Mobile payment apps for businesses offer many benefits for both organizations and their customers. Payment apps can greatly improve the payment experience by making payments more convenient, improving cash flow, and even saving money for many businesses.
Below, we will look at some of the features that are often connected with an optimal mobile payment app for businesses.
1. Custom Branding
Consistent branding in business is essential. A logo on the top of an invoice, a business letter, or anything that represents an organization is critical for building a brand. And when offering customers the ability to make payments through a mobile app, the mobile app itself should also amplify an organization’s brand.
Not only does branding a mobile payment app look good for your business, but it also builds trust with end-users and signals they are making payments to the correct organization.
2. Recurring Payment Functionality
Recurring payment functionality (automatic payments) allows customers to easily enable automated payments from their mobile payment apps for specific dates they define.
Organizations that offer recurring payments to their customers can make payment plans and memberships easier to manage and can also improve on-time payments.
Dental offices, veterinarians, gyms, auto finance companies, and other types of businesses can greatly benefit from recurring payment functionality.
3. Compliance
Any payment technology company developing mobile payment apps should design with compliance in mind.
Being PCI compliant and using hosted tokenization or two-factor authentication is a must for security and compliance. Furthermore, an independent study completed by PaymentVision found that security was a top concern of both merchants and end-users.
4. Mobile-friendly Design
In our blog on payment gateway provider tips, we discussed the importance of mobile-friendly designs.
As we noted, 96% of Americans have a cell phone. Additionally, the Motley Fool reports that 69% of cell phone users prefer contactless transactions over paper money because of convenience.
More and more people are surfing the web on their cell phones and mobile devices, interacting with friends and family on social media, and making purchases.
Offering a mobile app to your customers is not only a great choice in many cases, but mobile apps have many benefits.
Some would argue mobile payment apps are more secure than other forms of payments. Mobile payment apps, in many cases, allow for security through biometric authentication, hosted tokenization, PINs, and two-factor authentication.
Furthermore, mobile payment apps are often faster when it comes to processing payments, allow for direct communication with your customers, and are great for building a business’s brand.
5. Consistent Data Updates
Accepting customer payments through multiple payment channels can be a great idea for many businesses. Offering customers various payment options is a great way to improve the payment experience with payment flexibility.
Effective payment solutions will update, maintain, and keep customer data consistent regardless of the payment channel used. For example, if a customer makes a payment through IVR or a mobile payment app, their transaction data will still be updated and kept consistent on the back end.
6. Check Scanning and Card Scanning
Businesses that offer their customers mobile payment apps can make depositing checks much more convenient by saving customers time and reducing errors with check scanning.
With check scanning, end-users can effortlessly scan and deposit checks with their smart phones.
Additionally, mobile payment apps that offer consumers card scanning via a secure mobile payment platform, reduce errors when entering important card information and improve the payment experience for the end-user.
7. Biometric Login
Biometric functionality is a critical feature of payment systems these days. Smartphones that make use of biometrics add an additional level of security that gives only the intended user access to mobile payment apps that contain sensitive customer data.
Mobile Payment Apps for Business: The Wrap
Many businesses can benefit immensely from offering their customers a mobile payment app. But it is essential to choose a mobile payment app that has the right features.
Small businesses that use mobile payment apps should select mobile payment technologies that can be branded for their business. Also, organizations should look for mobile payment systems that utilize recurring payment functionality, and focus on mobile-first design, security, and compliance.
The right payment mobile app can improve the payment experience for customers, and for businesses. Also, the right mobile payment app can increase on-time payments, improve cash flow, and cut down on calls to the call center.
Want to chat about PaymentVision’s mobile payment app solutions for your business? Let’s set up a time to chat.
