Bank of America starts mobile pay on demand payment system
We have seen many payment solutions where customers will be using their NFC enabled smartphones to make payments. This time, merchants get to use a smartphone to accept payments. Bank of America’s Mobile Pay on Demand is new payment system meant for businesses where mobile phone is used as payment terminal through with customer payments can be processed. The process is simple. As shown in the image below, you will need a smartphone with Mobile pay app installed and a card reader connected to the phone. When a card is swiped, the transaction is processed by the Mobile Pay app by connecting to phone’s network. Thanks to built-in security features, sensitive information is kept safe and away from spying eyes. 
On a successful transaction, an e-receipt is generated and mailed to cutomer’s registered email address. The application is available for Android and iOS devices. Below is the featurelist of the app and payment system as per Bank of America:
- Easy-to-use system requires minimal training.
- Purchase of additional equipment not necessary.
- Fraud protection tools help protect customer information.
- Real-time reporting capabilities benefit you and customers.
- SSL encryption technology provides additional security.
- Pay as you go with no monthly fee—if you don’t use it, you don’t pay for it.
- Easy, online signup; simple to operate.
- Works with your existing checking account.
- Instant authorization ensures fast funding for you.
- Customer receives e-receipt by email following transaction.
- Card numbers are encrypted and truncated instantly to help keep customer’s information secure
