Last editedSep 20212 min read
You want to make the checkout process as easy as possible for your customers to improve conversion rates and give sales a boost. Have you considered using a mobile payment service? Adding mobile payments to your toolkit gives clients a quick, simple way to pay with the click of a button. We’ll cover the MPS meaning and its benefits in this article, so you can decide whether a MPS is right for you.
What are mobile payments?
Mobile payments are an all-encompassing umbrella term including any type of payment made with a mobile device. This includes peer-to-peer apps, MST payments, NFC payments, and QR codes. Digital wallet services fall under this category as well, such as Apple Pay. You can use mobile payment technology either to purchase goods online or in person. It can also be used with applications like PayPal to send money to friends and family. Essentially, mobile payments work the same way as any bank transfer or credit card payment, with all activity stemming directly from your smartphone or tablet.
What is MPS?
Now that we’ve covered what a mobile payment is, what is MPS? The MPS meaning stands for mobile payment service, and it refers to any solution used to capture and process this type of payment. The type of MPS you need will depend on whether your business is completely online or has a brick-and-mortar location. Mobile wallet services are applicable for both situations, as they can be used online as well as with contactless NFC payments terminals.
Types of mobile payment services
There are as many MPS types as there are mobile payments. Here are three of the main types you’ll come across both as a buyer and seller.
1. Mobile wallets
This type of MPS includes popular apps such as Samsung Pay, Google Pay, and Apple Pay. They are easy to set up for businesses and consumers alike, turning any mobile device into a portable virtual wallet. Customers can make in-store payment while leaving their physical cards at home. They can also use a mobile wallet to make online payments directly from your website, provided your payment gateway is compatible.
2. Mobile POS systems
If you provide services in person or operate out of a brick-and-mortar retail location, you can turn your own mobile device into an MPS. Mobile POS systems like Square let you accept credit card payments directly from your phone with a portable chip card reader and accompanying app.
3. Mobile P2P systems
With this type of mobile payment service, you look for an MPS download allowing you to send money to merchants as well as friends and family. A primary example is PayPal.
Advantages of using MPS
Why should you consider integrating a mobile payment solution into your business? There are multiple benefits of enabling mobile payments.
For consumers, benefits include both convenience and security. Eliminating the use of a physical wallet reduces temptation for criminals. Rather than carrying cash or physical cards, mobile payment data is protected with PIN passcodes and biometric security such as fingerprint scans. This keeps financial details out of reach.
It also makes payments more secure for merchants, who don’t have to go through the extra step of verifying identity. Instead, the MPS agency gateway will do that on your behalf with built-in security features. All that’s required on your end is to ensure your website is PCI compliant if you’re accepting card payments. By enhancing the customer experience, you’ll boost retention and sales rates at the same time. And for those who operate in person, using a mobile POS system allows you to take physical payments without purchasing a bulky, stationary POS terminal.
To make the most of any new MPS download or MPS agency, you’ll need to compare providers carefully before integrating the service into your website. Will the service enable multiple payment types? Does it use of-the-moment security features including tokenisation and biometrics? What transaction fees are involved from the seller’s end? Be sure to look at all these factors before selecting an MPS.
We can help
GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.