Mobile Payment Processing Options for Small Businesses
If you accept payments online and want to streamline payment processing options, consider implementing a mobile payment processing system into the transaction process. Setting up a mobile system can make it easier for sales teams and other employees to process payments online, or by using a tablet computer or smartphone that is attached to a card reader. You can receive payments instantly and pay low fees for each transaction. The customer enjoys the benefit of being able to complete their purchase with little effort and will receive a receipt for the transaction almost immediately.
Here is a closer look at mobile payment processing solutions your small business could benefit from.
Mobile Card Readers
Mobile payment processing solutions with mobile card readers that attach to a smartphone or tablet can make it simple for traveling salespeople and other employees to complete a sale when they are on-the-go. Mobile card readers can be valuable to small businesses such as mobile detailing companies, personal trainers, or even small firms that frequent trade shows and other special events where attendees have an opportunity to make a purchase. These systems are designed to accept most major credit cards and some companies offer services with fees by transaction or as a low monthly rate.
Accept payments anywhere, 24/7; swipe or scan the credit card for a secure transaction; free card readers offered by some companies; easy integration with most tablet computers and smartphones; customer receives email receipt instantly; some can be synced with online accounting software programs.
Drawbacks: May require training employees and users; technical difficulties could interfere with a sale; high transaction fees; different rates may apply when accepting different types of credit cards; physical reader can be bulky; fees may be higher when keying-in a card number instead of swiping through the reader.
Mobile Payment Apps
Another way to run your business on the go is to accept checks and send invoices using a mobile payment app. These secure payment gateways can make it easier to accept and authorize payments using an email address instead of swiping a card. This type of mobile payment processing solution can be valuable for web-based companies that want to coordinate transactions more efficiently, and for online retailers that want to accept payment through sites like PayPal so the customer doesn’t have to use a credit card online.
Offers another payment option for shoppers or clients that don’t want to pay with a credit card; create and manage invoices with ease; valuable to companies that manage both face-to-face and online sales; can be linked to a bank account for easy deposit of funds; may be integrated with a mobile card reader.
Dedicated app for certain devices may not be available; some payment solutions do not offer integration with a mobile card reader; transaction fees.
Offering mobile payment options can streamline sales activities and make the transaction process easier for both the customer and merchant. Whether you are a small marketing firm or running a personal training service business, incorporating some type of mobile payment solution into your sales process can improve the customer experience and save your company time and resources over the long-term. Consider the pros and cons of mobile card readers and mobile payment apps to better manage sales for your small business.
Image: Håkan Dahlström
Related Account Management Resources
5 Strategies to Boost Brand Affinity posted in Customer Relationship Management
Using Predictive Analysis to Improve Your Customer Relations Management posted in Customer Relationship Management
How Businesses Can Use LinkedIn to Acquire Leads posted in Lead Management
Join the Conversation
Previous 5 Traits of a Good Data Analyst