Remember back when we all had to pay for items with cash or by cheque? Then cards came along, followed by contactless card technology, and now we can pay through smartphone apps. And all that was in the space of just 30 years.
The way customers shop and pay for products and services has changed over the years, and it continues to evolve now.
Without choice, your customer is limited to one single way of paying for your products. Giving customers the option of paying via a mobile card reader, card machine, virtual terminal, or over the phone means your business is evolving with the ever-changing consumer demands.
What does this mean? It means you’re more likely to attract a variety of customers and – most importantly – get paid quicker.
What are phone payments? What are the different types of phone payments? Why take phone payments for your business? Is it safe to take payments over the phone? Can I take payment over the phone using a card machine? What card types are accepted over the phone? Why compare phone payment solutions?
Phone payments are what you’d imagine; they’re card payments made over the phone. Initially, you might have reservations about taking card details over the phone, but it’s a secure, trusted and quick way to receive payments.
The customer phones up to make a payment, you input their bank details into your phone payment enable service and voila, payment is made.
Quick access to funds means you get instant payment for your goods or services.
There are two types of phone payments – virtual terminal and card machines read about each below.
If you own a shop, you more than likely have a point of sales system, or at least a card reader of some sort. Well, a virtual terminal is just like that, only virtual. You don’t need to pay for a physical till point. So this type of payment solution is perfect for you if you’ve got a mail-order business, or you’re a delivery or drop-off service.
Aren’t card machines just for in-person transactions? No, they’re not. If the person (or their card) isn’t in your store or business premises, you can log into your secure virtual terminal and process their card payments right there and then. All you need is their 16-digit card number, expiry date and the three-digit security code. You will need to verify some address information, for example, their postcode and the first line of the address.
Giving your customers a choice on how they pay can mean you appeal to more customers. Some customers will despise the faff invoicing and bank transfers can bring, so phone payments offer a quick and painless payment method.
You do all the work at your end, you input your customer’s details, and all they do is read out the number on their card along with a few more details. It’s a quick and straightforward way for customers to pay for your goods.
As the merchant, you’re getting paid quickly. Phone payments are a great way to ensure your cash flow stays healthy.
Yes it is safe to take payments over the phone as long as your business adheres to strict security measures and is in compliance with PCI Security Council standards. From a customer's perspective, you must make sure that they verify the company before making any payment over the phone.
Yes, you can! If the customer or card is not physically present at the point of sale, you can still process transactions directly through your card machine or virtual terminal securely over the phone. This transaction is commonly known as a “Card (or Cardholder) Not Present” payment, or CNP for short.
All major credit and debit cards payment methods are accepted, including Visa, Mastercard and American Express (Amex).
Why should you compare phone payment solutions? When you’re buying something important for your business, you don’t just settle for the first thing you see; you shop around for the best price or the best service.
That’s precisely what we help you do at Capalona.
We help you compare phone payment solutions so you can find the right fit for your business. It’s really as simple as that. We’re focused on delivering an impartial, straightforward comparison service, that ultimately helps you save money.