Choose an SMS payment system that offers security, flexibility, affordability, and great customer service. Consider accessibility for both parties and compare rates, transaction times, and customer feedback. SMS payments offer global banking solutions, but ensure encryption and live customer service.
Choose the SMS payment system that offers security, flexibility and the most affordable rates. Consider how the system will work for you and also for those you will be requesting payments from or sending payments to. After carefully weighing these considerations and narrowing down your options, choose the SMS payment system that offers the best of these considerations, plus great customer service and faster transaction times.
Also known as a mobile payment system, the technology allows you to send and receive money via a short message service from a wireless device. These mobile transactions are not only convenient, but create global banking solutions for individuals who don’t have easy access to traditional banks. Before deciding which SMS payment system to use, consider who you are likely to be requesting or sending money from, and ensure that an SMS payment option is also accessible to that party.
Flexibility and security are key, so make sure the options you’re considering offer both. As SMS payment systems operate virtually, it is important that transactions take place over an encrypted network and that you can access the company at all times to request funds, make a payment or check your existing balance. Be sure to select one where you can also speak to a live customer service agent if you need to. Take the time to personally investigate what others report about a bank or company’s customer service on blogs, forums and other places where consumer feedback may be offered.
Many banks and companies offer low introductory rates on micropayments or waive account fees. While this is always a plus, you should still take the time to compare any and all other applicable rates. Most SMS payment systems allow recipients to receive money at no additional cost. Some also allow you to transfer money from your bank account to a mobile payment service without an additional fee, but remember to thoroughly investigate the availability of these options before making a decision.
Another determining factor when choosing an SMS payment system should be the time it takes to send and receive money. While most offer instant transactions, transferring funds from your cell phone account to your bank account can be another story. Some only take three to four business days per transaction, while others may take longer. Compare the terms offered by SMS payment services and use this information to make your final selection. Also, if you plan on using the service to send money to a recipient in another country, make sure the service allows it and ask about transaction times for international transfers.
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