The time is now for high risk merchants to integrate mobile payment processing into their payment gateway strategies. Over the past few years, Silicon Valley’s most talented companies have created pivotal payment technology that enables consumers to pay for purchases using their mobile phones. The following three companies are at the forefront of payment technologies, and can serve as an additional payment option for your clients.
Apple has become synonymous with Silicon Valley. Now it has become synonymous to payment processing at the personal device level. With the release of Apple Pay, the company became one of the first to release a full payment processing suite. Apple Pay utilizes NFC (near field communication), a technology that allows users to simply place their iPhone 6 or iPhone 6 Plus in front of a NFC enabled POS in order to make purchases. Apple Pay also includes tokenization and biometrics for authentication purposes to decrease instances of fraud.
Google Wallet has had a series of public mishaps over the last few years. The payment system almost died on the vine once the major mobile carriers shut it out of their networks, still Wallet has managed to bounce back. Wallet is available on a physical card that can be used if retailers don’t carry NFC enabled terminals, and is also linked to virtual funding sources on smartphones. Users are also capable of transferring money to anyone with an email account with the Wallet app or Gmail.
Intuit Inc. provides payment processing for over 285,000 merchants. Currently the majority of customers use their desktops instead of mobile applications through services like QuickBooks Online. Intuit does offer a mobile payment solution called GoPayment, which competes with services like Square. The app is slated for more changes in the coming months to improve data reporting for merchants.
No matter which form of mobile payment your business chooses, select the High Risk Guys to manage your high risk merchant account. Don’t leave your high risk payment processing to inexperienced payment processors.
Contact us now to learn more about stating a high risk merchant account today!