The days of balancing checkbooks and writing checks at the grocery store are all but in the rearview mirror. As the financial world continues to become more digital, small business owners and independent contractors are adjusting as well. For this and many other reasons, more and more small businesses are accepting mobile credit card and debit card payments.
With this in mind, today we will be giving six (6) reasons why you should consider a mobile credit card payment solution for your business.
1. Customer Convenience Should Always be a Priority
If every other reason on this list doesn’t convince you, we will try to make a case for mobile payment processing with one statement: the majority of consumers prefer to make electronic payments to cash or checks. For service professionals, providing the convenience of mobile payments to customers can make the difference between a glowing customer experience and a forgettable one.
Furthermore, independent studies have shown that individuals are more willing to spend money with a credit or debit card than they are with cash. So if you are looking for happy customers who are willing to pay fair prices for your product, mobile payments might be the way to go.
2. Mobile Payments are Convenient for Business Owners as Well
Even if you don’t believe that the customer is always right, there is no question that mobile payments make the lives of small business owners easier as well. Accepting cash and checks is great, but that does not end the process. That cash must be deposited and accounted for. That check must be deposited and hopefully it doesn’t bounce. With online mobile payment solutions, the funds are verified and accounted for with a live authorization code for your protection.
If all goes well, mobile payments allow your business to track and analyze customer data easily and inexpensively. Should something happen where a transaction is disputed or you are facing a potential chargeback, the electronic paper trail of a mobile payment is much easier to prove than a trail of cash and/or check(s).
3. Accepting Mobile Payments is Affordable and Can Actually Save You Money
Another common drawback we will hear is the cost of accepting mobile payments. And yes, mobile payments do come with certain processing fees just like any credit, debit, or other electronic transaction. Yet mobile payments are extremely affordable and may actually end up saving your business money in the long run.
Consider the previous section. The costs of accounting for cash and checks can easily outpace any transaction expenses incurred for mobile payments. Additionally, the analytics from inventory, time management, and logistics are vastly improved with state-of-the-art mobile payment solutions. Again, this saves your business money in the short and long term!
4. Mobile Payments are Fast and Secure
Mobile payments come with many of the same security measures as traditional POS System credit card sales. Whether you are accepting traditional credit cards or mobile payments such as Apple Pay, mobile payment solutions will verify the user’s information and securely process the transaction. Mobile transactions can even be run with no internet connectivity when none is available.
5. Mobile Payment Processing Allows for Greater Customer Analytics
Marketing, inventory, and building your brand all rely on understanding and analyzing customer analytics. Even small businesses can improve through a greater method of acquiring and storing this information. Mobile payment solutions helps businesses track consumer patterns so that your strategy can reflect consumer trends moving forward.
Without mobile payment technology, all of this data would need to be compiled manually for analysis. This goes back to the cost benefits of mobile payment processing as well. Each business and business owner should consider the potential risks of keeping their remote business on paper vs. the low cost of electronic transactions and data storage solutions.
6. Your Customers will be More Likely to Repeat Their Business
Last but not least, mobile payment processing is a way to start a loyalty program or simply build a relationship with your client base. Many mobile payment processors will ask for simple information like email addresses which can be the first step towards a successful long term relationship. By growing with your existing customer base, your business can build a loyal group of customers who will be more likely to repeat their business well into the future.
Start Accepting Mobile Payments for your Business with True Merchant!
True Merchant is proud to offer a wide range of merchant account services including mobile payment solutions. Our mobile devices and technology allow businesses to accept digital signatures, track inventory, process offline transactions remotely, and even customize digital and paper receipts. Our inventory of mobile payment solutions is backed by our secure payment processing software known as CardPointe Mobile. At True Merchant, we believe that security, convenience, affordability, and transparency are the keys to building a strong merchant/merchant service relationship.
To learn more about how we can help your business start accepting or improve the way in which you accept mobile payments, please contact a member of our qualified sales staff today. We will be happy to walk you through the process and even offer a complimentary price review.