A variety of tasks and planning go into starting and maintaining a business. A small business owner must set up their business with products or services that will appeal to their intended market. Likewise, the business owner must attract consumers with professional web design, good communication skills, and a solid marketing plan. Once everything is up and running, there will be other items and tools needed to keep customers coming back on a regular basis.
Loyal repeat customers are good for a business in several ways. They make more than one purchase, are open to upselling based on prior experience with the business, and they’re effective advertisers who tell others about the positive experiences they’ve enjoyed with a particular business.
Customer service, high quality, and convenience are three key components to maintaining a successful business. For any business that’s on the go, the ability to accept mobile payments can help expand the customer base and open up a whole new way of doing business. Learn more about mobile payments and how they can benefit a business, as well as its customers.
What Are Mobile Payments?
Mobile payments – also referred to as mobile wallet, mobile money transfer, and mobile money – are rapidly becoming a popular way to accept and process customer payments. Rather than paying large monthly fees for an equally large credit card machine, mobile payment systems used today come with a small device that plugs into the user’s mobile phone. This device is generally no bigger than the palm of the user’s hand and is inserted into the plug used for headphones or earplugs.
There are currently four models used for mobile payment systems, including contactless payments, SMS or text-based transactions, direct billing, and mobile web payments. Many well-known internet-based companies have jumped on the mobile payment bandwagon since it’s clear this service will be an important part of e-commerce.
The convenience for small business owners and customers alike is clear: Payments can be made and received without having to worry about having cash on-hand or using a credit card with a potentially insecure payment method.
Ways to Incorporate Mobile Payments into a Business
Some small business owners are constantly on the go, while others only venture out of their store front or away from their website on occasion. Nevertheless, there are a variety of ways for business owners and their employees to incorporate mobile payment services into their business. The variety of services offered by mobile payment service providers makes it easy to use them as frequently or infrequently as needed.
Companies that participate in exhibitions or set up a tent at community fairs and festivals can use a mobile payment system to make sales on the spot. This type of payment system is also convenient for businesses that have salespeople out in the field on a daily basis. Additionally, internet-based businesses can use mobile payment systems to process credit card payments for customers who are reluctant to make payments over the internet for fear of having their identity or credit card information stolen.
Mobile Payment Benefits for Small Business Owners
There’s nothing worse than having to turn a customer away because their payment can’t be processed or accepted. Clearly, one of the biggest benefits for business owners is the ability to accept payment no matter where they are. The card reader is small enough to carry in a pocket, handbag, or tucked into a briefcase. Having it on hand, even if a business owner doesn’t anticipate conducting transactions, makes it easy to sell products or services anytime the opportunity to do so comes up.
Providing mobile payment options to customers also helps small business owners help their customers feel more secure. Old credit card payment processing systems make it too easy for information to be accessed by the wrong people. But a single, secure swipe through the mobile payment card reader transfers the needed information without leaving a potentially dangerous paper trail behind.
Mobile Payment Benefits for Customers
Very few consumers carry cash with them unless they know ahead of time that they’ll need to use it. Likewise, there are times when people go out without the intention of spending money until they come across a vendor’s goods or an interesting exhibition. Since most consumers carry a credit or debit card, businesses that have the means to accept card payments increase their chances of gaining the consumer’s business.
With increased awareness of identity theft, consumers are more careful than ever with credit card payments. It’s understandable that they would be reluctant or resistant to using old credit card payment processing machines that take imprints of a credit card and require a physical signature. Transmitting credit card information through the reader provides the benefit of security, which is a high priority for everyone.
Get Started with Mobile Payments
Getting and using a mobile payment system is much easier than it might sound. Most companies offering this service have an excellent reputation and offer various mobile payment options to suit the varying needs of small business owners. It’s wise to do a little research and communicate with a mobile payment service provider’s customer service department to get answers to questions.
Many entrepreneurs and small business owners are pleasantly surprised to discover the opportunities available to them once they begin using a mobile payment system. Not only is this a way to gain new customers, but it’s an excellent way to convert more of those first-time customers to those who come back repeatedly.
Once a business begins to include mobile payment options, they’ll find that the benefits multiply for everyone involved.