Mobile payments – sending and receiving funds via a mobile device – seem like a natural evolution of retail POS systems that previously utilized credit cards. Non-retail businesses may not find obvious potential in a mobile payment platform. For example, a contractor who has relied on paper invoices and checks for decades may be hesitant to change payment methods.
Whatever types of transactions your business relies on – checks, transfers, POS payments – there is likely a mobile payment application that will suit your needs and help you process payments more efficiently. This is a relatively new development, and legacy business owners may be overwhelmed by the available options.
Here are five simple tips to help you navigate your options when considering a mobile payment platform for your business.
1. Know Your Needs
As a business owner, you know your needs better than anyone. The needs of retail companies or restaurants will vary widely from businesses that rely on large B2B transfers. When assessing mobile payment platforms, ask yourself, “Can this solution replace my existing tools, or does it add new value?”
2. Transaction Size Matters
A $4.00 payment for a latte is very different from a $5,000 transfer to cover tuition costs.
Security needs to be scaled appropriately based on the size of the transaction. . When considering mobile payment platforms, look for established companies that allow you to accept payments online while ensuring the security of each transaction. This is a primary concern for high-risk industries.
3. Understand the Fees
When selecting a mobile payment provider, be as direct as possible – ask them to lay out multiple plans and fee structures so you can select the one best suited to your needs. Make sure the bill you receive from your provider is itemized and detailed so you can understand your fees in full and identify potential areas for improvement.
4. Offer Your Customer Multiple Ways to Pay
Your mobile payment solution is not your only transaction tool. If cash, check, or traditional credit card payments are viable and preferred by the customer, there is no need to insist on doing things in a particular way. Using a mobile payment solution is about providing customers with the best payment options, not forcing them to change.
5. Remove Barriers to Sale
There are many ways to leverage technology to improve your customers’ experience. No matter the type of transaction, the goals are always efficiency and ease of use. When you choose a mobile payment provider, be sure to go with one that has a track record of success and whose customer interface is intuitive and attractive.
Most Importantly – Talk to Your Customers
Mobile payments and cashless transactions may be the future, but you’ll need to consider the past and present. Allow your existing customers to pay in a way that is secure and suits their needs. By adding a mobile payment solution to the mix, you can ensure your business will attract new customers who prefer to use mobile devices.