Mobile payments and small businesses go hand in hand. Mobile payment apps allow small business owners to accept credit card transactions anytime from anywhere, making it easier for small business owners to never miss a sale or delay their cash flow. In this article, we’ll cover the benefits of mobile payments as well as three ways you can start accepting mobile payments today!
Benefits of accepting mobile payments
There are many benefits of accepting mobile payments, and the most important among them are:
Get paid faster
The best way for small businesses to avoid losing a sale or delaying their cash flow is to accept mobile payments in person. Although it’s already become commonplace for us to interact with various small businesses who provide goods and services without collecting the payment at the point of service, this approach can help them not miss a sale and delay cash flow.
Avoid losing sales
Small businesses such as the ones you see when walking down the street, artists at a festival, and taxi drivers often don’t have the ability to accept mobile payments. On the other hand, more and more people tend to not carry cash nowadasy. When someone wants to buy from these small businesses but does not carry cash with them, they are unable to make a purchase in person. This can be avoided by using a mobile payment solution.
Better customer experience
By making the payment process quick and efficient at the point of purchase itself, a small business is able to make the experience much better for their customers. Having to deal with bills post-purchase only adds to the administrative burden of customers, and by allowing them to complete the deal immediately you relieve them of that burden.
Save time on invoicing and billing
Time is money, and for small and local businesses, time spent being able to accept payments in person has been a godsend when it comes to streamlining their work process. This eliminates the need to spend those hours back in the office going through sales slips, creating invoices, and tracking payments.
Best practices for accepting mobile payments
Not every business is equipped to handle all forms of payment, but when you can, it’s important to provide your customers with a high level of comfort and a sense of security. Here are a few tips on making mobile payments a great experience:
Use a secure solution
When accepting payments from mobile devices, be sure that the particular solution you use is secure and comes from a trusted provider. And ensure that all regulations are properly followed to assure the safety of your data as well as customers’ information.
Receipts and transaction communication
Make sure that even though the payment is in person, the solution you use can allow you to send receipts automatically to the customer electronically.
To make the first-time process of making a mobile payment simple and enjoyable for your customer, ensure to show them the screen of the phone as you complete the purchase. Better yet, use a solution that lets the customer complete the entire process on their phone and follow the steps with ease.
If you are a small business that provides services or goods where you never take up payment upfront, then your customers need to pay for the service with something like cash. This makes them lose time just waiting, and it is frustrating when they can’t remember all of the details at the end of the day. Mobile billing has a profound impact on the success of small businesses. You can eliminate missed sales, realize improved cash flow and save time on billing by using one of these apps. Your customers benefit from this as well because they will be able to spend less time paying their bills.