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How do I Choose the Best SMS Payment System?

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  • Written By: Laura M. Sands
  • Edited By: Heather Bailey
  • Last Modified Date: 11 November 2016
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Choose the SMS payment system that offers you security, flexibility and the most affordable fees. Consider how the system will work for you and also for those you will either be requesting payments from or sending payments to. After carefully weighing these considerations and narrowing your options, choose the SMS payment system that offers the best of these considerations along with great customer service and the fastest transaction times.

Also known as a mobile payment system, technology allows you to send and receive money via a short message service from a wireless device. Such mobile transactions are not only convenient, but create global banking solutions for individuals who do not have easy access to traditional banks. Before deciding which SMS payment system to use, consider who you will most likely be requesting money from or sending money to and make sure that an SMS payment option is also accessible to this party.

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Flexibility and security are essential, so be sure that the options you are considering offer both. Since SMS payment systems operate virtually, it is important that transactions occur over an encrypted network and that you are able to access the company at all times to request funds, make a payment or check your existing funds balance. Be sure to select one in which you may also speak to a live customer service agent if you ever need to. Take 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 must still take the time to compare any and all other applicable fees. Most SMS payment systems allow recipients to receive money at no additional cost. Some also allow you to transfer money from your banking account to a mobile payment service without an additional fee, but be sure you thoroughly investigate the availability of these options before making a decision.

Another determining factor in choosing an SMS payment system should be the length of time it takes to send and receive money. While most offer instant transactions, transferring funds from your mobile account to your bank account can be another story. Some only take three to four business days per transaction, while others can take longer. Compare the time frames offered by an SMS payment services and use this information in making your final selection. Also, if you plan on using the service to send money to a recipient in another country, be sure the service allows for this and inquire about transaction times for international transfers.

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