A New Mobile Payment Option for Businesses

Dec 13, 2013   //   by Keith McDonald   //   Guest Post, Latest Product Updates  //  1 Comment

Payleven

Mobile card payment is something of a buzzword now, with many merchants looking to modernise their business by accepting card payments in a new and innovative way.

There is definitely some confusion about how existing mobile payments work, especially those that rely on near-field communication (NFC). For example, a recent YouGov survey of over 1000 UK adults shows that only one third are even aware of NFC technology (a figure that has barely risen since last year). Only one fifth of the people surveyed have ever used their phone to make payments using NFC technology. Over 56% did not believe the technology was safe. These numbers have serious implications for merchants and the type of mobile payment solution they decide to implement.

However, the question is: how can merchants continue to be innovative and cost effective in their choice of payment methods when such technologies are mistrusted by the British public?

The answer is to take an established, widely used technology and turn it on its head in a technologically innovative way.

This is exactly what companies such as payleven are doing to the mobile payments sector. They provide a sleek and modern Chip & PIN device that connects to your smartphone via Bluetooth. No more clunky machines, wires and expensive monthly fees – just efficient card payments at a low cost.

The benefits of using mobile Chip & PIN technology far outweigh those of other mobile payment methods, for the simple reason that UK customers feel far more at home with paying via Chip&PIN. There is a minimal security risk with this payment method and in terms of business reputation it provides a professional look and feel.

However, you may now be questioning whether it is actually important to take card payments, with cash seemingly such a large part of life in the UK? Actually, it has been shown that the number of customers making cash payments is declining in the UK. Cash no longer fits into today’s hectic lifestyle and with card machines being so readily available these days (for example in supermarkets, pharmacies and even in some corner shops) more and more of the population are reluctant to waste time making cash withdrawals.

Also, with mobile Chip & PIN companies making it easier and more importantly cheaper to accept card payments, there is really no reason not to. For example, payleven offers their service with no monthly fees, only a simple transaction fee of 2.75% per transaction. There is no monthly transaction limit so merchants can use the device as much or as little as they like in a pay as you go capacity. The device is fully mobile, so it can be taken to trade fairs or to any outside job or conference; all you need is an internet connection. There are now a plethora of options for small merchants to take card payments – there is no reason not to.

There is no doubt that mobile payments are on the rise, and it is important for merchants to keep up with this trend. However, it is equally important to invest in a method that is regarded as trustworthy by the public. Otherwise, you end up with a redundant, and in some cases, expensive payment method.

Payleven was founded in 2012, and has headquarters in London and Berlin. The company designs new and efficient payment systems for individuals and businesses, including the first internationally available mobile Chip & PIN device for smartphones or tablets.

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  • http://pragmaticsolutions.co.uk/ John Bull

    If the security aspect is covered then mobile chip and pin I am sure will become extremely popular. Expecially for smaller amounts.