Like everything else, payment can now also be electronic and mobile, which is something every business should take advantage of. Deciding to accept payment via credit cards is especially beneficial to small businesses. By providing customers with a range of payment options, they’re able to generate customer interest and boost sales.
Why Go Mobile?
What cash-only businesses are too stubborn to believe is that their limited payment options can have a negative impact on their sales performance. Most customers born in the technological age no longer carry money because they expect business to honor credit card payments. Refusing them not only can interrupt an ongoing sale, but prevent any sales in the future.
Your business decisions should always be based on what can most likely lead to profit. So the question then is not “why go mobile” – it’s “why not?”
So what are some of the provisions of mobile payment?
Credit and Debit Card Processing
These processing services have signature and PIN pad-based debit solutions catering to customers paying with credit cards and ATM cards. For wider coverage, Higher Standards says retailers should ensure that their payment processor extends to all major debit and credit networks – what will be better if they include foreign cards. Card rejection can be a factor of your customer’s decline in interest.
Electronic Benefit Transfer
Electronic Benefit Transfer is an electronic system that provides customers with the opportunity to pay for food and other products using their payment card issued by their Welfare departments. Just like debit and credit cards, they provide customers with a more convenient and paper-free payment method.
Since the program’s implementation in 2004, they’ve been acceptable as payment in all fifty states. Rest assured that for all business owners, the quality control for EBT has attained significant improvement within the decade, which has made it secure and efficient for both retailers and consumers.
It’s true you will be paying extra fees for the credit card processors. But they’re small compared to the profit you will generate from choosing the right credit card processor. In this highly digital world, you can get ahead of your competitors by simply making the most of the latest trends in technology.