While entrepreneurship has many exciting perks, like flexibility and work-life balance, it comes with its drawbacks. Becoming a business owner is a difficult task that not everyone is built for. In 2022, approximately 44% of failed businesses ran out of money and were forced to shut down.
If you don’t accept the right payment options, you could substantially limit your revenue. Mobile payment software is easy to integrate, but not everyone knows how to get started.
We’ve put together a brief guide on how to use a simple mobile payment system for your business. Let’s explore the key information you should know.
What Are Simple Mobile Payment Systems?
These systems involve using portable devices to facilitate the payment of goods or services. For instance, a clothing brand might have a pop-up shop in a busy downtown area.
Since a street corner lacks the infrastructure to support a traditional payment system, the owner of the brand can use a mobile payment system. This ensures seamless transactions and helps customers buy the clothes they want.
Mobile payment systems typically accept multiple types of cards. These include debit cards and various credit card providers.
However, this will depend on the merchant services provider the business works with. Payment information is encrypted, so customers don’t have to worry about data security.
Types of Mobile Payments
In addition to conventional payment terminals, there are other types of mobile payment. Understanding these will help you determine which is best for your business. Listed below are the most notable.
Mobile Wallets
Smartphones allow users to pay with apps like Google Pay, Apple Pay, and Samsung Pay. These applications can link to bank accounts, credit cards, and debit cards.
Once the user opens the app, they can use this payment method similar to how they would use a credit card. Tapping their smartphone on a payment terminal allows them to complete the transaction.
This is possible through near-field communication (NFC) technology. It offers a safe, convenient payment experience.
Mobile Peer-to-Peer Payments
These involve using payment apps like Venmo, PayPal, Cash App, and Zelle. Peer-to-peer payments let users send money directly to other individuals, and they’re widely accepted at most facilities. It’s not uncommon for people to pay small business owners through this method.
SMS Payments
These aren’t nearly as common as the other mobile payment options on this list. SMS payments require people to text a specific phone number with payment information.
Since most Americans own smartphones, SMS payments are an inferior choice under most circumstances. In other parts of the world, however, they’re quite popular.
Benefits of Mobile Payments
There are numerous benefits of mobile payment systems that you can’t overlook. When utilized the right way, these can substantially improve your company’s performance. Let’s look at the key ones to consider.
You’ll Stay Competitive
There’s a good chance that other companies in your industry are using mobile payment systems. This flexibility allows them to make sales in locations they normally wouldn’t.
For instance, they could host an event at a public park and use a mobile payment system to process transactions. It’s in your company’s best interest to leverage this opportunity so it can remain competitive.
Improved Customer Convenience
The easier you make something for a customer, the more likely they’ll do it. Using mobile payment terminals can maximize customer convenience. These solutions make it easier than ever for them to purchase from your brand.
Consider a scenario where you don’t have a mobile payment system and require cash payments. This isolates a large number of your target demographic. In some cases, they could visit a competitor instead.
Improved Payment Security
Reputable merchant service providers use robust security architecture. So you won’t have to worry about data breaches.
This is crucial information to consider, as the average data breach cost hit a record $4.4 million in 2022. Even a single incident could cause your audience to distrust your company.
Simplified Bookkeeping
Since processing mobile payments occurs electronically, it simplifies your bookkeeping. This can help you streamline your other business obligations.
You also won’t have to worry about missing information or incorrect documentation. By extension, it also prevents issues with the IRS.
Improved Cash Flow
The convenience of mobile payment terminals equates to additional sales. In certain circumstances, you could substantially increase the amount of money you make.
A common scenario could be a business attending a trade show or festival. If they only accept cash payments, they could fall far short of their projected goals. Just make sure to choose the right payment processor.
Getting Started
The best way to get started is to work with a professional. They have the resources and tools to help you reach your goals and avoid issues you may have otherwise encountered.
When searching for an expert, consider their past reputation. This provides valuable insight into the results you’ll get.
You should also consider their pricing structure. The last thing you want is to encounter financial surprises after you hire a service provider.
Make sure they frequently work with companies like yours. This will help them understand your specific needs and provide better results.
Do they have a robust customer support policy? Never choose a provider that won’t be there when you need them most. Looking at past reviews can help you pinpoint providers with high availability.
Thoroughly read the agreement before signing anything. You may want to hire a lawyer to help you understand the terms. If the company pressures you into signing, continue your search elsewhere.
Use Mobile Payment Systems ASAP
The sooner you integrate simple mobile payment solutions, the faster you can improve customer satisfaction. You can also take your revenue to the next level.
Trinity Payments is proud to offer our customers an all-in-one payment solution. This provides peace of mind and lets you focus on the key aspects of running your company.
We’re currently offering a free payment terminal to merchants who sign up for our Cash Discount program. Merchants can choose between the PAX A80 Terminal and the Dejavoo Z8 Terminal.
Reach out to us today to learn more about how we can help.
