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Common prevailing myths on mobile payments that business owners should forget

Mobile payment is outrunning the typical popular point-of-sale card system. Transactions made on smart devices are soaring without any hint that they will slow down soon. It is even forecasted that the worldwide mobile payment revenue will exceed $1 trillion in 2019. Despite this solid trend, there are still some myths persisting around mobile payment, discouraging certain businesses from going along with the flow.
Common myths surrounding mobile payments

Mobile payment is a key solution in everyday life. Adhering to the myths and staying reluctant to adopt mobile payment can induce massive losses for businesses in today's economic and financial scenario. Customers demand convenience and failing to provide such a payment method will systematically push them to shop elsewhere. They will definitely not recommend such a business to their immediate circle as well. Here are some of the prevailing myths:

Integration of mobile payment takes time

Most entrepreneurs are very busy. Many may have been avoiding setting up a mobile payment system thinking it will take too much time and be too difficult to set up. However, most popular mobile payment systems can set up in just a few minutes. Like other applications available these days, mobile payment apps are designed to be intuitive, simple and user-friendly for even those having limited experience in handling this type of technology.

All that needs to be done is a request for a merchant account with a provider and then download the company's app. In certain cases, a credit-card swiper might have to be plugged in into the audio jack of the smartphone or tablet that will be used. Nonetheless, the majority of mobile systems use NFC and/or Bluetooth tech to read a customer's card. Credit card information can also be manually keyed in if required, in other cases.

Mobile payment is not secure

Many business owners think that mobile payments are less secure than other payment options. As such, they are extremely reluctant to set up such a system. The truth is that no data needs to be stored in the device itself. All customers' sensitive details are transmitted digitally and even one of your devices is lost or stolen, no personal or financial client information can be accessed.

Mobile payment is not worthwhile

Another pervasive myth that restrains certain entrepreneurs from adopting mobile payment is that this mode of payment is simply "not worth the hassle." Some believe that they will not be able to carry out enough transactions and that thus, installing it would be just a waste of time.  However, such is not the case. Mobile payment offers an unrivaled level of flexibility. Payments will no longer be tied down to the physical cash register and transactions may be carried out on-the-go and at alternative locations such as at trade shows, client homes, offices, conferences, and festivals. Clients are on the lookout for such convenient mode of payment and offering this service will enhance customer satisfaction, resulting in sales and exposure.
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