High risk industries like online dating services, vitamin supplement merchants, and tech support companies, have a difficult time acquiring merchant accounts through traditional lenders. As a result, many high risk merchants have turned to mobile payment options to surpass the hassle of rejection or overpriced account management by payment processors. The following are the top 7 most popular mobile payment methods to turn your tablet or smartphone into a personal payment processor.
Apple Pay. This is the new darling from Apple. The mobile wallet eliminates the need for actual credit cards, allowing customers to pay for desired items using their iPhone 6 or iPhone 6 Plus. When paired with a POS system that uses NFC (near field communication) technology, customers only need to hold their phones up to the POS system to make a payment.
Square. This is a simple solution for businesses that only do mobile payment processing on occasion. Square forms a direct link to the merchant’s bank account.
PayPal Here. This app enables customers to pay merchants with their PayPal accounts. Merchants must purchase accompanying hardware. Customers will use their PayPal app to check in with merchants and transfer funds.
Google Wallet. With NFC, Google Wallet enables consumers to pay for purchases by holding their mobile devices over NFC readers. Businesses can also integrate Google Wallet into their current online payment processing service.
Dwolla. Dwolla allows consumers to log on to their smartphones and select which vendor they want to pay. The Dwolla online kiosk lets merchants monitor transactions on laptops, tablets, or smartphones.
PayToo. This app works with mobile wallets, debit and credit cards, QR codes, and more. Also merchants can accept payments in multiple currencies.
Boku. Merchants can use Boku as a source of payment via an app, mobile site, and website. This mobile payment option allows customers to use their mobile phone numbers and payments are simply added to their phone bill.
The High Risk Guys is an experienced mobile payment processor that will create and manage your merchant account no matter which mobile payment method you choose.
Contact us now to fill out your free “No Obligation” merchant application