Best Payment Apps for Small Businesses. The world today has gone so digital. In that when it comes to business transactions payments are no longer dealing with cash. Especially when it has to do with business transactions.
Check Out: Small Business Finance Tips
Best Payment Apps for Small Businesses
Also, as an owner of the business, you want to accommodate all your customers by allowing them to use any technology devices of their choice for payments. However, there are a large number of mobile payment systems in the marketplace these days. In this article, we would be discussing the best Payment apps for Small businesses.
Mobile Payment Apps – How do they work?
As a business merchant, mobile apps are installed on a phone or tablet, sync up to a card reader and take your clients payments. Most of the mobile payment apps are sophisticated and contain additional functions such as inventory tracking and employee timesheet.
In this article, our focus is on the various types of payment apps for Small businesses. Namely, Google Pay, Venmo, Apple Pay or Cash App. Customers use these apps to store their credit and debit card information and as well use them to transfer money for businesses. Most of these apps have strong social networking segments, while others like Zelle, move money between bank accounts.
Also, because these mobile wallet apps operate with money there are typically use a high level of security to secure all financial information stored in the wallet. They are password-protected, some use facial recognition or fingerprint scans, to unlock the app. Some are always tokenized for safety such that your card real number is not stored on the device when you make payment using any card reader.
Furthermore, mobile wallets that allow users to physical payments in-store take advantage of the NFC technology. The technology transit information at short distances. This is how tokenized payment card passes information from a smartphone to a merchant’s NFC-enabled reader. Although not all mobile wallets use NFC some do such as Walmart Pay, uses QR scan codes. Samsung Pay.
Best Payment Apps for Small businesses
Apple Pay (Best for paying in-store)
Apple Pay user is one of the paid apps for Small businesses. The services is available in more than 17 countries. With Apple Pay users can keep their tokenized credit or debit cards information in the app.
The apple pay app is password-protected and can be locked via face recognition or fingerprint scan. Also, you can store electronic cash in Apple Cash, where you can load cash from your bank account, credit card, or debit card and send or receive the money from this cash account.
However, Apple Pay users can send or receive cash through iMessage or by asking Siri. You can make purchases with your stored payment cards at physical store, online, or inside an app. You can link your Apple watch to the app and transfer tokenized payment card information to the watch and later tap the watch to pay for items at a retail store.
Recently, Apple started it’s own credit card called the apple card. It is a MasterCard issued by Goldman Sachs. For merchant to accept Apple Pay in-store, one must have a credit card reader or terminal that read NFC signals. It is iOS devices compatible
Google Pay (Best for paying in-store)
Google Pay is another excellent payment system. Google pay is available on both Android and iOS devices. On Google Pay you can store credit, prepaid cash, and loyalty cards and use this cards to make purchases on a phone, app and on a browser. Users can link their PayPal account to Google Pay for additional layer of convenience.
All Card information is securely stored in the cloud. On a device, card tokenization, encryption, and Password or biometrics protects users information. It is also a peer to peer payment. For merchants to accept NFC-compatible credit card reader and terminal for in-store purchases developer for e-commerce.
PayPal (Best for Paying Online) – Best Payment Apps for Small Businesses
All the top pay in-store wallets can also be used for payment online. But PayPal is still the best for online payment. It specializes on peer-to-peer payments. It is safe way to pay and receive payment from strangers. The account is very easy to sign up for. It has a lot of users base of 286 or more million active user account.
It is the best for mobile wallets for online payment. It allows for payments processing for physical locations. User can fund an account by linking a credit or bank account to PayPal account. The funds can be kept there forever, transferred to a bank account or used via the PayPal debit MasterCard.
Additionally, PayPal has Web dashboard and a mobile app compatible with iOS and Android devices. Users are offered checkout option called One Touch. This allows for automatic login and auto-fill of billing information. PayPal.
Square Cash ( Best for requesting payment)
Square Cash App enhances small businesses, allowing individuals, organizations, and businesses to send and request cash via email or by using a unique identifier called cashtag.
The Square Cash App is compatible with iOS and Android devices. It’s users also receive a personalized website at W.W.W.cash.me/$URL, a site where they can visit and input their payment information to send another user money. In-store payments are allowed and e-commerce and in-app payment. It is also a peer-to-peer payment system.
Additionally, users can fund the Cash account by linking a bank account or through a credit or debit card all for free. To withdraw money from this account, simply transfer a credit or debit card can be use to transfer funds to a bank account or to a special debit card called the Cash Card. This card can be used to make withdrawals at the a ATM withdrawals.
Venmo (Best for digital purchases) – Best Payment Apps for Small Businesses
Venmo is owned by PayPal. Venmo is very different app than PayPal. Venmo is an app designed for function basically by sending and receiving money from to friends. The Venmo app is common with young users. It is embedded with social aspect. It is a good app to access you bank in the Internet.
It is compatible with Web, iOS and Android devices can be used for in-store payments. It has a special features like a social media app that makes the young user mostly it’s clients. Venmo is a social network features that make it perfect Venue for selling digital goods.
In conclusion, there are many and good Mobil payment app out there. We just pick up a few that we feel are the best to discuss in this article.
What do small businesses use for payment?
Small businesses use a variety of payment methods to receive payments from customers. Here are some of the most common payment options used by small businesses:
- Cash: Small businesses often accept cash as a form of payment, especially for in-person transactions. This is a straightforward and easy-to-use payment option that doesn’t require any additional equipment or fees.
- Checks: Some customers may prefer to pay by check, and small businesses may accept them as a form of payment. However, accepting checks comes with the risk of bounced checks, which can be costly and time-consuming to resolve.
- Credit and debit cards: Many small businesses accept credit and debit cards as a form of payment. This often requires the use of a card reader or point-of-sale system, and fees may apply for each transaction.
- Mobile payments: With the rise of mobile payments, many small businesses now accept payments through mobile apps like Apple Pay, Google Wallet, and PayPal. These options can be convenient for customers and may be more secure than traditional payment methods.
- Online payments: Small businesses that sell products or services online may accept payments through online platforms like PayPal, Stripe, or Square. This often requires integrating a payment gateway into their website or online store.
These are some of the payment methods used by small businesses.