Mobile Wallet Definition

Merchant Account Mobile Wallet Explained:

What is a mobile wallet? A mobile wallet, also called a digital wallet or mobile wallet app, is a service that allows users to access electronic funds in their smartphones and pay for goods and services with these funds. By allowing users to store their credit card, debit card, gift card, or bank account data in their phones, wallet apps eliminate the need to carry around multiple physical cards. Additionally, users can use their phones to pay at participating locations by using wireless communication technology, be it RFID, NFC, Wi-Fi, or Bluetooth, which eliminates the need to swipe a card through potentially temperamental equipment or wait for a printed receipt.

The competitive digital wallets market presents a challenge for merchants as they decide whether to adopt technology that can accept mobile wallet payments. Some mobile wallets require proprietary technology or are only able to communicate through one data transfer method. This may limit the number of customers for which a merchant can provide mobile checkout, and it also places the burden on the merchant to ensure that he or she chooses a reliable, secure service. Although mobile wallets carry with them many attractive features, including customer tracking, loyalty programs, and less of a requirement for physical equipment, they also sit at the cutting edge of a mobile payments landscape that is complicated and rapidly changing.

Google Wallet Video Explanation

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Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

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