Mobile payments require little equipment, but you do want a validated P2PE, or Point-to-Point Encryption. This will make sure that the client's financial information is encrypted and remains safe before and after the transaction. It is also important that you check with your payment processor to find out which credit cards are approved for mobile payments.
Security and safety known as PCI compliance, are on the minds of everyone, especially with the increased reports of identity theft. If your mobile device is rooted or is not up to date, then you should not accept credit card payments. You will also want to install apps from trusted sources, have the newest version of the app set up and make sure your phone has a virus protection program running prior to accepting payments for your services. It is possible to make your client's life easier with credit card acceptance; you just have to take more precautions when it comes to mobile payments.
You can protect your business through your security features on your Smartphone. You will want to make sure that under no circumstances does your phone store the credit card number or information. It is possible for anyone to acquire that information, even if you have encrypted it. It is best to require people to enter their information each time they make a payment. You can also protect your business and your clientele by locking the phone. This is when you require a password of some sort to gain access. You can use a pattern or PIN; however, the best method is with a biometric lock. Before you start accepting payments on your cell phone, make sure you are doing everything possible to prevent your client's information from being leaked.
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