How to Select the Best Mobile Payment Application

Mobile point-of-sale (POS) solutions enable merchants to accept credit card payments where it is most convenient for their customers. Mobile payments allow merchants to accept and process credit card payments in the aisle, outside the store or anyplace customers prefer to pay. Small business owners or large enterprise merchants with a mobile sales team or non-traditional storefronts can expand their business and increase revenue by accepting mobile credit card payments using their existing smart phone.

Mobile POS systems are setting a new standard in convenience and are easy to implement and support. Merchants equipped with an iPhone, BlackBerry, Windows Mobile or Google Android device can submit, authorize and settle transactions quickly and securely.

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Mobile POS systems offer several advantages:

Decrease Processing Cost- Merchant can lower their processing cost by using a single merchant account to accept retail and mobile payments. Customer Satisfaction- Improve the customer experience by offering multiple payment options. Flexibility- Mobile transactions allow merchants to take your storefront anywhere you go. Stability and Reliability- Mobile POS software rivals those of the largest e-commerce, trading, and portal Web sites. Mobile POS applications can handle millions of transactions every month.

Lower Entry Cost

Considering that most people would rather lose their wallet than misplace their cell phone, it comes as no surprise that the mobile platform is quickly becoming a new payment option for small business owners. For many, our cell phone never leaves our side. It maintains its place at the dinner table, is easily accessible on your belt clip or in your pocket, and often, somehow it even manages to end up sharing your pillow at night. Today, cost conscience merchants can accept credit card payments without purchase traditional point-of-sale equipment or paying for expensive system customizations.

Market Expansion

Mobile POS solutions are priced for the small business owner and independent sales representative. Merchants can purchase a quality smart phone payment application from -.95. Questions to ask your mobile payment provider:

· Is the mobile application PCI compliant?

· Does the application support both small and large payments?

· Does the system require a payment gateway service? If so, recognize payment gateways require an additional recurring monthly fee.

· Does the application support swipe and non swipe transactions? Swipe transactions provide lower processing fees.

· What card readers are supported?

· Does the card reader support data encryption?

· Does your system provide online statements for viewing customer transactions?

· What mobile phones are supported?

· Does the system ensure no customer payment information is stored on the cell phone?

· What are all the fees associated with accepting payment?

· How quickly are customer payments funded to the merchant's bank account?

· What is the license agreement? Specifically can the merchant load the mobile payment application on multiple devices?

We'll undoubtedly see many mobile application providers come out of the woodwork as the industry matures. However, merchants should look for a mobile payment provider with multiple years of experience in the payment processing industry.

Top Mobile Payment Applications

1. MobileAuthorize (Google Android, BlackBerry, iPhone/iTouch, Windows Mobile)

2. iPayPOS (iPhone)

3. RoadMerchant (BlackBerry)

4. MobileMerchant (iPhone, Windows Mobile)

How to Select the Best Mobile Payment Application

Ricky Bracken is President & CEO of SaleManager. SaleManager provides enterprise class payment solutions to small and mid-size businesses.

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