The benefits of mobile payments for your business

With the right payment solution, it’s easy to offer more convenience to customers and help your business grow anywhere. Mobile application (app) enabled payments let you process payments wherever you go. 

What are mobile payments? 

Mobile payments are transactions that use a mobile device like a smartphone or tablet to make payments. In the past few years, there has been a significant shift towards consumers favouring contactless card payments through digital wallets on their smartphone. According to the RBA, the share of debit and credit card payments through digital wallets, such as Google Pay , Samsung Pay  or Apple Pay , reached 35% in 2023, up from 10% in 2020. Customers can buy your products or services simply by tapping their card, mobile phone, smart watch, or tablet on your mobile payment app-enabled device.

How do mobile payments work? 

Mobile payment apps use Near Field Communication (NFC) technology to let customers make contactless payments. 

There’s no need for a customer to physically insert a card. Instead, they can just tap their card, or their smart wallet-enabled device against your mobile payment app-enabled device and then tap the payment device with their phone. 

You can also be confident that transactions are secure for both you and your customers with cutting edge technology via the device (Fingerprint, Face identification) as well as the Payment app specifically designed for mobile payments.

What are the different types of mobile payments? 

With society moving towards a cashless way of living, card- or mobile-based payments are increasingly the choice made by customers when making purchases or transactions. Without the need or want to carry cash, the use of mobile payment solutions is critical for businesses wanting to create seamless and simple payment options for their customers.

Website payment solutions

If you sell products online, customers can make payments through their digital wallets, such as Apple Pay , Google Pay and Samsung Pay , through your website. When choosing this method to pay on your website, they do not need an specific payment app to buy your goods or services.

App-based mobile payment solutions

If you have a mobile business like a food truck, gardening service or offer a service that you carry out at temporary premises like a farmers’ market, an app-based mobile payment solution, like NAB Easy Tap could be a great option for taking payments. NAB Easy Tap is a tap and pay app that turns your Android device into a payment terminal without the need for additional hardware. 

Contactless mobile payment solutions

Digital wallets, such as Apple Pay , Google Pay , or Samsung Pay , let customers store their card information securely on their mobile devices. They can then tap their smart device on a payment terminal to make a contactless transaction.

What are the benefits of mobile payments?

Mobile payments can offer a fast, simple and a secure checkout experience, which is increasingly important as we move towards a cashless society. With mobile payment solutions, your customers can make faster transactions. Waiting times can be shorter because you are not handling cash and giving change. Additionally, as there is no need for customers to swipe card or enter a PIN for purchases under $100 (in most cases). You and your staff can finalise a payment quickly and be ready to move quickly to another customer to offer help.

Mobile payments can also make managing your accounts easier. Cashless payments can also be tracked, which should help with record keeping and processing your business’s financial records at tax time. Cashless payments can be integrated into an accounting package like Xero, MYOB, Reckon, QuickBooks and many others. NAB Bookkeeper is a smart, simple and powerful bookkeeping solution for small businesses that is designed to automate financial management of your business by connecting directly with your NAB business accounts.

By accepting mobile payments, you can provide potential customers with greater payment flexibility and security, allowing you to serve more customers across a broader demographic including those who do not carry cash.

What hardware will I need to take mobile payments? 

All you need to accept mobile app payments is a compatible smart device with built-in NFC capability. Make sure NFC is enabled in device settings.