Because mobile devices such as smartphones and tablets have made many everyday tasks easier, they are also becoming increasingly prevalent as the tool to pay for goods and services.
Although accepting credit and debit card transactions traditionally involved a complicated, cumbersome process for businesses, today a company can quickly and affordably accept credit/debit card payments via mobile payment technology. Companies that accept mobile payments notice benefits not only in terms of their rapid access to funds, but also in the size of their customer base and in their cash flow.
Kristen Gramigna. Chief Marketing Officer for BluePay, argues even the most established companies may experience problems chasing down client payments. Knowing how accepting mobile payments alleviates the problem of outstanding client debts is important for small business owners. Moreover, accepting mobile payments also makes funds instantly available to cover operation expenses such as payroll and equipment purchases, allowing business owners to focus on other concerns. Another advantage of accepting mobile payments is the simple equipment required. Typically, the only tools needed are a mobile device and perhaps a small, simple card reader that plugs into the device.
Other reasons a company would takes advantage of mobile payments include an increase in business and more efficient organization of transaction records. Since many purchasers may be able to pay for products or services only with a debit or credit card, accepting mobile payments means more customers are accessible to you. Also, it is easier for a small business to keep track of mobile payment transactions because a record of all transactions is automatically generated through your account with the mobile payment service provider.
Companies that have not yet taken advantage of the convenience of mobile payments need to seriously consider the potential that this new technology offers. There is little to be lost and much to be gained. Because mobile payment service charges generally are at a per-transaction rate, the company loses little by simply downloading the appropriate app and having a smartphone handy when conducting business. The “portability” of mobile payments makes it especially ideal for entrepreneurs whose job entails traveling to different locations to conduct business.
Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm that offers mobile credit card readers.