Last Updated on February 22, 2018
In today’s world of advancing technology, mobile payments are becoming an everyday occurrence. From the start-up business trying to get its feet on the ground to the seasoned make-up artist who is always on the go, the ability to accept mobile payments is paramount.
In many cases, it’s easier for smaller companies to adapt to mobile technology since fewer people and systems are affected. This allows small businesses to compete with large companies.
Accepting mobile payments is a must for businesses on the go
Here are six reasons your business should accept mobile payments, along with six top-notch providers:
When you’re away from your home base, accepting mobile payments allows you to complete transactions on the spot. You don’t need to return to your office, mail an invoice, wait to receive payment, then process the payment.
According to Square, 180 million Americans carry credit cards, and 66% of transactions are made with credit, debit, or pre-paid cards. Square also allows customers to pay with their phones if they have a Square Wallet account. The Square Reader is compatible with iOS and Android devices.
Discounts and Loyalty Programs
Now you can integrate your mobile payment application and your loyalty program, allowing your customers to leave all those annoying plastic keychain tabs at home.
With Google Wallet, customers can sign up for your loyalty program from within the app. Google Offers allows you to provide customers with online offers that they can redeem online or in-store. Google Wallet and Google Offers are only available using Android devices or when shopping online.
Mobile payment systems are easy to use!
In most cases, you can begin accepting mobile payments soon after opening an account. If you already own a smartphone or other compatible device, all you need is the app and a credit card reader. Many mobile payment services will provide the reader to you free of charge.
PayPal Here allows you to accept credit cards and get paid anywhere you do business. Funds are available instantly in your PayPal account. The card reader can be found at several local retailers and is free after rebate.
Some providers charge less per transaction than credit card companies. Dwolla is a payment network that allows any business or individual to send, request, and accept money. Dwolla features no percentages per charge, no hidden fees, and charges just $0.25 per transaction. Transactions less than $10 are free. Dwolla allows businesses to accept a money transfer directly from a customer’s bank account. Dwolla does not process credit cards.
Despite what you may have read, mobile payment applications and payment devices are surprisingly secure. The Payment Card Industry Security Standards Council (PCI SSC) sets the guidelines for creating secure mobile transactions. Most mobile payment providers claim to exceed the minimum standards.
Intuit GoPayment offers two layers of security — both the card reader and the app are encrypted. Intuit GoPayment is compatible with iOS and Android devices.
You may assume that having a merchant account is the only way to have access to live support should you run into a problem. But that’s not the case. Many mobile payment providers also offer live support.
Braintree offers extended hours for US and Canadian merchants via email or telephone. Emergency support is available 24/7 with support representatives and engineers on call at all times.
Don’t let mobile technology leave you behind. By accepting mobile payments, you have the freedom to do business wherever you want, while getting paid however you want. Embrace mobile technology and let it work for you.