How To Incorporate Mobile Payments Into Your Small Business
Digital payments have exploded this decade, with mobile platforms leading the revolution. This is a system where transactions are made with smartphones rather than physical cash or credit cards. Customers and businesses alike enjoy the efficiency offered by this technology. Most people have smartphones and are growing more comfortable using them for everyday tasks. By 2020, it is estimated that mobile payments will reach $503 billion. Small business owners would be wise to adopt this popular and lucrative invention.
Why Use Mobile Payments
Businesses can benefit in many ways from mobile payments. The platform allows for a more streamlined and secure transaction process than ever before. Customers don’t have to worry about forgetting their wallets at the register. Those are now stored on their phones. Even if someone misplaces their cell, important information can only be accessed with a password or fingerprint. Plus, the transaction itself is secured as the owner of the phone can verify the purchase in real time.
Going cashless also means faster checkout lines. The easier it is for a consumer to shop, the more likely he or she is to come back again. This is true both in person and online. With fewer barriers to completing a transaction, you are less likely to see frustrated or hesitant customers. Plus, sales reps can spend less time operating a register and more time chatting with visitors. This creates a friendlier environment that encourages customer loyalty.
How to Make the Switch
Moving to a mobile payment system is easy. All you need is a service provider and dependable internet. Contact your current point of sale provider to see what they offer. All the top tech and financial organizations are getting behind this platform, so it is likely your provider already has a mobile payment option.
For a brick-and-mortar store, you will need to purchase a new mobile point of sale (mPOS) terminal. It should have security software and allow encrypted payments. It needs to have a chip reader and accept major apps like Apple Pay and Google Pay. Costs vary, but expect to pay at least a few hundred dollars for this device. The fees for credit card transactions should not change. Online it is even easier to switch, as all you need is a component for your shopping cart that accepts mobile payments.