opinion

Payment Systems: Streamline the Checkout

Jonathan Corona

Technological advancements over the last 50 years have been heralded using the following words: Faster. Better. Smaller. Every time these words are used to describe the latest piece of technology, it’s been seen as progress.

Smaller. Computers are smaller. Cellphones are smaller (although the screens are getting bigger). The electronic payment process must also be faster, better, and smaller. As your content is formatted for, and made available to, mobile consumption, it makes sense that your payment processing should be, too. Using a credit card to complete a purchase from a mobile device should be as easy, if not easier, than doing it from the traditional desktop platform. The companies that have already implemented an easy and simple to use mobile payment platform have seen an increase in sales.

A site that renders properly on a mobile device and offers a fast, easy, and secure payment page is an asset in today’s market space, regardless of the product being sold; no one wants to lug around a laptop anymore, no matter how little it weighs.

My sister, a college student, on her way to class one morning, was texting with me (don’t try this at home) and was able to purchase an airline ticket to come visit me (please, don’t try this at home) during her morning commute. If purchasing airfare can be accomplished via a mobile phone, allegedly while driving, shouldn’t our toys and movies be purchased just as easily?

The number of tablets and mobile phones has surpassed the global population. Mobile devices account for most of the devices being used to not only consume the content many of you offer but connecting to the rest of the world as well. My preferred method of connecting is via my phone or tablet from the comfort of the couch in my living room. I sit at a desk all day to conduct business; I don’t want to sit at my desk during my leisure time, too. If the site doesn’t render properly or takes too long to load, I look for an alternative.

A site that renders properly on a mobile device and offers a fast, easy, and secure payment page is an asset in today’s market space, regardless of the product being sold; no one wants to lug around a laptop anymore, no matter how little it weighs.

Speed is another issue. With the age of technology and instant gratification that we now find ourselves in, it’s no surprise that the attention span of the average consumer can rival that of a toddler who’s been given a free espresso. If the site the consumer is visiting doesn’t render quickly and properly, in all likelihood, the sale is lost. The consumer may make a mental note to revisit the site from a desktop browser, but chances are, they’ll forget, or find a competitor with a site that renders quickly and properly. Many videos today are already being consumed on mobile devices at a rate that doubles the consumption of the content viewed on a desktop platform.

Speed, convenience, and security are paramount factors when designing a product for consumption on mobile devices. This, of course, means finding the best fit for your business. Finding a payment processor who will work with you and contribute to your revenues is the ideal, mutually beneficial business relationship we all need to succeed. Mobius Payments Inc. is an industry leader in payment technology and in the high-risk merchant space. We take pride in staying ahead of the curve and we take a proactive, rather than a reactive, approach to technology’s trends and changes.

Security is a major concern for both the consumer and the merchant. Providing a secure method of accepting credit cards on a mobile platform is just as important and streamlining your site and overall user experience for the mobile consumer. There are wallets and gateways out there that offer to encrypt and tokenize credit card numbers to minimize risk exposure but the technology is too new to name a victor.

If you put 100 people in a room and ask them which is better: Apple Pay or Google Wallet, you’ll likely have an even split of opinion. The reality is that the average consumer may not give a second thought to storing payment data, or the means to conduct a financial transaction, on a handheld computer that can be lost or compromised by a tech-savvy criminal. The average consumer is familiar with the traditional checkout page, so why not streamline it and make it available to another familiarity rather than trying to determine which wallet will come out on top? Their mobile device is with them nearly every moment of every hour of every day.

Jonathan Corona has more than a decade of experience in the electronic payments processing industry. As Mobius Payments Inc.’s vice president of compliance, Corona is primarily responsible for day-to-day operations as well as reviewing and advising merchants on a multitude of compliance standards set forth by the card associations. Mobius Payments specializes in high-risk merchant accounts in the U.S., EU, and Asia.

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