5 Myths About Mobile Payments

By: Souheil Badran

It’s no secret that mobile presents a tremendous opportunity for merchants today. The question now is not whether merchants should stake their mobile claim but how should they get started. Merchants want to be able to drive customer loyalty and securely accept payments on the fly, get paid faster and achieve all of that without much complexity or cost. We took all of that into account when we launched Digital River’s Beanstream Mobile solution – and tackled some mobile myths while we were at it.

Myth #1: You Have to Swipe a Card Multiple Times
If you’ve seen a taxi driver swipe your credit card multiple times for it to go through, then you’ve witnessed a common source of frustration for many mobile merchants. The truth is, it doesn’t have to be that way. Digital River deliberately focused on providing quality hardware that enables a seller to capture a sale on the first try. With our Beanstream Mobile solution, we paired high-quality hardware with some software elements that ensure a “one-swipe” positive result.

Myth #2: You Cannot Print a Hard-Copy Receipt from an App
Mobile shoppers typically have two options for getting their receipt: email or text message. Going back to the taxi cab example, what if you’re traveling for business and you need a receipt for your taxi ride? Can you submit a text message receipt with your expense report? What if it’s e-mailed and gets filtered out as spam? Or perhaps you just prefer hard-copy receipts for your files. Traditionally, a printed receipt simply wasn’t an option for a mobile purchase. Beanstream Mobile solved this challenge by leveraging AirPrint technology to print receipts from a mobile app.

Myth #3: You Have to Pay in a Single Currency
Accepting only one currency may not be an issue for some merchants, but it can be extremely limiting for others who are working in a town that welcomes a lot of international visitors, such as New York City, Miami or San Francisco. Digital River’s Beanstream Mobile team built multi-currency functionality right into the app, enabling merchants to accept up to 140 currencies and switch between these currencies on the fly.

Myth #4: You Cannot Customize or Re-Brand It
Most existing mobile payment solutions today are targeted at individuals who own small businesses and don’t necessarily require a branded reader and end customer experience. Beanstream Mobile has changed all that. We’ve taken a much more partner-centric approach, offering mobile merchants a white-label ready solution. The turn-key setup puts the merchant’s brand front and center with our payments gateway working behind the scenes to ensure quick-time-to-market and secure transactions. In addition, our channel partners, such as financial institutions, can leverage the Beanstream Mobile solution by white-labeling the solution and offering it to their customers and merchants.

Myth #5: You Are Locked into Dealing with One Bank
Typically, mobile merchants that partner with most of the other well-known mobile payments providers are tied to those providers for both mobile payment acceptance and the gateway to manage their funds, merchant account or acquiring relationships. Beanstream Mobile is “bank-neutral,” which means merchants can use their own acquiring relationships with any of the top providers and still use our payment gateway, including Beanstream Mobile for card acceptance. This translates directly into more flexibility, especially if the merchant decides to switch their account provider down the road.

If you’d like to learn more about Digital River’s Beanstream Mobile solution, please visit http://mobile.beanstream.com/. If you’d like to see it in action, we’ll have demos in our booth #650 at Shop.org on Sept. 30 through Oct. 2, 2013.

How are you using mobile payments for your business?

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