Businesses are looking to find more ways to accept payments now that technology is allowing it. Mobile POS solutions are giving companies, both large and small, a “mobile” way of accepting payments.
The process may seem complicated but it isn’t. The payment is triggered with the swipe of card with the reader. Card data is encrypted directly on the reader and sent via the mobile device via the processing gateway, which leads to the respective bank. Once there, the data is decrypted and the payment is made.
Conventional terminals are relatively expensive and inflexible in their implementation. Many vendors that desire POS solutions based on technology will characterize their needs according to what type of business they have. For instance, a one-person business that travels to meet their clients will prefer mobile POS solutions over other solutions.
User identity is very important in the financial world, so to eliminate the uncertainty of banking information being stolen, card readers are encrypted and banking information is decrypted only when it reaches its destination. Thus, viruses or rooted smartphone transactions and bank data is not read or manipulated.Most mobile POS solutions can read all credit cards (Visa, Mastercard, Amex, etc.) however, due to the conditions in different countries, the technical implementation from country to country may vary. In India, for example, solutions are used with a clip-on magnetic strip reader for the implementation of Visa transactions.
Most providers do without a monthly fee and only charge a transaction fee. In some countries, the fees are under three percent for all transactions for all merchants. In other countries, there are examples in which the merchant will pay a monthly flat rate and this allows the business to perform an unlimited number of transactions.