17Jun2013

Latest trends in payment system applications development

Over the last 5 years VISA and MasterCard appeared to be the most popular payment systems all over the world. To make it all work the common standards were taken into consideration. They evolved for some time until they become the way we know them now.

The main reason for cards’ popularity was the increase of consumer spending in e-commerce and m-commerce. People were looking for payment options.

There are two main problems and needs in the field of mobile application development:

  • Efficiency
  • Convenience

Both of these options can be effectively solved through efforts of Iflexion Company. The highly qualified specialists there are able to cope with all kinds of mobile payments and even align them into the neatly working system.

Let’s have a look at both features:

Efficiency is for the possibility to buy goods through the prepaid balance on mobile phone. In other words, mobile phone is now used as the debit card.

Convenience is for making payments in the easiest way possible. The wallets for Amazon, Google, Facebook etc. can be accessed from anywhere on the globe. This makes things easies, still the wallet can be compromised as well.

There are three main companies dealing with payment system applications.

Near Field Communication (NFC) allows you to use your mobile account to pay for goods. Web application development in this direction allows you to use the direct transactions, which is rather handy. Google and Citibank are taking part there as well.

Still there are several more payment system applications to be considered.

With mobile card reader by PayAnywhere you can just pay on the go without actually using your credit card. The charges are somewhat higher than usual percent still people tend to use this option instead of paying with real card and far more often than paying with cash. This happens due to easy procedure. All you have to do is to plug special equipment into your tablet or whatever – and you’re ready to accept payments!

Iflexion also offers several options to save descriptions of goods and their prices. This is called the full point-of-sale system you can easily attach receipt printers or cash drawlers to.

If you’re using iOS, you can choose the appropriate version for iPad, iPod Touch or iPhone). Unfortunately, the software for Android gadgets is still going through testing process.

Which service is the right one?

Though mobile payments are really easy, they might appear to be not really profitable due to high charges. Here are the most well-known charges in a chart:

  • PayAnywhere 2.69% per swipe
  • GoPayment 2.7% per swipe
  • VeriFone’s SAIL 2.7% per swipe
  • Square 2.75% per swipe

In case your income is $1300 or higher, you might consider monthly fee. It allows you to pay much less per swipe. For example:

GoPayment – monthly payment $13 – 1.7% per swipe

SAIL – monthly payment $10 – 1.95% per swipe

Still the low cost of transactions will do no good in case your software in not properly incorporated in your business. That is what Iflexion is for. You’ll be offered best possible opportunities to work within the limits of your business and get success. Your database inventory will get ideally synchronized, so you’ll only have to scan the barcodes to run your business.

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