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Procurement Fred Heritage · 13 June 2016
Securing mobile payments: Protecting your business
In the fourth and final feature in our series looking at the growth of mobile payments, Business Advice tackles the issue of security and trust in partnership with Paym the way to get paid using just a mobile number. Mobile platforms are an increasingly popular way for small business owners to make and receive payments, yet concerns around the security of this, still relatively new technology linger. Addressing some of these concerns, Business Advice met small business owner Brian Lonsdale, whose logo design company Repeat Logo exclusively takes digital payments from other small business owners, and his customers are making payments using their mobiles ever more frequently. But don’t forget to have a look at our handy infographic, found at the end of this article. Lonsdale has grasped hold of his inner entrepreneurialism since leaving university with a marketing degree just a few years ago. He is only 25 years-old, yet Repeat Logo is the third company the business builder has launched, and it has proved very popular with customers since its conception six months ago. His business model is simple. For a fee, small business owners wanting a new company logo fill in an online request form, detailing the design and style of the logo theyd like, along with information about the service they provide and what they wish their business to achieve. Once happy with the design of their new logo, it’s time for payment. The process is made to be as quick and as intuitive for customers as possible, yet Lonsdale knows that his top priority is guaranteeing the security of his customers? payment information. we knew when we set up the business that speed was a key priority when it comes to payments, both for our customers and for us. We were fully-automated to take payments from customers via mobile straight away. “People tend to be very time poor, especially those that have started and are trying to run a new business. By making it easier and simpler for people to pay via their mobile, we can capture more site visits and attract more business from customers whilst they’re on the move, said Lonsdale. Having received few complaints about the security of Repeat Logo’s mobile payment capability so far, Lonsdale believes that the steps he’s taken to make sure integrations with various payment platforms are secure, are paying off. by understanding the online security, we can convey to our customers that weve taken the concept of mobile payments seriously, he added. He went on to say: Ive found that trust symbols are really important, the Repeat Logo site contains verified and secure symbols. Having the logos your customers trust means they are more likely to buy from you. Paym has been built by all the participating banks and building societies together, to the highest possible security standards, and uses the same systems that already send and receive your money.The Paym mark is available to download onto your own website. Lonsdale recognises the growing trend amongst companies to make websites and services mobile friendly, and is pleased to see innovations in security keeping pace. it’s encouraging to see more competition in the mobile payment space, he said. Acknowledging a likelihood that the occasional story of a mobile payment user falling victim to fraud may surface, Lonsdale said that technological advancement is not an exact science and that a period of trial and error? is often necessary to get the most out of innovations in the long-term. ‘small business owners need educating if they’re to get the most out of mobile payments, said Lonsdale. Fraud might be more likely at first, but the more businesses adapt the more secure systems are likely to be. Introducing a trade body to help companies transition to mobile payments could help in that respect. Despite the lingering doubts that some small business owners may still have, Lonsdale believes that mobile payments are here to stay, and it’s for owners to educate themselves on how best to go about using the new technology to their advantage. Missed any of the previous articles? Check out: Credibility and convenience what mobile payments offer an exciting new brand What consumers want from mobile payments, and how you can give it to them Managing cash flow the mobile way a sole trader’s view
ABOUT THE EXPERTFred Heritage
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.