Whether you own a B2C or B2B business, it is essential for you to provide a secure and swift online payment facility. In this pandemic age, contactless and online payment methods gain ground rapidly, and therefore, many businesses tend to integrate these methods into their system.
Here are the top three mobile payment solutions for small and mid-size businesses. As per an official expectation, the mobile payment solution market is predicted to expand at a 33.8% CAGR between the years 2018-2023. This fact indicates the importance of mobile payment solutions and highlights that the digital payment method is here to stay at least for the foreseeable future.
Let’s dig deep into three popular mobile payment solutions that can boost your business irrespective of its size and scale.
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Peer-to-Peer Payment App
In recent times, peer-to-peer payment app development has started gaining traction in the corporate world. The reason is simple- in peer-to-peer payment solutions, there is no need to build a separate transaction mode for the business. It is easy to link a bank account to the registered number of the business. Once this setup is done, business persons can easily receive money from their customers.
Some of the P2P mobile payment apps charge money to transfer money to the bank account, while some do it directly without taking any commission. Some of the key features of P2P payment solutions are-
- Receive money quickly (within minutes or seconds)
- Users can link debit card, credit card, or bank accounts
- Some apps like PayPal charge a small commission on the bank transfer
- Users can easily know who has paid and how much someone has paid
Google Pay, PayPal, and Venmo are some of the noteworthy examples of P2P payment apps.
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Merchant Payment Solutions
In this type of digital payment solution, traditional merchant accounts and payment processors are combined. You can register your business in this solution and give details to your customers for paying money. These merchant payment solutions have a flat-rate fee for a particular number of transactions. Dharma and Payment Depot are typical examples of merchant payment solutions.
Users can view their earning through the app’s analytics feature. Here are the top features of customized merchant payment solutions-
- Accept payment from all credit and debit cards
- Offline payments are accepted as well
- Customers can add a tip to the bill in the case of on-demand services
- Users can generate and send invoices to their customers with ease
Small businesses should opt for any of these mobile-based digital payment solutions. It is better to keep the business objectives, target audience, and budgetary limitations in mind while opting for the tailored mobile payment solution.
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Bill Payment Solution
Telecommunication companies bet big on this concept. The top-up and bill payment solution has a vital role to play in providing a seamless and rich recharge experience to users. Companies want to receive their payment on time and clear their accounts soon. The customized bill payment solutions like PayTM and MoneyGram can help customers pay their bills conveniently. Some of these solutions may demand additional charges for bill payment and some of the apps attract customers by offering cash back and reward points on every transaction.
Here are some of the key features of bill payment solutions-
- Easy registration for businesses and customers
- Multicurrency support with multiple payment options
- Single app for paying multiple utility bills
- Send real-time notifications or alerts related to due dates of bills
The top-up and bill payment solution has many advantages to offer to customers. As a financial startup or business owner, you should consider developing a bill payment app for having a good response to customers and revenue generation.
Here are some of the top mobile payment apps-
PayPal Here
It is one of the most popular names in online payment platforms. Retailers and merchants can process transactions through the PayPal Here app using their smart devices. PayPal Here supports any businesses that use PayPal for accepting online payments. Flat-rate pricing and chip card reading ability are some of the advantages of PayPal Here, whereas its cons include a $20 chargeback fee and the absence of an offline transaction method.
Square
Another big name for a mobile-based digital payment solution is Square. It is famous for taking low fees with a simple structure and easy-to-set-up reader. Square is indeed a good choice for small enterprises or businesses that need a rapid and affordable way to accept credit card-based payments on the move. Flat-rate pricing structure and impressive features are some of its pros, but there are some issues related to customer support and some complaints related to holding funds are recorded for Square.
Shopify POS
As a robust online sales platform, Shopify does not require any introduction. It is one of the biggest eCommerce players in the world since 2005. Shopify POS has a tiered pricing structure with a user-friendly design and a dedicated customer support system. It is easy-to-use and easy to set up. Though it is reasonably priced and having robust CRM features, all small businesses cannot leverage the benefits of Shopify POS because it has excessive fees for credit card transactions. It also lacks some inventory features.
Concluding Lines
The mobile payment solution aims to provide more comfort and convenience to the users. Be it making payments, sending invoices, or paying bills, the mobile payment solution can make it possible and take your small business to a new level. SMBs can develop their digital payment solution to bring all processes under one roof. With multiple features and benefits, the mobile payment solution can attract many people and small businesses can grow.