Boost Your Profits by Offering Mobile Payment Options to Your Customers
Look how far trading currency has evolved among us humans. We started out on a local scale with the barter system. We then evolved into a myriad of localized currency including everything from shiny rocks and leaves, to the paper currency that’s still in circulation today, and finally electronic transactions through plastic money. One of the biggest drawbacks of plastic money though has been the cluttered gadgetry that needs to be connected to an active phone line for it to function, or it was at least, until recently. A few years back, mobile credit card processors were invented to get around this problem.
Once this invention got into full swing, and all the kinks were worked out, this technology really took off, and has now made products and services that require constant movement to be reimbursed through debit and credit cards. so your average taxi driver, pizza guy, door-to-door salesman, electrician, plumber, and anyone else who’s job involves constant movement, and personal attention at the client source rather than a store can now process credit cards at a snap of their fingers. The technology is easy to use and works flawlessly, and using it has a ton of benefits to the average business.
How mobile payment options are a profit booster
- Hassle free. Your customer doesn’t have to worry about cash and change and running to fetch their purse or wallet. It’s a simple process to swipe the card in a cellphone compatible reader, or input their transaction ID on an internet activated mobile phone. It’s basically a one-minute job, and you get the money straight in your account.
- Keeping tabs. It’s so easy to follow the money trail when it’s all digitized and recorded for your perusal. When you used mobile payment, you know exactly how much you earned, there’s nothing lost in translation, or forgotten in a rush, or gone forever because you waylaid a receipt. You can even micro-analyze your sales through the data available, and so understand your customer base better.
- Secure. Gone are the days when you need to carry a whole wad of cash from the day’s sales in your pocket while you cover all corners of the town. The fact that you can accept credit cards now means that the money won’t change hands physically, so you don’t need to worry about loss or theft or anything of that sort.
- Mobile. The fact that you have a go anywhere credit card machine means you aren’t restricted to cash options or even one particular store or spot. Let me illustrate with an example – Say you earn a fast food restaurant, if a music festival is announced in your city, you can simply set up a stall outside for the day and rake in the money, cash or card with consummate ease. Basically, mobile payments allow you to take advantage of every small business opportunity that comes your way.
- Diversification. You can tap into previously unchartered territory with mobile payment, opening up your business to brand new markets and a wider variety of customers. Mobile payment helps you cater to a much wider audience, as you’re also including the pool of people that shop specifically on the digital medium, and are more prone to using plastic money. Not just the clientele, but also the quantity of product purchased can be diversified by going mobile, as people with plastic money tend to binge shop and impulse buy more, and even bulk orders tend to increase due to the simplification of the payment process.
- Improved flow of capital. Capital comes into your account in 3-4 working days usually when dealing with a competent merchant to handle mobile payments, compare this to the time it takes when cluttered instruments of transaction such as cheques are used. First off the whole post-dated drama, remembering to deposit it on time, too early or too late and it’ll bounce. Secondly, the clearing process is so complicated, one bank, to another to another, takes longer than a simple merchant account for mobile payment.
The benefits of using mobile payment solutions are obvious, and anyone with any amount business savvy would concur. So the real question isn’t really whether or not you should opt for the mobile payment option, but how long will it take to get one? That’s easy, some merchants such as www.creditcardprocessing.com will even have it ready for you within the day through their one day approval system, and you can even register for it online! Why are you still reading? Go get your mobile payment sorted – stat!
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Category: Business
