So youโve started a new business. First of all, congratulations! Thatโs an achievement in itself. Itโs always scary to go out on your own (or with a partner) and attempt to make your dreams become a reality, especially in the current business climate.
When starting a new business, itโs important to get all of the processes put into place before you start trading, no matter what your business is. One of the first things you do if you are selling items or services, is to decide what payment method you use.
First utilized by Coca Cola in 1997, mobile payment is an innovative way of getting customers to pay without the need of queuing at a cash register or using physical coins and notes. A symbol of the modern age, many businesses are using it due to its ease and efficiency. So how can mobile payment help your new business?
1] Itโs a more efficient payment method for customers
With the fast pace of life, people never want to wait around. Balancing hectic schedules, work life and home life, they are always on the move. When you sell them a product or service, you can make it easier for both yourself and the customer, by using a mobile card reader.
This way, they donโt have to waste time inserting their pin for quick and small transactions and you can provide an efficient service before moving onto help the next customer. It is also helpful for those who donโt have cash on them (which in the modern day, letโs be honest, a lot of people donโt have).
2] It doesnโt matter where you are in the world
A helpful benefit of some mobile payment devices is that it doesnโt matter where your customers are in the world. Mpos (or, a Mobile Point of Sale) can transform your iPad or smartphone into a credit card reader which works anywhere you have an internet connection. By utilizing the easy to use online portal, you can easily take payment and keep track of your finances through email receipts.
You can even get devices capable of takingย payment through a customerโs phone, meaning they donโt even have to have a credit or debit card with them (which on a night out saves precious purse space).
As people are constantly glued to their phones, this helpful method will result in higher customer satisfaction and is also a secure and convenient method of payment as payment details will be kept in a mobile wallet.
3] It saves you money!
Starting a new business is expensive no matter what field you are in. From purchasing the infrastructure to hiring staff and marketing campaigns, itโs a big step in your career, and one which really separates the wheat from the chaff. To try and ease the expense, why donโt you try mobile payment?
This way you will not have to invest in expensive equipment (such as large and expensive point of sale systems). As it is so crucial to save money where you can in your first year of trading, this simple way will lessen the expense and the stress of worrying about finances.
ย 4] It results in customer loyalty
Customer loyalty is key to any business. And especially important to those first starting out in their prospective field. There really is no feeling like providing customers with good service and them returning to your business.
With the ease of a mobile payment system, as it is a faster payment method, customers are more likely to have a positive experience and will not get frustrated with queueing or the more traditional payment processes.
So, are there any negatives of mobile payments for your business?
As with everything, there are cons of mobile payment devices – well, more considerations than anything else. If you decide to use them in your business, itโs important to think about how many people may not have phones that support it, or, for people that prefer to use cash what the alternative can be.
For both of these issues, there is a pretty simple solution. If your business allows it, you can follow what traditional businesses do and accept multiple methods of payment.
Mobile payment systems also require a strong internet connection, limiting where it can be used if you donโt have access to one. Customers may also be uncomfortable using this high-tech method and they could want to stick to the more traditional card reader devices.
Sound right for your new business? Before you decide, make sure you do your research. If you decide itโs the right way to go then great! Even if after a while you decide itโs not the right thing for your business thatโs ok. Itโs important to go with what payment method suits you.
