16 Best Mobile Payment Apps for Small Businesses
At some point, every business must collect payments. And, as the world becomes more digitalized, merchants can process and receive payments in a flash. What type of payment method is best for small businesses? Alternatively, which payment method should you use for your new business? In this article, we will outline the 16 Best Mobile Payment Apps for small businesses.
According to data on the most popular payment methods for e-commerce transactions among online shoppers in the United States, digital wallets and credit cards topped the chart, each accounting for 30% of total payments. Debit cards come in third, commanding about 20% of the share.
How Can Small Businesses Accept Payments Over the Internet?
When it comes to accepting online payments, there are various options. Available options include bank transfers, direct debits, mobile payments, point-of-sale (POS) payments, and online card payments.
However, the optimal payment option depends on the nature of your business and your personal preferences. Each payment method has advantages and disadvantages. So do your homework before deciding on a payment system for your company.
The rest of this article will walk you through the basics and suggest various small business-friendly mobile payment apps.
What are the benefits of mobile payments for consumers?
Transaction speed and simplicity of use are two factors. There's no need to travel to a bank to receive or pay money physically.
Furthermore, utilizing an app adds another degree of protection. A website does not keep credit card or bank account information. Credit card numbers and other account information linked to the app are secured. Also, the vast majority of people own a smartphone, either an iPhone or an Android device.
What is the Process of Using a Payment App?
To transfer money, a client needs a smartphone or computer to download a payment app. He also needs to link it to the customer's preferred source, usually a credit card. However, you can pay with a credit card, debit card, or bank account. The user then uses the app to make payments, either online or at the point of sale. This method is done using contactless technology.
Installing the same or a different mobile payment app on a business computer or smartphone allows a corporation to accept payments. Consumer-to-merchant and merchant-to-consumer apps are examples of applications unique to each other.
Other corporate payment apps accept other forms of consumer payment apps. Some only function across certain types of devices, like Apple Pay. Apple Pay only works between Apple devices, like iPhones. The charges on transaction range from 0% to around 3%. Payment limitations apply to some.
Benefits of Using Online Payment Apps
Benefits of Using Online Payment Apps
1. They're Currently a Commonly Recognized Means of Payment
Before the Covid-19 pandemic, consumers were cautious about utilizing an internet app or mobile wallet for transactions. PayPal and Apple Pay have millions of clients, but most haven't accepted digital payment tools.
E-commerce and internet payments flourished because many people couldn't leave their homes. Consumers who formerly scorned internet payment systems started using them.
According to a recent Accenture research, digital payments will account for about 420 billion transactions worth $7 trillion by 2023. This figure will rise to $48 trillion by 2030.
2. Transactions Are Processed Faster
Unless you're dealing with cash, credit and debit card transactions may take a few days to appear in your bank account. You get your money immediately away when you accept online payment applications.
A client does not have to wait for credit card purchases to be processed before responding to an invoice. The sooner you have money in your bank account, the better because cash flow is essential for running a small business.
3. They Make the Checkout Process Quicker
With e-commerce becoming more popular, retailers must discover new ways to finish sales. Shopping cart desertion is a severe issue for all online retailers. Accepting online payment applications makes the checkout process go more smoothly.
The less likely a consumer is to abandon their online shopping basket, the faster the checkout and the greater the customer satisfaction rating.
Cons of Electronic Payments
16 Best Mobile Payment Apps for Small Businesses
1. There Is a Substantial Risk of Fraud
Online payment applications make purchasing products and services more straightforward. They however come with a risk. Scammers frequently use online payment applications to target individuals and companies. That's why we have taken time to outline the 16 Best Mobile Payment Apps for small businesses.
Dummy applications that appear in internet app stores are one method. These applications capture a lot of personal information about the user. They can be used to perpetrate fraud if in the wrong hands. Encourage your clients to utilize well-known payment applications directly from their trusted merchants.
2. Accepting Them Can Be Costly
Online payment applications require users to link their credit or debit cards to the platform. You'll be charged a transaction fee for credit card payments made through the app. The amount you pay depends on the credit card used and the transaction type.
Card-not-present purchases, including online payments, are usually more expensive for the merchant — basically, the riskier the cost, the higher the rate you pay.
3. They're More Difficult to Control
While online payments may be more convenient for your consumers, they may be significantly less. Getting all transactions from several payment applications into a single accounting system can be time-consuming and difficult.
16 Best Mobile Payment Apps for Small Businesses
1. Apple Pay
Apple mobile payment for small businesses
Apple Pay allows consumers to use their mobile devices to make payments online, in applications, and in shops. (other Apple devices).
Fill your Apple Pay account with your Apple Cash balance or a connected credit, debit, or prepaid card. These transactions need a password, Touch ID, Face ID, or a double-click on the Apple Watch's side button to be validated.
You can send money using Apple Pay from within the Messages app using your Apple Cash balance.
Customers prefer Apple Pay because they can save and redeem incentives in their Wallets. If an establishment does not accept Apple Pay, the customer can pay with a credit card linked to their Apple Pay account.
Users can choose to pay for a product in monthly installments with 0% financing.
Apple Pay’s Pros
- Easier payments
- Secure
- More personal space
- Reduced danger
- More enjoyable experience
- There are no additional costs for merchants.
Apple Pay’s Cons
- Adoption
- No support for online buying.
- Stability
- Increased fees
Supported Devices: Apple Watch with a contactless reader and iPhone (with face or touch ID). If Apple Pay is a payment app option, you can use it in apps.
Apple Pay’s Pricing
The merchant pays the same fee as if the customer used a credit card for the transaction. The merchant's POS equipment would require an upgrade to accept Apple Pay.
2. Google Pay
Google Pay is our second best pick of the 16 Best Mobile Payment Apps for Small Businesses. Google purchased the intellectual property of the NFC software Softcard in 2015. They obtained support for Google Wallet from AT&T, T-Mobile, and Verizon. Google merged the functionalities of Wallet and Android Pay into what is now Google Pay. This is to compete directly with Apple's mobile payment platform (Apple Pay).
Google Pay is a complete personal finance solution that includes budgeting tools, cash-back incentives, and contactless payment. Online, contactless, and in-app mobile payments are all possible. Merchants may create a Google Pay account by downloading the software from the Google Play store.
The peer-to-peer capabilities of Venmo and Cash App, the security layer of PayPal art part of Google Pay's features. Also, the NFC functionality of Android Pay and the cash-back offers of Rakuten are all included in Google Pay.
Google Pay’s Pros
- Simple to set up and operate
- A high degree of protection
- Only bring your phone or smartwatch.
- Attractive reward and promotion programs
- Free-to-use
Google Pay’s Cons
- Not always welcomed
- It doesn't work on all phones
- Data Privacy Concerns
- Reliance on a smartphone or wristwatch
The app is compatible with Android phones with an NFC (near-field communication) chip. You can also use it on a tablet.
Google Pay’s Pricing
Customers attach a debit or credit card to their Google Pay account. Accepting Google Pay is free for businesses.
3. Venmo App
Venmo’s Official Website’s Hompage
Venmo is a payment software that allows you to send and receive money immediately. You may use your debit card, credit card, bank account, or Venmo balance to send money. When you get money, it goes into your Venmo account. You can keep it or transfer it to your bank account.
The app also allows you to divide bills and other expenditures with others. You and your roommate might use Venmo to pay for your internet subscription. You and a group of friends can use it to split a restaurant bill.
The standout point of Venmo is that it incorporates social media aspects with money transactions. Venmo users can become buddies with one another. There's a feed that shows payments between users. You can add a remark, emoticons, or animated stickers to each payment.
Users also have access to privacy controls. If you don't want everyone to see your payments, you can limit them to just your friends or you and the recipient.
Also, use Venmo anywhere PayPal is accepted, which is a great benefit. The platform requires users to link a debit or credit card and a bank account.
Venmo’s Pros
- Simple and quick payments
- Sending money from a bank account or debit card is completely free.
- Low credit card payment fee
- Users can use it to make purchases at certain establishments
- Provides both a debit and credit card
- It makes sending and receiving money more sociable.
Venmo’s Cons
- By default, payments are made public.
- Inability to cancel payments
- No foreign transactions are permitted.
- Scammers flock to it.
App, online, or contactless in-person are all supported payment methods.
Venmo’s Pricing
Venmo charges a transaction fee of 2.9 percent plus .30 cents.
Pay, Get paid, Shop, and Share Funds with Venmo!
4. PayPal
PayPal for mobile payments
PayPal is one of the most popular mobile payment apps. Millions of websites approve this platform which provides consumers and business owners with several possibilities. You can send money to friends and relatives using the app.
It’s a popular choice among company owners selling items online. Consumers can opt to divide payments at the time of purchase. You can start receiving and sending funds via a connected payment card, such as a Visa or Mastercard.
PayPal’s Pros
- Safe and secure payment methods
- A variety of funding alternatives
- A wide range of online and in-person payment options
- Additional functionality for merchant support
PayPal’s Cons
- A typical phishing and fraud target
- Unsatisfactory client service
- Digital purchases are not insured.
- Disputes might cause refund delays.
App, online, or contactless in-person are all supported payment methods.
PayPal’s Charges
Consumers may download the app for free. The fee per transaction is 2.9 percent plus .30 cents.
Send Money Faster and Safer with PayPal!
5. Samsung Pay
Samsung Pay for small businesses
Samsung Pay is a cloud-based mobile payment service that uses Samsung Knox tokenization to provide consumers with additional protection. The sharing of bank and card information between retailers and payers is minimal with this payment system.
The app is compatible with most terminals that use EVM, NFC, or magnetic stripe scanning technology, allowing retailers to provide consumers with quick cash payments. It also includes a quick transaction procedure, which saves clients time at the counter.
Because Samsung Pay works with online retailers and Android apps, developers and companies can offer their consumers an additional safe payment option.
Samsung Pay’s Pros
- Compatible with the majority of credit card terminals
- Inoperability with PayPal makes in-store transactions possible.
Samsung Pay’s Cons
- Only available on Samsung smartphones
Supported Devices: Galaxy phones and some Galaxy smartwatches are supported. Compatible with Google Pay systems.
Samsung Pay Pricing
Consumers may download the app for free. Businesses pay 2.9 percent plus .30 cents per sale.
Get the Samsung Pay App Today!
6. Zelle Pay
Zelle mobile payment for small businesses
Zelle pay is our 6th pick of the 16 Best Mobile Payment Apps for Small Businesses. Zelle is a free payment software that is simple to use and sends money quickly. With this mobile peer-to-peer payment software, you can send money straight from one bank account to another. It's a convenient method to transfer funds to someone you know.
You don't need to know the recipient's bank account number to send money using Zelle. Instead, you may contact them by phone or email. Zelle will then notify them through text message or email that a payment is pending.
This mobile payment app supports hundreds of banks across the United States. Consequently, you should be able to utilize Zelle's money transfer service via your banking app. If not, Zelle is available as a standalone app.
The Zelle app is easy to use. Simply provide your personal and banking details. Then you may give money, request money, or divide a bill with others. These actions are straightforward, and the program will guide you through them.
Zelle Pay’s Pros
- Quick & easy
- Transactions are safe.
- Works with a variety of banking apps
- The recipient's banking information is not required.
- There are no restrictions on receiving.
Zelle Pay’s Cons
- There is no protection against fraud.
- Users cannot use a credit card to transfer funds.
- Supports only US bank accounts
- Certain payments are not refundable.
- There are payment restrictions.
Zelle Pay’s Pricing
The costs for using Zelle depend on your bank or credit union.
See If Your Bank Offers Zelle!
7. Quickbooks Go Payment
QuickBooks mobile payment for small businesses
QuickBooks GoPayment is a mobile payment program with a card reader that allows retailers to accept payments while on the go. When you sign up, you'll get your merchant account.
Current QuickBooks business software customers can use the app as part of their existing QuickBooks package. However, new users must first sign up for QuickBooks Online.
Businesses prefer this program because it can do the following:
- Sync with Quick Books
- Create and monitor invoices,
- Record bank transfers,
- Accept cash and check payments
It does all these despite the monthly payment price. It's capable of matching invoices to transactions.
Merchants can also accept major credit cards through the app, such as Mastercard, American Express, and Visa. Quickbooks Go Payment can also make things easier during tax time in merchant service.
Quickbooks Go Payment’s Pros
- Convenience of use
- Predictable, flat-rate pricing
- The app supports PayPal payments.
- Low-cost hardware
- There are no setup or application fees.
https://paypant.com/16-best-mobile-payment-apps-for-small-businesses/
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