We’ve spent a lot of time talking about which apps are best for your business. One of the things we haven’t covered yet, though, is mobile payments. One of the best things that you can do for your business, no matter what kind of business it is, is set yourself up to accept mobile payments. Here’s why:
This is a multifaceted reason. With mobile payments, you simply plug the card scanner into your smart phone and viola! You can accept credit card payments for your merchandise or services no matter where you are.
For the customer, this allows them to pay you in whatever method they find the most convenient. This, more often than not, is a credit or debit card.
When you accept mobile payments you don’t have to wait for a card reader to connect to a merchant service or a receipt printer to print out a receipt. Everything is done wirelessly. The card is swiped, the money is sent instantly and then the customer can choose to have the receipt either emailed or texted to their own phones. The entire transaction takes less than a minute.
Mobile payments give you the ability to accept credit and debit card payments as well. A lot of the mobile payment processors now have technology in place that will allow you to process checks as well as card payments. You simply take a picture of the check with your phone or tablet computer’s camera and send in the image.The payment processor then connects with ACH to process the payment and put the money in your account.
One of the hardest tasks for a small business owner can be collecting money from clients. There are simply some clients who drag their feet on invoices. With a mobile payment processor you can go to them and allow them to pay you right then with their business credit cards.
Professionals who have to travel or who spend most of their time in the field (plumbers, for example) can be paid immediately upon having completed a job, right there on site.
5. Tracking and Record Keeping
One of the nicest things about setting yourself up to take these types of payments is the advanced tracking and record keeping that is offered to you. The payment processor automatically logs every payment so you don’t have to worry about missing receipts (some will even let you set up a “register” function which allows you to track cash transactions as well as check and card payments) when you want to balance your books.
While they do not store card numbers, these payment processors can store basic customer information. This allows you to get a feel for a customer’s buying preferences and history with your company. You can see which products are the most popular and where (especially helpful for people who make their living selling merch in different places like musicians, crafters, artists, etc).
You see? There are some very good reasons to get yourself set up with mobile payment processing—not the least of which is that you can usually get started for free!