What qualities should a retailer look for in a mobile payment processor?
The evolution of mobile devices is taking mobile payments into the mainstream. For retailers this presents a significant opportunity. It allows them to acquire new customers and to provide consumers with a quick, simple and seamless checkout experience on the move, from any location.
Choosing the right payment processor, however, is vital. “Firstly, the ability to reach consumers in whichever territory the retailer wants to trade in is essential,” says Praful Morar, vice-president of global retail at WorldPay.
“A provider that can offer retailers the capabilities to accept payment in local currency, language and via the consumer’s preferred payment method will ensure the best user experience and help to maximise checkout conversion rates.”
M-commerce for consumers is all about convenience, states Morar. Retailers need to provide the simplest possible route from purchase decision to completed transaction. Choosing a payment provider with the tools for secure payment pages on mobile devices and the ability to offer the same experience as on a website is key.
While ease of use and user experience will drive m-commerce, security remains an important factor. “Merchants need to thoroughly consider the security of their m-commerce solution against overall usability,” Morar says.
Retailers must understand how to apply the right strategy to the right device, as behaviours can vary according to device, territory and, most importantly, consumers’ preferred payment methods.
As such, retailers should look for a payment provider with a combination of the right tools, knowledge and proven experience.