Many business owners, both large and small, have yet to adopt mobile payment processing. Why? It may have something to do with the most pervasive myths surrounding the mobile payments space today.
In a recent blog post by the leading mobile payment processors at PayAnywhere, some of these common myths are debunked.
Myth #1: It Is Too Complicated
Many retailers already have a POS system that processes cash, debit, and credit card transactions—and are concerned about the time and training required to make the move to mobile payment processing. The fact of the matter is, set up is fast and easy—even easier than setting up your initial POS software. Not only that, the reporting tools that come standard (and for free) with PayAnywhere Storefront are often more detailed and advanced than what most businesses currently utilize.
Myth #2: The Risk For Fraud Rises
We have all heard about privacy concerns regarding public wireless Internet. However, just as with your POS transactions, mobile payment processors have advanced security features, including encrypted payment processing. On top of that, credit card and payment information is not stored in the device—meaning that if a mobile device is lost, payment information is not accessible.
Myth #3: Only Large Businesses Have a Need For Mobile Payment Processing
This is quite the contrary, since mobile payment processors were initially designed for smaller businesses who operate in public locations such as farmers markets and fairs. In the past, these businesses have only accepted cash because it is the only option available in most public settings, not to mention that many small businesses cannot afford standard credit card processing fees. Not only are mobile payment processors more affordable than traditional debit and credit card processing, but they are advantageous to businesses of all sizes.