BizEngine has said it before and I’ll say it again: Mobile payments are the wave of the future.
Makers of the mobile payment technology are raking in money hand over fist. Small businesses from storefronts to roadsides are installing the software and finding it streamlines their business. Mobile payments also lend an air of tech-savvy legitimacy to many a small business that otherwise might not have it.
The benefits usually outweigh the costs associated with it, which I won’t deny can be significant to start. If you can get some working capital to help you get there, so much the better.
Without further ado, five great reasons to add mobile payments to your business.
Customers Want Them
Once customers get what they want from your business, they want to pay for it and go. That’s a universal truth.
If you’re not able to take card payments at all—say your run a streetside business, or it’s simply not something you have the technology for—you’re going to lose some customers who don’t want to pay with cash or cannot. Mobile payments allow you to quickly and effectively answer that need.
You Want Them
How much better would it be if you or your employee could simply grab a phone, scan a card and finish the transaction? You could keep the customer near your products instead of at the cash register, allowing you to continue selling or at least forging a connection with them? It would be a more informal environment, something less rigid and much more appealing to the customer. Your employees will probably enjoy getting out from behind the register, too.
For a relatively small cost, you can fundamentally change the way you do business. With more and more customers using cards,
If someone approaches you at a trade show and wants to buy one of your products, don’t just hand them a business card and wait for them to get back to you. Sell.
That’s the beauty of a mobile payment system, which can be installed on your smart phone for effortless card reading. You can truly sell anywhere with this, and that can’t help but put a few more dollars in your business coffers.
It Comes With Analytics
As a value-add, you’re not just getting the ability to run card transactions on your iPad or smart phone. You’re also getting analysis of that day’s transaction right on the device, allowing you to compile reports and keep track of how the service is (hopefully) making you more money.
Given the importance to your bottom line and potentially your business credit, it’s a good move to keep track of your credit transactions. This makes it incredibly easy.
It’s The Right Time
With companies like Intuit, Google and Verizon developing or having already launched their own mobile payment technology, there’s competition on the market. As we all know, competition helps to drive prices down.
It won’t be cheap to sign up for these services, but I truly believe it’s worthwhile. Keep a close eye on the market and jump when the time is right.
Do you intend to eventually feature mobile payments are your small business? Let us know!