How retailers should select their mobile payment platform
Over the past few months, I have had a number of boutique retailers inquire about implementing new point-of-sale systems and mobile payment solutions for their business.
When working with one of our clients who was interested in exploring a smarter way to accept payments in their store, we started researching the various tools currently in the marketplace.
What is interesting in these different solutions was their range of functionality. We realized it was important to hone in on the specific problem that our client was trying to solve. Do you just need a cheaper way to accept payments? Do you want to replace your existing POS system? Are you looking to gain more analytics around your sales?
It is unlikely that you will find the right solution without first identifying the core problem that your business is experiencing.
We examined nine of the leading mobile payment platforms and specifically evaluated the following seven problems that they addressed:
At the core of any mobile payment platform would naturally be the ability to process customer payments.
Surprisingly, the platforms we reviewed were split between native payments and integrated payments.
Platforms supporting native payments such as Square were built and included the necessary hardware to accept payments with their system without the need for a third-party payment gateway. Those which required integration did, in fact, require an external payment gateway to be set up.
Mobil commerce daily