Mobile credit card payments, virtual terminal processing vital to SMBs
March 06, 2014
There are plenty of issues that small and midsized businesses have to deal with on a daily basis that can get in the way of visualizing the big picture. Keeping customers happy, making and tracking product orders, managing employees and plenty of other concerns take up valuable time each day.
When it comes to revenue, businesses need to set aside periods to figure out how to increase and optimize the amount of money they take in. This ranges from modifying goods and services offered to better attract clients, physical and cosmetic improvements to their physical space and an effective, inclusive payment processing strategy.
Some SMBs don't realize that by not accepting certain forms of payment they are leaving money on the table and not attracting as many customers as possible.
The basics are easily built upon
For businesses used to accepting mostly cash and checks, there may be questions as to why using credit card processing technology - to say nothing of mobile systems - would be worthwhile. The short answer is increased profits. For companies in the business-to-business and business-to-consumer fields, having a broad payment acceptance plan means more opportunities for potential customers to make purchases.
When additional payment options are added to an organization's processing capability, the customers who pay in cash and checks won't disappear or be swayed to go to a competitor - they'll still have their preferred payment methods available. But the additional channels mean that new patrons will have an easier time deciding whether to use a given business. News site Business 2 Community pointed out that accepting mobile credit card payments eliminates the need to write out invoices and receipts, increasing efficiency and completing transactions more quickly - a big benefit for high volume retailers.
Bring business to the customer
Mobile payment systems go anywhere that a business owner or employee can bring them, allowing instantaneous payment for goods and services. Business News Daily reported that this flexibility is one of the biggest advantages mobile systems have over static point-of-sale options.
SMBs that make deliveries of their products, whether on a customary or specialty basis, should be especially aware of the advantage this attribute provides. Instead of having to bring an invoice and accept a check or cash, which then requires a trip to the bank, payment is securely and quickly processed on the spot.