What is Mobile Pay? Reasons to Implement Mobile Pay in Your Business

Mobile payment systems (Mobile Pay) refer to the purchase transactions that can be made with a mobile phone. For example, some credit card providers like Visa enable customers to make payments through their phone without using their card. One can also withdraw money digitally for shopping. Mobile payment is a very flexible technology to withdraw from your account digitally. Here are the categories of mobile payment technology – 

Pay-to-business

A business can get mobile payments with this model. For example, someone can dine at a restaurant or shop around. A POS system is required with NFC to accept mobile payments. It needs additional setup and equipment but the process of payment is quite faster. 

Peer-to-peer

You can easily transfer money from one phone to another with this model. You can, for example, share your rent or pay your friend through mobile pay or use the same to buy stuff online by sending the funds to your seller. You should have a smartphone compatible with mobile pay to send peer-to-peer. It is very easy to configure and no additional system is needed. 

Why Use Mobile Pay? 

With so many payment methods out there like credit cards and debit cards, you might be wondering why you would even need mobile pay. EMV is often considered as the best thing for credit card payments. Here are some of the benefits of mobile pay – 

Fast 

Speed of NFC and other mobile payment options is something you can count on. EMV is a great improvement over traditional processes but mobile payments are light years ahead of them. Your customers can simply tap and pay within seconds. There is a huge volume of transactions taking place in retail stores. It is especially true when it comes to speeding up your business turnover.

Easy 

Mobile payment is more than just a convenient method for any business. It can save your customers from hassles of carrying loads of cash when it comes time to go out. Mobile payment also saves customers from carrying several credit cards. They can easily combine all cards in one payment app. These days, a lot of people have their phones already at their side. Hence, mobile pay has become readily available all the time. 

Secure

It is another great advantage of this feature, especially when it is powered by something like NFC. It is a great improvement with several security features. Tokenization is one of the best examples. This encryption system locks the credit card data while transferring and storing. It is done by the bank when sending money to merchants. It means hackers will get nothing even if they succeed in stealing the data. They can’t even decode it as this data is dynamic. In addition, mobile wallets have added security layers like Apple Pay uses Touch ID for making payments.

PCI Compliance Explained – How to integrate it with POS Software?

If you are processing credit/debit card payments, you should know about Payment Card Industry Data Security Standard (PCI DSS) compliance. Most companies don’t know and face the consequences when they fail to comply with it. It is also risky for the security and privacy of customers. In this guide, we will discuss PCI compliance and how to be fully compliant. 

About PCI Compliance 

PCI DSS compliance is always needed to accept credit card payments. This standard consists of certain rules and regulations which can handle credit card transactions. The protocols cover how to process, transmit, and store credit card data safely, when it comes to making credit card payments. The key here is to avoid data theft and fraud. 

The PCI SSC (Security Standards Council) handles PCI Compliance certifications and standards. In 2006, leading credit card providers like MasterCard, Visa, American Express, and Discover formed this individual body.  

Usually, a PCI SSC certified compliance manager in leading organizations or IT departments handles PCI standards for data security. There are some objectives of PCI compliance, such as – 

  • Companies must perform important best practices like setting up firewalls and having a strong password mechanism. 
  • Companies must build a secure network to protect customer data against security breaches and hacks. 
  • Multiple security layers must be implemented, such as physical and virtual protection. 

Keep in mind that PCI compliance is mandatory for every business accepting credit card payments. A business must have a strong access control system to retrieve cardholder’s data. It means only a few people can access the data and monitor them well. 

How to be PCI Compliant? 

With new vulnerabilities coming out and standards being developed in PCI compliance, your business should stay up-to-date with credit card security standards. You should rely on the reputed payment processor which complies with all the PCI regulations. Find the one which provides features like encryption and tokenization to secure credit card information. 

You also have to stay updated with your compliance and complete some programs. PCI SSC must provide details on certifications and schedules related to program fee on their official website. The fees can be expensive as per what you need for compliance level. 

Implementing PCI Compliance with POS System PCI compliance is important but also a painful process at the same time. The best thing is that you can easily implement iPad POS software with PCI DSS. Some POS systems are designed from scratch by considering security. These systems can easily secure the payments with other stakeholders. It secures all the credit card data with each transaction. It is virtually impossible to counterfeit or hack the data thanks to its patented code mechanism. You can have all the tools you need to secure your customers’ data.

Why is it the right time to implement Cloud Computing in your Business?

Cloud computing can streamline and secure your online business operations at the end. Businesses going on the cloud to improve efficiency have become a trend over the years. Cloud computing has never been so crucial in today’s world. 

Cloud Computing and Business Continuity 

Business continuity has literally been a buzz these days. It is related to making a plan to seek recovery from an emerging threat to your business. It shows the importance of having a disaster management plan, especially when we faced an outbreak like COVID-19. You can put such a type of program for your business.

According to Forbes, you need to determine all the business risks to develop a sound business continuity plan. Considering the present scenario, you may not be able to work closely with safety or even use the old workspace. Moving business operations and company data to the cloud may be helpful. But the cloud should be a part of your plan. You can prepare your business for better options by accessing your business on the go. 

You can work remotely and maintain productivity with it. It can help you work with fewer employees in the retail business. You can connect your data to a cloud POS system to manage all back-office operations on the go. 

How to Organize things with Cloud Computing? 

The current scenario also comes with organizational changes for many businesses, such as – 

  • Shutdown of workplaces 
  • Client fluctuation 
  • Staff workload

By considering these challenges, a lot of businesses are looking for other ways. Files have been harder to find, schedules changed, and comms are down. In addition, these issues also bring a loss of efficiency and time. 

Hence, businesses have to make it their habit to organize things in a better way to save time. Some of the best examples are assigning emails to the right folders and filing documents as they come. There is no need to have a cloud network to classify your communications and paperwork filing. But you can access applications and folders from any device. You can instantly organize communication channels and manage files. 

What about Collaborative Efforts? 

It is essential to keep all your staff members on the same path. With unusual conditions at home, employees have to work on various devices, multiple networks, and places. Cloud technology can keep them connected, where they can store their business-related data and applications. Cloud computing is highly valuable to improve accessibility from several parts of the connection. 

Remote working conditions, continuity of a business, and several changes can be more challenging than marketing. As businesses are looking forward to thriving instead of just surviving, marketing is a significant challenge.  By keeping the company’s applications and data accessible, you can ensure the concerned employees can access all their marketing projects.