How to Select the Right Mobile Payment Processor?

Mobile payments are highly effective for micropayments payments of digital content and virtual goods.  Offering mobile payments increases revenues, mitigates payment processing risks, and expands markets world-wide quickly and easily.

More importantly, mobile offers a potential for a relationship with customers that no other payment option can provide.  The real power of mobile payments goes far beyond selling virtual goods and services.

Mobile billing gives business a way to communicate with customers and for customers to communicate with companies and with other customers.  Mobile payments expand the power of social networks and communities and provide a unique opportunity for businesses and consumers to be a part of each others’ world.

Given the importance of mobile payments, how should a company select a mobile payment provider?  There are two important elements to consider.

First, the mobile payment platform must meet technical standards and conform to standard business operational functions for payment processing.  Secondly, closely examine the additional services that the mobile payment company offers that will enhance your customer acquisition, retention, and marketing strategies and build loyalty to your brand.

6 Business Operational Considerations for Mobile Billing

An effective mobile billing platform will have the following features:

1. Complete audit trail and full reporting functions for every transaction.  The status of every transaction must be available in real-time.  Merchants should have the same type of detailed information available to them with mobile billing as they do with credit card payment processing.
2. Accountably.  Merchants need to know how much money they will receive from mobile billing and when the funds will be received.
3. Flexible price points.  Merchants need to be able to set their own price points for products and services.  Merchants should not be limited by mobile billing short codes with inflexible billing parameters
4. Flexible billing models.  The ability to pass on mobile billing surcharges to consumers allows merchants to offer mobile payments without incurring any payment processing fees.  Will consumers pay the surcharges?  Millions of mobile billing transactions prove the answer is YES.  Consumers willing pay a extra for a small-ticket item in exchange for convenience and instant gratification
5. Simplicity of integration into existing accounting and payment processing systems.  The application program interface should be user friendly and take be easy to implement
6. Customer support should be offered 24/7 in every local language where mobile billing is offered.  One of the great advantages of mobile billing is the easy expansion into international markets.   Localized customer service is an important element in succeeding in global markets. 

The best mobile payment processing platform will offer businesses multiple ways to acquire new customers and retain existing customers.  Business should have a variety of low-cost methods to reach out to customers, offer incentives, maintain customer interest in the product, and motivate new spending.

Combing innovative payment technology with marketing tools is a sure-fire way to ensure the success of your mobile billing initiative.  The right mobile payment processing partner will work with you to customize the right strategy and help you implement your plans in the most efficient way possible.