Guest post: Top mobile payment apps

Are you considering picking up a mobile payment application for your phone or pad? If so, you are not alone in that thought. It would be simple enough to point out the convenience of not carrying cash around everywhere and leave it at that, but there are even more advantages. The fact is, if you lose your wallet full of cash you can consider the cash gone. On the other hand, if you lose your mobile phone you can remotely render it unusable to anyone who finds it.

Payment apps are actually safer than credit cards also. The same fact concerning losing cash also applies if you lose your credit card. Parents can also consider loading a prepaid amount of funds on their children’s phones to teach them budgeting, this is a much better idea than handing a credit card over to them. At this point most major banks even offer you their own mobile apps in order to pay bills, check balances or transfer funds easily. Mobile payment apps are here to stay and are an excellent alternative to using cash or credit cards. So which app companies are leaders in the industry right now?

• Square – This app will work with both iPhone and Android systems. It can actually transform an iPad into a full-fledged payment terminal. Square is leading the way in this technology and uses a device called a dongle. This item plugs into the headphone jack of your phone and then connects to the merchant system.

PayPal – The “favorite way to pay” for products and services on the Internet is branching out of the cyber world. PayPal can now be used in a few retail stores here and there. You can even transfer funds with another person if you both have the application. No more excuses about paying off a friendly bet.

LevelUp – As of right now, merchants have to pay a per transaction fee on all of these sales. The company LevelUp is developing a system that would eliminate that fee for merchants.

Many other companies have thrown their hats into the ring including; Verifone, Intuit’s GoPayment and Erply. The technology is still fairly new and not all merchants have jumped on board yet. I will bet however, that nearly all of us will be using this payment method very soon. Any idea on how you’re going to pay that bet?

This post is sponsored by Internet Payment Exchange, a leading provider of internet payment systems for businesses in various industries.

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