The adoption of card payment acceptance by smartphone apps is transforming how payments are processed. Mobile payments not only benefit retailer-customer relations but open up business opportunities to innovations such as click-and-collect and mobile wallets with integrated loyalty. This is according to virtual payment card provider Lanistar.
Jeremy Baber, CEO of Lanistar said: "With smartphone technologies continuing to advance, businesses can process card payments through apps to improve efficiencies and streamline sales. Merchants should consider accepting card payments on a mobile device to allow customers to pay from any location. Mobile payments not only reduce expenses but increase data security which is instrumental to business success."
Businesses can choose from a variety of methods of mobile payments, including cloud terminals that process transactions through a web-based application, scanning app-generated QR codes and sending payment links directly to customers that leads to transaction web pages. SoftPos a new revolutionary technology also bypasses the need for external card readers by using NFC technology on smartphones to read cards and accept payments.
Baber continued: "Payments accepted through smartphones are the future of transactions provided that proper regulations and compliance are in place. However, due to its restricted availability, it is crucial to choose the app wisely. Merchants must select a reputable service provider with a reliable track record, with regular updates being the top priority."
Accepting payments through mobile apps provides a host of benefits, including reducing costs by eliminating external hardware and cumbersome payment infrastructures, and increasing sales thanks to the reduced complexity of processes. Merchants are also more secure, with payment app developers continuously introducing fraud-prevention tools to enhance safety.
Baber concluded: "New mobile payment tools allow organisations to analyse financial behaviour providing data-based knowledge to establish business strengths. Furthermore, accepting phone payments is a sustainable and green option, eliminating the need for extensive hardware and the need for printing receipts and transaction records."
"Mobile payment acceptance is the future and will help satisfy a new generation of customers with smooth payment experiences. Mobile devices are transforming where we can do business, with new processes allowing businesses to accept payments from any location. Organisations need to adapt to change as the benefits speak for themselves."
About Lanistar
Lanistar was founded in 2019 by entrepreneur Gurhan Kiziloz, whose ambition is to build a fintech unicorn that truly challenges the status quo of old-fashioned, traditional banking services.
Using modern technology and working with industry-leading partners, the Lanistar team is building a platform that provides a total 'AnyMoney' solution for its customers. This will give customers access to all their financial products in one place, from general bank accounts all the way through to cryptocurrency.
Lanistar is not a bank but a payment card provider, operating as an intermediary that offers financial services to end users. Lanistar offers the services of a typical bank account through its banking partner Modulr, but with advanced UI/UX and design to make it easier and more secure than high street banks.
Lanistar Ltd is a registered EMD agent (FRN:902996) of Modulr FS Limited and may distribute and redeem e-money and provide payment services. Modulr FS Limited is authorised by the Financial Conduct Authority ("FCA") under the Electronic Money Regulations 2011 (FRN: 900573) for the issuing of electronic money and to provide payment services. Lanistar Limited ("Lanistar") is currently only carrying our pre-launch marketing in preparation for the future launch of Lanistar branded payment cards ("Cards"). Lanistar is finalising arrangements with various partner firms who are authorised and/or regulated (by the FCA and other overseas regulators) and the Cards will only be launched and go-live when those arrangements are in place.