We live in a world now where how we pay has changed and some older forms of payment appear to be on the way out. Paying for something is no longer composed of giving cash to someone at a till or handing a check to someone for there service.
We’re now paying for a great deal of things online and payment in actual brick and mortar stores has progressed to the point where there are multiple payment methods are available. Mobile payment processing with iWallet has come about as a natural outgrowth to that new technology. The result is that mobile payment has become the e-wallet.
This electronic form of wallet is becoming the hot new thing to have in the world, and looks like it may even be on its way to replacing more traditional forms of payment both online and in real life as well. So, which one is the best for mobile payment processing?
e-Wallets are what is becoming a major new contender for the easiest, and most direct, way to pay today. iWallet is one of the major electronic wallets out there right now. What is iWallet? This new electronic form of mobile payment processing uses the iWallet app to function. The iWallet’s accessibility is due to its primary reliance on directly accessing the federal reserve banking system or that country’s electronic payment network.
Now, how this is accomplished is what enables mobile payment processing to work so well. What you would use for an electronic wallet, like iWallet, is a QR code when paying for something like groceries. Normally, you’d insert your debit or credit card and pay that way. What this form of processing does is to allow you to scan a code, and process it through your app, and then pay directly through the iWallet! This new form of ACH transaction is what makes you able to get rid of all your regular plastic cards for payment.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
What is ACH? ACH stands for Automated Clearing House. This may seem like an alien term, but just about every electronic transaction you make is some form of ACH. If you’re paying a bill, having your pay deposited to your account, or paying for your meal by way of the iWallet, these are all ACH transactions! This is what makes the world go around now, and is why e-Wallets are quickly becoming the choice way of paying. You can even search online for an iWallet promo to incentivize you towards becoming a member.
What are the alternatives?
First, there are the old contenders. You have cash and check as the most commonly used ways to pay thirty years ago. Those days are long gone and there are actually countries now where cash isn’t accepted for the most part, anymore. Checks are even worse than cash. You may have noticed that just about every store, restaurant, and retailer usually has a “We don’t accept checks.” sign posted somewhere around where you pay.
As a result, neither of these forms of payment are the best; Quite the contrary. They’re on the endangered list! On top of that, they can’t be accessed online, although there are online scans for checks now that speed up online processing, it’s still a slow process that can take days.
PayPal and SmartPay are among the forms of e-commerce payment and are still widely used, among others, but they do have some major drawbacks. They came about because of the need for payment online, but haven’t proven to be a method easily accessible by way of mobile payments. They’re built for the desktop and laptop era, but not the mobile one. Mobile processing requires something much quick and easy in order to be useful to a person with a mobile phone. As a result, these payment methods are good options, but they need to catch up with the rest of the world.
MasterCard, Visa, Discover, and other credit cards are the usual way to pay online, but if you’re in a restaurant, then you might as well haul out your card. If you’re looking to use an e-wallet, it defeats the purpose.
So, what is the best form of mobile payment processing? For sheer simplicity, the iWallet is taking over as one of the leading kinds of e-Wallet to have. Being able to scan a code to pay for something, isn’t just pretty cool, it’s also incredibly easy. Plastic cards can be stolen, and have proven to be less than secure in the past, especially with the “tap” technology of paying, which makes a stolen card into a blank check.
With an e-wallet, all you have to do is make sure your phone has a password and to lock it when not in use. Since this is a common practice today, this makes using iWallet one of the most secure forms of mobile payment.