From small businesses to large franchises, restaurants and retail stores, more companies are using mobile credit card processing. It is one of the fastest growing and easiest ways to accept credit cards. Generally, all that is needed to accept a mobile credit card purchase is a compatible mobile device, a credit card reader to swipe credit cards and a payment processing account with a merchant acquirer.
According to more than 5,000 consumers polled for the Deloitte 2013 Holiday Survey, 62 percent believe sales associates should help them check out quickly. Being able to process credit card payments on a mobile point-of-sale device helps speed up the checkout process because customers can pay for their merchandise while with the salesperson instead of waiting in a checkout line.
Smartphones and tablets are transforming the in-store shopping experience. Mobile credit card processing is the next step in that transformation. Several large retailers are working to replace standard registers with mobile payment processing units in an effort to provide better customer service and complete transactions for their customers quickly
More brick-and-mortar businesses are working to combat showrooming. "Showrooming" occurs when consumers examine a product in person at a store and then use a mobile device to find a better price and make the actual purchase online. According to a 2013 Harris Poll, 46 percent of shoppers have showroomed – up from 43 percent in 2012. As a result, many businesses are looking to mobile credit card processing as a way to help keep the consumer engaged in their physical location. The merchant can match a price found online, make the sale in person, and the customer can have the product immediately instead of waiting for shipping.
Chase Mobile Checkout can help customers and empower sales associates to process credit card, signature debit or gift card transactions, send an email or text receipt and perform refunds if needed. Merchants can create an image-based catalog within the app that allows associates to select the correct product or service confidentially. Business owners can even view recent activity, search transactions, and stay up-to-date with key aspects of their merchant services account online or on their mobile device. Learn more about Chase's complete solution.
In 2014, mobile POS proximity payments are forecasted to reach $0.9 billion, or .02 percent of total POS retail purchases, according to a study by Javelin Strategy & Research. This projection will remain slow for the next year and then begin to take flight in 2015. In 2016, the volume of mobile POS purchases will climb to $2.4 billion, or .06 percent.
Chase Paymentech offers merchant services for POS tablets through Chase Mobile Checkout, and can accommodate merchants using third party POS tablet solutions that have certified to our processing platforms. When businesses combine the powerful tools of Chase Mobile Checkout with mobile POS technology, they can adapt to meet the changing needs of their customers, as well as grow with the constant demands of evolving technology. By utilizing mobile POS technology, business owners can conveniently and quickly check out customers to create an opportunity for future points of engagement. So a one-time customer can turn into a long-term customer.
Mobile payment processing is the next step in secure payment processing technology that will help businesses succeed. Chase Paymentech will provide a merchant account with services and reliability that help businesses manage their payments more efficiently. This may include mobile reporting, fraud alerts, and PCI online education. Contact us to learn more about how we can help you get started.