Credit Card Payment App Attached To Mobile Phone

Mobile Card Processing Do’s and Don’ts

Mobile credit card processing lets vendors take payments from almost anywhere and is becoming increasing popular. According to a BI Intelligence report, the amount of businesses taking mobile payments will grow 80% from 2015 to 2020.

However, mobile processing brings with it unique challenges and potential weaknesses. By following a few key principles for mobile payment systems, users can ensure a smooth and secure process for both vendors and buyers.

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Bitcoin vs. Credit Card

Some adventurous small-business owners are experimenting with accepting bitcoin in payment for their products and services. While this all-digital currency may evolve into a practical payment method sometime in the future, right now it offers little benefit to you or your customers. Here’s a quick comparison between bitcoin and credit cards.

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person putting credit card information into a laptop

Protect Your Business From Credit Card Fraud

As a business owner, you don’t enjoy the same protections against credit card fraud that federal law extends to consumers. If you lose money due to someone making a purchase with a stolen credit card, you have only a 60 percent chance of recouping your loss. In 2014, credit card fraud cost U.S. business owners over $32 billion. Here’s a quick review of basic measures you can take to protect your business from credit card fraud.

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closeup of credit card with smart chip

Smart Cards and Credit

More vendors are moving toward use of the smart chip inside of a traditional credit card. The smart chip has been used by the United States military for many years in ID cards and is finally seeing use as a commercially viable credit card. These types of cards are known as smart cards and come with a host of additional benefits for shoppers as well as new payment processes that add convenience and security.

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