With the technological enhancements over the years, it has become convenient not to carry a credit card and instead make payments through a credit card app on your mobile phone. Further, some of the best credit card payment apps also help you enhance your payment process for your business and your customer.
What is a Credit Card Payment app?
A credit card payment app helps you save both money and time, specifically if you wish to avoid investing in a POS system that involves particular software and hardware costs. A credit card payment app is simple; you can download it from your app store and then start accepting payments on your tablet or mobile phone. Depending on your service provider, you can also receive alternative payment methods such as Apple Pay or Google Pay. Alongside this, the applications are extremely easy to use, making them preferable to many people.
Features required in a credit card payment app
A credit card payment app should have some of the following features –
- Supporting several methods of payments which include popular brands along with any local payment methods;
- Sending payment links to customers through social media, WhatsApp, SMS, or email;
- Customization of the payment page;
- Generating QR codes in the application to be able to accept payments irrespective of the location;
- Equipping staff or adding users with a mobile point of sale;
- Being able to view transaction history in real-time across devices;
- Sending digital receipts through WhatsApp, SMS, or email;
- Issuing partial or full refunds from the application.
Benefits of utilising credit card payment apps
- Cost reduction
POS systems traditionally involve bulky and expensive hardware and the excess cost of running the device. Whereas, with the credit card app, you would not require to spend any money since you can use it on the device you already own.
- Receiving payments everywhere
With a credit card payment application, it becomes convenient and simple to accept in-person contactless payment everywhere, irrespective of location. You can take payments at an event, store, at your client’s home, or anywhere else. These mobile applications make it possible to be entirely digital with your payments without investing in any external device.
How to choose the best payment app?
You can choose the best payment application by ascertaining that they have certain things in them. These considerations include the following –
- Credit card support
When selecting a credit card payment application, you must make sure that the app supports all the significant credit card brands. And you can also ascertain the top priority for your business and then configure the appropriate options.
- Device compatibility
With any credit card app, you should ensure that it is compatible with the mobile phone that you will be using. Only some mobile payment applications would be available on iOS and Android devices. As a result, this consideration needs to be thought carefully.
- Involvement of fees
Many applications require various amount of fees for the transactions made. As a result, you would have to understand the transaction fees applicable and their comparison to PSPs. Sometimes transactional rates are offset by a monthly or daily fee that is charged.
- Accepting digital wallet payments
You can accept transactions made from Google Pay and Apple Pay, depending on your application. These wallets are a location that customers can use to store their credit card information for online or in-store purchases.
Choosing the best credit card payment application depends on your personal needs and the needs of your business, but selecting a credit card app with certain specific features can be a great benefit which can also lead you to explore more applications in the future.