Sunday, 24 June 2012

Mobile Payment – How To Make It Efficient And Safe For You

As many online transactions now include tablets and android phones, it is advisable that an online merchant makes the payment process doable thru mobile devices as well.  Expectedly, mobile payment has been receiving much attention from the e-world lately, and it is expected to gain even more popularity in the long run.  In fact, many analysts are expecting billions of dollars to flow thru mobile payment process within the succeeding years.

However, the most common concern among marketers and consumers is how to secure the mobile payment process, considering that is done thru mobile devices.

Here are some useful tips on how to provide security for your mobile payments and how to ensure customers that their payment details will be kept safe and confidential (applicable to both credit and debit card holders):

Connect your payment process to a Credit Card

We are all aware that credit card companies have some of the most excellent security features in the financial world.  And by connecting your payment to reputable card companies, you can avail of some or all of the security features that they may be providing.

Another advantage of connecting your mobile payment with a credit card is that you have the power to make any payment disputes. You can either report a dispute if your card is not working, or, if it is charging you with invalid fees, or if any unauthorized charges have been made to your account.

This also gives customers the ability to make a “chargeback”, which means that they can reverse charges if any mistakes have been committed or if the products that they received are not the ones that they actually ordered.  In short, this sends the message that when they make mobile payments, there are lesser risks - since they can get their money back or replace their orders, when necessary.

Connect your payment process to a Bank Account

Mobile Payment This is another method of creating a more secure payment environment for your customer. Do not limit your mobile payment connection to your credit cards alone but also to your debit cards and bank accounts as well - because most of the companies behind debit cards can likewise provide excellent security for the mobile payment process.

With this, you do not only get protection from your credit card provider but also from debit and bank account companies as well, such as reports of transactions and other features.

Don’t link your payment process to your phone bill

A phone bill is usually sent out in a printed form which includes how and when charges have been made to your bill.  However, if your business transaction payments are connected to your phone bill, payments made to you by your customers will appear on your bill – which may take away the essence of confidentiality with regard the transactions you may have.

On the contrary, customers can link their mobile payments to a phone – provided that they talk to the service provider about privacy and security features, in order to get extra security if in case their phone gets stolen, and so that the service provider can block any subsequent transactions made thru the stolen phone.

You can also ask for a limit in charges that can be made on your phone, to keep track of the purchases and payments being done thru your phone.

Check your Statements

You need to regularly check your statements to find out for any irregularities and discrepancies.  It doesn’t matter if you have your payment method connected to credit cards, debit cards, bank account and etc. - you will always need to check and double check statements just to be sure all the amounts are correct.

Remember to complain if you find things are incorrect

As a marketer or as a customer, you have an equal right to complain if there are mistakes. For customers, this principle applies if you read all the details about a product or a certain payment method.  Hence, check for additional charges that have been added to your account, or, if what you’re purchasing is free or not.  If not, check the prices, and make sure that to go over the terms and policies.

For marketers, you need to look for a trusted credit card or debit card company to connect your payment methods with.  This is to ensure that you get higher quality of services compared to those from other credit card companies.

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1 comment:

  1. I visited your blog for the first time and became your fan.
    Read through all the points that are listed above. Great to-dos list. Well till now, I have linked the payment method to my phone bill. Going to get it de-linked. Thanks for updating me with apt logics. :)