In a world where mobile payments and invoicing are taking over, many businesses are looking for their next payment provider. There are many options out there for mobile payment processing. The only question is, which one is right for your business?
One rising competitor might be out of the running.
Venmo, an extremely popular Peer to Peer, P2P, payment platform has been trying to broaden their client base to include small businesses.
Venmo has traditionally been a P2P mobile payment solution. There has been, however, talk of adding resources for businesses. On Venmo’s website, they offer, “…a seamless payment option with Venmo at checkout on your mobile website or app” and a way to “reap the social benefits of the Venmo platform—far beyond the moment of purchase.” This might seem like a good option, as Venmo is already widely known and has proven easy to use.
But according to the Digital Transactions newsletter, Venmo has experienced a “surge in fraud” that cost them a transaction loss rate of 0.40% in March 2018. This puts Venmo’s first-quarter operating loss at $40 million and may serve to shake the faith of retailers planning to do business through Venmo.
Later in the article, Digital Transactions also reports that many other P2P services are also at high risk for fraud.
For businesses hoping to capitalize on these platforms, attracted by P2P’s already established client base, this comes as discouraging news.
If P2P processors are unreliable, how do small businesses get “in on” the growing world of mobile payment processing?
The good news is there are a number of alternative, often more reliable, options. One of our favorites is the Virtual Terminal.
Our Virtual Terminals come equipped with electronic invoicing. This means payments can be exchanged digitally. Although it serves the same purpose, allowing for mobile payments, it comes in a much more secure and versatile package.
The Virtual Terminal is a multi-use device that provides your business with several different ways to collect payments. This gives your business options: the ability to accept EMV, integration with QuickBooks, batch upload, recurring payments, and electronic invoicing.
In today’s world of payment processing, everyone is looking for a way into the mobile market. The days of the physical cash register are, while not fading entirely, becoming less and less common. For small businesses, the move to alternative methods of payment processing is crucial. When you don’t know who to trust, trust the research. Don’t settle for a high fraud risk. Use a payment processing company you can trust.
Visit https://stillwaterpayments.com/contact-us/ for more information on the best way to transition your business into the new world of payment processing.