possibility of paying by contact or contactless. Even better, Simplypay prides itself on offering its terminals at competitive rates and bets on the cost transparency and simplicity of its intelligent terminals.

At the same time, the company offers those who do not wish to make a physical purchase to subscribe to a mobile payment service. Concretely, it is the Smartphone that becomes the payment tool. This solution is particularly suitable for those who have an online store. It allows you to accept credit and debit card payments very easily via your smartphone, computer or tablet. No additional device or software is required. Therefore, it is possible to accept payments anytime and anywhere. Easy and intuitive, you turn your smartphone into a point-of-sale terminal in no time.

Simplipay offers mobile payment solutions to small and medium-sized businesses, which can find an opportunity to increase their sales, regardless of their field of activity.

Criteria for choosing a mobile payment solution

There are certain elements that must be taken into account in order to effectively choose a mobile payment solution. There are 4 elements that will be of particular interest to us when we have to choose our mobile payment solution. They are the maximum authorized threshold for payments, the conditions of collection, the mode of communication with the bank and possibly the extra features of the solution.

  • The maximum authorized threshold for payments: this variable must be taken into account because if the purchase amount exceeds the maximum threshold, an authorization request must be issued by the payment terminal. This request, which usually lasts only a few seconds, is intended to ensure that the card is valid.
  • The conditions of collection: the models proposed today are legion. It is therefore important to see if the activity of the SME is compatible with a VSE model. If, for example, you have to travel frequently or if you have an online store, you must take this into account when making your choice.
  • The communication mode with the bank: because the mobile payment solution must be connected to the bank for authorization requests. The type of communication will impact the duration of transactions and authorization requests. There are generally three types of communication for wireless payment solutions. 3G/GPRS, 4G/5G and WiFi. It is important to make sure that the business area is covered by the telephone operator.
  • The various accessory functionalities are, for example, the possibility of contactless payment with NFC technology, access to sales history, complete invoice management, etc. Simplypay’s solution is by far the most complete in this area.

Francois Oikpe - Senior Content Manager | Francois loves all things about marketing and entrepreneurship. You name it, he’s most likely read it. When he’s not reading or strategizing, you can find him working on is next content that will help leaders empower their workers.

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