Money Matters - Simplified

How Mobile Payments Benefit Small Businesses

Why Should You Consider Mobile Payments for Your Business?
Mobile Payment Mobile Payment for small business

Mobile payments are the way of the future when it comes to how a consumer pays for services or goods. If you want to stay ahead of the curve, then you need to think of a way to configure your business to accept mobile payments.

Mobile Payments are catching up fast with other means of transactions.

Payment via mobile does away with the intricacies of handling credit cards, debit cards, as well as cash.

Small businesses can make use of mobile payments to ease conducting transactions.

The transactions are pretty secure, so there is little cause for worry.

Many consumers are embracing the change as it is easy and fast. All a consumer has to do is enter the required details ahead of time on his or her phone and the consumer can begin paying with that phone. Stores that accept mobile pay make transactions quick and painless.

If your business does not offer this option, then your customer is forced to use a credit or debit card, cash, or a check. Credit cards can charge astronomical fees, and checks are almost obsolete. Cash is nice, but if you do not have the right change, then things can get sticky. Mobile payment is quick and easy for both the consumer and the business.

Is Mobile Payment Safe?

One of the biggest concerns retailers have about mobile payment is privacy control. If a customer pays via smartphone, retailers worry that their information becomes easy for thieves to steal. If anyone can log onto a phone, then what is stopping anyone from using the phone's mobile payment scheme?

In reality, the process is very secure because mobile payment occurs only if a password is used, and many mobile payment platforms have developed specialized techniques that prevent third parties from finding and stealing information. Ultimately, there is no reason why you should not use mobile payment.

Why Is Mobile Payment Better?

Mobile payment platforms offer a safer solution than carrying cash or a credit card because mobile payments can be made only after secure passwords have been entered. Customer or business information is never leaked because it is already stored in the system and not visible to anyone in the area where the transaction is occurring. Once a payment is made, the money is sent to the business’ account.

Do Mobile Payments Incur Fees?

There can be fees with mobile payments, but many retailers do not have to pay much more than their current credit card processing fees. As customers move towards using their smartphones for more tasks, paying the small fee is balanced by having the mobile payment option available in your store.

Is Mobile Payment Worth Installing?

The short answer is yes. Ultimately, mobile payment is faster than any other form of transaction. It is convenient and easy to use because the consumer has already entered all of the pertinent information. A business does not have to worry about any breach of their customers’ information. If you want to bring your company into the modern age, then this is the best way to do it.

If you are afraid to take the big step, then just consider how much more convenient you are making things for your customers. People tend to spend more when payment options are as easy as the press of a button. Cash keeps people from spending because they actually see in hand how much they are using.

However, mobile payment almost seems like a free way to buy things because no swipes or cash is involved. If you want to be a merchant of the 21st century, then mobile payment is the way to go.

About the author:
Kristen Gramigna is Chief Marketing Officer for BluePay, providers of mobile payment processing for businesses. She brings more than 15 years of experience in the bankcard industry in direct sales, sales management, and marketing to the company and also serves on its Board of Directors

This story was originally published on March 7, 2013.