davidjohn6366
118 posts
Nov 28, 2022
2:15 AM
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You may never have heard the term "mobile wallet" before, but if you are involved in merchant credit card processing, pay attention. This is the wave of the future. Mobile wallets will be one of several ways to process payment no matter where you are in the next few years, and for a business that doesn't stay in an office, it can make closing the sale much simpler.
Mobile Payment Options
Wireless terminals, SMS payments and mobile wallets are all ways to process payments without being hooked to a telephone line. Each works a bit differently.
* Wireless terminals are the most commonly used mobile payment options at this time. They use WiFi connections or cellular phone signals to process payment from credit cards in a traditional manner. Another choice is a smart phone adaptor which allows merchants tips on selling merchant services to use their Blackberry or iPhone to do the same thing. Barring the smart phone apps, there is nothing particularly new with this technology.
* SMS payments involve a relationship between a particular merchant and the cellular service provider. You can set up such arrangements so that either the merchant initiates contact or the buyer does, but the end result is that when the buyer texts a specific message to a particular number the merchant gets paid. The most common use at this time is for small ticket items such as cell phone ringtones, games or charitable donations. With a charge of 50% per transaction though, it is hard to understand why anyone would bother at this point.
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