Payment apps have revolutionized business. Today, every store seems to offer an unlimited set of payment options for their customers, which can be overwhelming at times. Want to buy a quick cup of coffee? You could wave your watch at it, scan your smartphone, pull out your credit card, or just grab it and run away into the night, cackling and screaming (note: Don’t actually do that).
Even so, some customers have reasonable concerns about how payment apps operate, and those concerns matter to businesses. Should you request a customer’s phone number, or will that scare them away? What about email addresses? Do you really need their blood type and social security number? And what happens when the internet drops out mid-transaction? Does the whole thing just blow up?
The good news is that payment apps are, in fact, secure and reliable. They don’t pose any special threat to users’ privacy, nor are they too reliant on the internet. When properly implemented, they make shopping (and selling) more convenient. Here’s why.
The Miracle of Two-Factor Authorization
Apps like the Payanywhere payment app utilize two-factor authorization, which is substantially more secure than single-factor options. Two-factor systems rely on multiple authorization tokens from the user; basically, the user doesn’t just enter a password but also acknowledges their identity via phone, email, or some other “token” that verifies their identity.
The Payanywhere payment app uses SMS tokens, which are convenient for business owners and employees. You’re assured that an authorized person is using the app on the business end. Consumers get the same type of benefit, as they’re required to associate their payment methods with an email address or simply by using their card (a CHIP card, by the way, is another form of multi-factor authorization).
Even when customers use smartphone-based payment methods, they benefit from multi-factor authorization. Payment apps are just as secure as a traditional credit card machine, they simply process transactions using the internet.
What Happens When The Internet Goes Out?
Modern payment apps allow businesses to handle transactions even when internet access is spotty. Here’s how they do it: They…wait for internet access, then process the transaction normally. Huh, that’s not that complicated.
That means that businesses can rely on their apps, even when they’re handling transactions on the road (think food trucks) or in other situations where consistent internet access isn’t feasible (think cave-diving tours). That also applies to non-card payments, so there’s no situation in which customers would have to wait for 10 minutes while the business owner futzes with the app. On the front end, payment apps are remarkably simple and intuitive, even though they’re doing lots of work on the back end to keep transactions safe and secure.
Ultimately, payment apps are changing the way that people do business by doing what any great technology does: Improve on old tech without introducing a steep learning curve. They’re safer than older technologies, more convenient than traditional payment machines, and easier for both customers and business owners to use. Oh, and they look pretty cool, too. Hey, the little things matter.