As a business owner, you need to get paid, no matter the services you provide. You’ll feel great when you get paid immediately, rather than endure the stress of chasing customers around. With mobile payment apps, you’ll be able to easily get paid on time. Business owners can open the door to mobile payment processing with various options available to choose from.
Mobile payment apps are vital financial tools for both business owners and consumers. As the owner of a business, you probably have clients that wish to pay with different options. If your business is not presently using a mobile payment app to receive, process, and monitor payments, you should consider how one of these apps can benefit your company.
With all of the mobile payment apps on the market today, including the ones that are focused on the consumers, it can be hard to go through the available options and get the right one for your brand.
How do Mobile Payment Apps Work?
Essentially, all mobile payment apps carry out the same function, known as mobile payment processing. To be more specific, mobile payment apps make it possible for businesses to process debit and credit card payments at any location that has a wireless internet connection. These payment apps make use of a mobile device and an attached card reader. Once your company selects between payment apps, they’ll become ready to receive mobile payments.
A mobile payment app works like this: a customer will swipe their credit cards through a small card-reader, which is plugged into a mobile phone, and then the payment app will process the payment. Mobile payment apps are so simple that is why they are useful for businesses.
Transactions using this payment method are secured and efficient. A company just needs a smartphone, like an Android or iPhone device, and you can download most mobile payment apps for free. Instead of going through the stress of signing paper receipts, clients and customers can use their fingerprints to sign their names on your phone.
Top 5 Mobile Payment Apps
Even though we have a lot of mobile payment apps today, the top five ones mentioned below are the cream of the crop. Several companies have used them for several years and they’ve been tested by various professionals.
With a history dating back to 1998, PayPal has been around much longer than other mobile payment apps. It became popular as the preferred digital wallet and payment provider for organizations such as eBay, and it has maintained its standard of being one of the most dominant names in online mobile payments.
PayPal makes it possible for users to transfer funds to and from any bank account based in the U.S. to foreign accounts. You don’t get charged when you send money to friends or family from a PayPal balance or bank account balance, however, there are fees when you send from a credit card or change to another currency.
It is free to download PayPal and as a business owner. PayPal is effective as a point of sale system, and it gives business owners a simple way to create product lists, assign roles and permissions to employees, and track transactions.
PayPal will charge you 2.7 percent for swiped transactions and 3.5 percent with an extra 15 cents for keyed-in transactions. It accepts all major credit cards.
When you receive funds through PayPal, they’ll immediately be made available in your PayPal account, which can then be sent to your bank account at no extra cost. It can take 2 to 4 days for the money to reflect in your bank account.
2. Apple Pay
Apple loves simplifying complex things for its users. One way they’ve done this is through their mobile payment system, Apple Pay. You don’t need to download an app because the payment method works on all Apple devices, and you can use it to pay for goods and services.
All a user needs to do is to link their credit card details to their Apple account. Then you can use your iPhone to pay for goods or services through a contactless payment system at a retail establishment. This payment method is considered to be secured because the user must verify their identity through the Touch ID sensor or Face ID.
Apple users can also transfer money to others by using an iMessage, or by just asking the digital assistant, Siri. When someone sends money to you, it goes to your Apple Pay Cash balance, which you can subsequently transfer to your bank account.
3. Google Pay
Google Pay is the Android mobile payment app, and it comes preloaded on all Android mobile devices. You can use it to make payments at many retail stores, such as KFC, Chick-Fil-A, Bloomingdale’s, KFC, Nike, and Staples. Additionally, you can pay for online services like Airbnb and DoorDash.
This payment method claims to be more secure than using a traditional credit card because your card number will not be directly sent, thus being protected through various layers of security encryption.
Google Pay supports various credit cards from major providers, like Citi, Chase, Discover, and American Express. But the debit card from your small credit union with only three branches is not likely to be supported. However, you can directly connect your PayPal account.
Square provides one of the most powerful mobile payment apps on the market. When you pair this mobile payment app with a card reader, you’ll be able to convert your mobile device into a fully functional mobile payment system.
The Square payment app has all that you require to receive orders, accept and process payments, send or print receipts, and provide refunds to customers. Also, it makes it possible for businesses to receive tips, record gift cards, and cash, give discounts, customize product lists, and review data and sales history.
You can also use the Square payment app to track inventory, manage workers, and link to peripheral devices such as receipt printers, cash drawers, and bar code scanners. This mobile payment app is compatible with both iOS and Android devices – including both tablets and smartphones.
5. Cash App
Cash App has over 30 million active users, 7.5 million of those make use of the platform every day. Cash App has limits on the number of sales you can accept every month.
This mobile credit card processor provides peer-to-peer payments. It does almost the same thing as Venmo, but it lacks social qualities. It is possible to send or request funds from anyone that has a Cash App account.
The Bottom Line
Mobile payment apps are easy and efficient ways of sending and receiving money from family and friends, customers, and associates. Although they may not be the best long-term mobile payment-processing solutions, it’s great to have the most popular mobile payment apps ready for those immediate transactions.