Are mobile payments right for your business?

Have you found that more people prefer paying by credit cards? Have you lost business because you don't accept credit cards? If so, it may be time for you to consider accepting credit cards and mobile payments which could be a factor in growing your business. 

Accepting Mobile Payments

Mmobile PaymentsHome improvement contractors and other trades such as HVAC, electrical, and plumbing report they are taking mobile payments two or three times per month. In some cases, they've secured new business because they can process credit card payments while at the job site. HVAC contractors and other trades report that accepting credit cards via their smart phone or tablet, helped them win new jobs. Why? Customers didn't have available funds to pay the bill or they want to collect rewards points for using their credit card.

Mobile Payment Benefits

    Expedites payment

    Improves cash flow

    Transactions are deposited to your bank account within 1 or 2 days

    Customers prefer to use credit cards for rewards points

    Credit cards can help reduce fraud

    Accept checks and scan them for deposit

Getting Set-up for Mobile Payments

It's easy; just establish an account with one of several companies offering mobile payment service. When you sign-up, you'll receive a card reader that attaches to your mobile device (smart phone or tablet) and you will receive the application that interfaces with the reader. You'll also need to have a connection to the Internet to accept mobile payments.

A few transaction service providers for you to checkout. 

Things to consider when choosing a transaction service:

Mobile device compatibility

Transaction Fees: swiping is less expensive than keying-in transactions. Fees average between 2-4% of the total transaction.

Transaction Restrictions: Some services freeze new accounts and large transactions for an established time frame.

Customer Support: Check to see what kind of customer support is provided.

Payment Delays: Some transaction services will delay payments or transactions that exceed a specified amount. Ask if they will remove the restriction before you sign-up for an account.

Set-up Account & Monthly Fees: Compare these fees to customer support and the transaction fee structure.

Email and/or Printed Receipts: Do they offer both; do you need both?

Multiple Users: will more than one person at your company need to process transactions?

Reporting Tools: Are they provided – online or both?

Additional Fees: Are there cancellation, Bank Routing, Inactivity charge back fees?

We are a mobile society. Your customers may search for local services from mobile devices, use online bill payment services and purchase products online. Offering payment by credit card from a mobile device should help your business become more efficient and profitable.