Use Mobile Payment Apps Like A Pro! 5 Things You Need to Know

Mobile payments are increasingly becoming an attractive payment method, as evidenced by the many businesses that are implementing the use of mobile application for convenient, fast, and safe transactions. Recent statistics estimate mobile payment to be at $75 billion dollars, which is further projected to increase up to $503 billion by the year 2020. Adopting mobile payment technology might just revolutionize the way you deliver goods and services in your business and here are important things you should know about the use of mobile payment apps for business:

·         Exactly what can be considered as mobile payments in the context of business transactions? Mobile payments generally refer to mobile money transfers and mobile wallet transactions, which are regulated and facilitated through the customer’s mobile device. This can be through a peer-to-peer environment such as sending funds digitally via a mobile payment app or paying at a brick and mortar business by tapping your device to a point-of-sale unit to facilitate payment.

·         What about mobile wallets? A mobile or digital wallet is where your customers can store or add funds either by linking the account with their credit card or some other source of fund. Instead of using a debit or credit card to pay for purchases, customers can pay using their mobile device.

·         What kind of technology do mobile wallets use? Mobile wallets are powered by NFC or near-field communication technology, which basically enables two devices, particularly the customer’s device and the business’ payment reader to send information back and forth, wirelessly, so payments can be processed. This technology is very similar to RFID technology, thus making way for more and more contactless payments.

·         What about mobile money transfer? Mobile money transfer is also a subset of mobile payment, which enables mobile to mobile transfers, wherein users need only the same mobile app installed in order to process payment.

·         Why should you consider mobile payment apps for your business? Quite simply, mobile payment apps are the way of the future, providing businesses with a fast, efficient, convenient, and completely safe way to process transactions.

THINGS YOU DON'T KNOW ABOUT MOBILE WALLET APPS

Digital wallets have replaced the use of cash and written cheques to pay the bills. With digital wallets, people walk around with virtual money in the form of cards or mobile applications. All you need to do is log in into your account and transact the amount you want. Your recipient will receive the money within seconds. You can also receive money in your digital wallet, money sent from both local and abroad accounts.

Digital Wallets are Just like Your Physical Wallet

In your physical wallet, you keep debit cards, credit cards, loyalty cards and other types of private information. Many people think Digital wallets don’t contain such components, but the truth is that all these documents can be found on your digital wallet. A digital wallet stores all your data including deals and coupon codes so that when you need the information, you just log in and access it.

Proximity and Remote Wallets

Proximity wallets are the kind of digital wallets that allow a user to make transactions in premises located near the digital wallet service provider. You cannot make international money transfer so you need to use it locally and only within the specified area. Remote wallets have no borders and you can make payments to any part of the world. Wallets like PayPal and Skrill.com allow you to make global payments instantly. Almost all digital wallet service providers have made their wallets to operate remotely so that users can make global payments.

Digital Wallets Do More than Just Money Transfer

If you think digital wallets are just virtual financial stores, you are wrong. You can keep tickets for events and transport fees. You can access keys to your house and car, you can track your mobile phone and you can store your coupon information. Information like driving license, passport number, ID card number and employee ID can be stored in your digital wallet.

Looking at all those vital functions, you need to make sure you create strong passwords and authentication steps. Although digital wallets are convenient, they make you vulnerable to cyber-attacks. 

WHAT ARE THE ADVANTAGES OF SHAREPOINT CONSULTING SERVICES?

Microsoft SharePoint is a great platform if you are considering having a document management and collaboration platform in your company. It is browser-based, which is an advantage in itself as it lets you and your team collaborate easily no matter where you are while ensuring a centralized, secure, and protected environment for sharing documents and other important files for work. If you are not sure about adopting this platform, you may consider SharePoint consulting services to learn how it can be beneficial to your business.

SharePoint consultants can help you understand the way the platform works. Microsoft’s collaboration and document management platform are fully customizable to the needs of every organization. It is easy to use and provides a way to manage and coordinate tasks from a central location. That way, you and your team can collaborate in real-time, and make informed decisions easily and quickly. Once you are sure that the platform is good for your group, SharePoint consulting services can help in its implementation and configuration.

Seasoned SharePoint consultants are certified by Microsoft, so you can trust them with other tasks, like migration and upgrades, application integration, and other services that will guarantee a customized platform that will address your unique requirements. Consider working with consultants who have at least a decade of experience in working for organizations in your sector, so you can trust their knowledge and ability to understand the special needs of your business and optimize the solutions to your institution.

SharePoint consulting services are particularly useful to banks and financial institutions who want to improve their operations. Technological matters like cryptocurrencies, cloud-based platforms, and the transition from laptops and PCs to smartphones and wearable tech have all changed the landscape. SharePoint can effectively analyze and capture data in your enterprise, making it useful in helping your business keep up with the digital world.