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Ready to ShipB2B buyers should know that these devices and equipment for a mobile credit card reader are divided into several types. Each of these types is meant for a particular industry and purpose.
The following are common mobile payment terminal types based on their operating methods:
Mobile payment applications
Here, the business owner has to download the application on their mobile devices. Then, they will link the app to their payment processing account, which can be a credit or debit account. These applications are effective for enterprises that are small in size and need an efficient way of processing payments.
Mobile payment terminals
Businesses can acquire hardware-based mobile payment terminals. These terminals accept payments through debit or credit cards and should be connected to the Internet. Larger enterprises tend to utilize the device due to its capacity to accommodate large payment volumes.
Mobile card readers
Such payment readers can be connected to tablets and mobile phones. The readers help in processing payments and are suitable for businesses that require flexibility in processing payments. Most trades like real estate agents, lake transporters, touring companies, and outdoor entertainment businesses prefer these devices for easy movement while making sales.
Integrated POS systems
POS systems are fully integrated solutions that offer inventory management, sales tracking, and customer management, including payment processing. Such systems are easy to use and effective in managing mobile payment operations. They are suitable for all businesses, whether big or small.
Retail industry
The mobile payment terminal is widely used in the retail industry, especially in stores where the volume of customers is very high. These gadgets and equipment enable a smooth checkout process and allow customers to purchase using a debit or credit card.
Food and beverage industry
This mobile payment terminal is used in the restaurant industry to assist the waiters in taking orders and processing payments on the spot. When the terminal is portable, it eliminates the need for customers to wait in line so that their orders are taken before paying.
Construction industry
Building contractors like these mobile payments because they can get paid right on the job site without having to wait. With a mobile payment terminal, it becomes easy to bring real-time cash flow to construction projects and keep work moving.
Health industry
In the health and medical emergency transportation industry, there is always a need for payment to be processed on the spot. Mobile payment terminals can serve health insurers in processing copayments quickly while affording greater convenience to patients.
Transportation industry
The transportation industry experiences fluctuations in demand based on season, passenger volume, and growth in infrastructure. Mobile payment terminals have enabled transportation service operators such as taxi and bus services to offer quick, flexible payment options to their passengers.
Real estate industry
In real estate, agents can use mobile payment terminals to collect earnest money deposits and fees directly from their clients. Such immediate payments, especially in good faith, enable the smooth facilitation of transactions in the lease and sale of properties.
Display
The mobile payment terminal is equipped with a capacitive touch display of 5-7 inches. This is an easy-to-use interface for users. In addition, a clear display also helps in showing dynamic images of payments.
Operating system
These handheld devices are powered by Android or Windows operating systems to use applications effectively, depending on the specification of the device. This means that end users will interact with an operating system that they are familiar with to promote efficiency.
Connectivity
Bluetooth and Wi-Fi enable the device to connect with certain accessories like chip readers, printers, or client tablets/smartphones. Users also enjoy the flexibility of connecting through cellular networks, thereby ensuring seamless transactions in areas with limited Wi-Fi connectivity.
Battery
The mobile payment terminal has an efficient rechargeable lithium-ion battery with an average operating time of about 8-12 hours, depending on the usage. Quick charging reduces downtime, and users are able to get back to work within a short time.
The mobile payment terminals have simple steps for performing the basic functions of making mobile payments.
Account setup
The user has to create an account with his service provider and link the bank account to the reader or app with which he will be working.
Transaction initiation
As the customer is ready to make a payment, the user will have to open the application or turn the terminal on and fill in the amount to be paid.
Payment processing
The customer then has to insert the chip, swipe the card, or use contactless payment, for example, Apple Pay or Samsung Pay, so he can complete the transaction.
Transaction confirmation
The terminal or application will show a message confirming that the transaction was successful. Receipts will also be issued, which can be printed or sent to customers through email.
Here are key maintenance tips for mobile payment terminals:
Software updates
For the mobile payment application to be effective, it needs to be updated regularly. This includes general fixes and enhancements to improve the use of the application. Updates should be frequent to protect users from security-related issues.
Battery care
To maintain the wearable, the lithium battery and super fast charge should be kept in good shape by proper charging cycles and avoiding overheat incidences. This usually will suffice to make the mobile payment terminal work for a long time.
Clean the device
Payments completed with mobile terminals require cleanliness and hygiene. It is necessary to clean the different parts like the chip reader, swipe area, and printer on a regular basis. In this respect, using soft and dry cloths to cover dust and debris is recommended.
Secure the terminal
A good way to protect a portable terminal from dust, debris, or physical damages is using a protective case. Such containers will also provide protection during shocks or falls that may affect the working condition of mobile payment terminals.
Follow guidelines
Every terminal comes with a manufacturer's guideline concerning maintenance and servicing of the terminal. This manual was issued by the manufacturer of the terminal and is quite useful in maintaining the product.
Data encryption
Mobile payment terminals are enabled with end-to-end encryption whereby all transmitted client data is encrypted in order to avoid third-party access. This feature not only ensures that customers' debit and credit card information is well protected, but also promotes confidence and reduces the likelihood of fraud.
Regular security audits
It is important that an audit be carried out at least quarterly to assess this mobile payment terminal's compliance with the standards of the payment industry. All risks be noted and every security measure up to date means that mobile payment terminals are secured all year round, regardless of season.
Merchant training
Safety dealing with mobile payment terminals starts with trained employees. Giving out safety tips and best practices to workers can minimize fraudulent activity, data breach, and other payment-related incidents. This informs workers of what needs to be done and what should not be done to secure payment information.
Incident response plan
There should be a prepared plan on how to respond to any cases of breach, fraud, or malfunction of mobile payment terminals. This plan enables fast and appropriate action to minimize impacts and informs all sets of affected parties in order to prepare communication in advance.
Any failure of the device or poor Internet connection can cause mobile payment terminals to malfunction. This might delay transactions, lower customer satisfaction, and have negative cash flow. Making terminal maintenance and providing good connections avoid these problems.
The PCI compliance mobile payment terminal is the most notable industry-level security standard. Other certifications, like EMV and TLS, focus on specific features like chip technology and transport layer security. These certifications guarantee that the terminal is protected and does not contain vulnerabilities.
Using devices that are securely coded, training employees, and practicing all the time with payment scenarios will further eliminate the chances of fraud at pay-by-mobile establishments. He/She has to authenticate every given payment method and ensure that customers' cards are in use to offer protection from fraud.
The mobile payment terminal improves customer satisfaction across the industry by offering convenience, enabling payments to be made quickly and easily, improving efficiency and service speed, and providing options for payment preference, such as contactless. This reduces waiting time and increases satisfaction in service delivery.
Mobile payment terminals have several features added to them, such as data encryption, tokenization, secure elements, and compliance with PCI DSS, which work together to protect sensitive payment data during transmission and processing. These features help ensure that only authorized users can access payment information.
