Part 2 of 4: The Growth of Mobile Wallets
A typical trait of a successful business is adaptation.
While you will often hear the cliché “if it isn’t broke don’t fix it,” keeping up with technology ensures you will continue to grow. Offering your clients a variety of modern payment methods proves to them that you are aware of what is happening in the world. History has proven that technology has developed exponentially in the last three decades and will continue to do so. In the last ten years alone, our cellphones have gone from indestructible bricks to personal assistants in the palm of our hands.
The changing landscape of payment methods and expanding technology means coaches need to adapt.
With advancements such as Apple Pay, Samsung Pay, and other mobile wallets, keeping up can be difficult. To accept Apple Pay and Samsung pay your credit card terminal must be equipped for contactless payment-capable point of sale. Many consumers are starting to use Apple Pay and Samsung Pay where it is accepted and it is gaining increased popularity. Wherever most adults go they always have their phones on them and not necessarily their wallets – Apple Pay and Samsung Pay change that. These mobile wallets allow potential customers to walk around with just their phones and still have purchasing capability.
Apple and Samsung Pay are both great payment options because they are not storing your clients’ information. Clients’ vital information is encrypted with multilevel security features and for every transaction to keep everyone protected. It is a solid way to prevent fraud and accepting these forms of payments allows you to keep up with the always-developing technology.
What Is Your Operating System?
I’m sure you, like most inhabitants of the first world, have a smart phone. The two most popular smart phone operating systems are Apple iPhone and Android. Getting to know your mobile wallet can help you in your personal life and in your business.
- Apple Pay: Has a multilevel security system requiring your passcode or touch to pay. Card numbers are never shared or transmitted with payment and a device account number is assigned, encrypted, and securely stored in a dedicated chip in the iPhone.
- Samsung Pay: Has multilevel security system called Knox software requiring your fingerprint. The device uses digital tokenization with every purchase and never shares or transmits card numbers.
Other less popular mobile wallets include Square Cash, PayPal Mobile, Google Wallet, and Android Pay. All of these mobile wallet options have essentially the same goal at their core – to make our lives simple.
Simplicity and accessibility are the fundamental qualities anyone typically seeks. When you familiarize yourself and your business with the modern technology and start to accept and adapt, you will become more successful in the long run. If your clients see you acclimating they will as well and will be confident to have you as a valid, trustworthy source.
Keep these points in mind as we continue the series.
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About the Author:
About Amy Zicolella: Amy joined the DirectPay team as Marketing Specialist in late 2015 with an extensive background in web marketing and social media coordination. Utilizing her degree in Business Administration and Marketing Integration, Amy has helped create a culture within the organization focused on an aligned mission: to provide coaches and other service professionals with seamless credit card acceptance, business development education and a more personal, dedicated relationship. Learn more at www.directpayinc.com.
The Expert Series is brought to you by choice Magazine as part of our ongoing efforts to bring opportunities for learning and growth to the coaching community. Delivered in four parts every two weeks, each series covers useful topics for business development and coaching insights, serving the needs of leaders in all areas and walks of life. Archived copies of previous series can be found here.