Here in the 21st century, merchant accounts are no longer just for large businesses that handle thousands of payments every day. Modern consumers are very used to being able to pay for goods and services using credit or debit, so even small businesses and sole proprietorships risk letting valuable business walk right out the door if they can’t accept payment cards. For this reason, every business owner should consider applying for a merchant account sooner rather than later.
Best of all, merchant account providers are changing with the times right along with the rest of the business world, so it’s never been easier or more affordable for even start-up businesses to open accounts of their very own. Points of sale are moving beyond the classic in-store payment terminal as well with options like mobile credit card readers gaining in popularity.
But are mobile card readers a good fit for your business? What are the advantages of making them part of how your business accepts payment and which option is right for you? Here we’ll take a closer look at what mobile card readers bring to the table, as well as go over how you can make sure the option you choose is a good fit for your needs.
Unlike traditional credit card processing terminals, mobile credit card readers don’t shackle a merchant to one brick-and-mortar location. They don’t come attached to high processing costs or lengthy authorization waits either. In fact, most mobile readers require nothing more than a smartphone, tablet, or other similar device.
General set-up is really simple, as mobile payment processing tools can simply be plugged into any smart device’s open jack and operated via a free, easy-to-install app. The payment card is then simply swiped through the opening on the tool the same way it would be at a traditional terminal. The necessary information is collected by the smart device in the process.
There are mobile payment processing systems that don’t require a reader at all as well. The information simply has to be entered manually.
It’s highly unlikely that adding a mobile card reader to the mix wouldn’t benefit your business to one degree or another. Knowing you need to stay ahead of your competition is one thing. Actually doing that successfully is another. Your customers are looking for convenience and they want options when it comes to the businesses they trust. If yours can’t or won’t deliver the experience they’re looking for, you can bet someone else’s can and will.
Yes, merchant accounts and mobile card reader systems come attached to processing fees and other expenses. However, they also open up your options when it comes to how you can serve your clientele and grow your business. Because they generally make many, many times more money than they cost, mobile card reader systems are something every business owner should at least consider.
Mobile card readers are especially beneficial for business reps that frequently interact with clients outside of a central location and could benefit from being able to process payment for services rendered at the same time. (Think construction, in-home sales, interior design, fundraising, or plumbing!) However, many business owners worry about security, as well as staying in step with strict compliance standards that don’t leave much room for error.
Today’s options in mobile card readers are so secure that such worries are no longer part of the equation. Plus the benefits for a given business are really too noteworthy to ignore. They include but aren’t necessarily limited to the following.
Making it possible to accept credit or debit payment under a variety of circumstances doesn’t just make doing business with you more convenient for your customers. It makes the entire process of getting paid for your goods and services faster and more convenient for you as well.
Without a mobile card reader, you’ll have to collect off-site payments from customers in the form of cash or checks. Not only can either of those options easily get lost or misplaced, but pretty much any business dreads having to deal with bounced checks.
Mobile card readers gather funds and get payments on their way to posting with one single swipe. No more simply praying that a payment is going to actually stick after all is said and done. No hassling with paper receipts or waiting endlessly for collected funds to hit your account. Just collect your payment and either text or email the receipt directly to your customer.
As touched on above, any option that allows you to better meet your customers’ needs and expectations is a wise investment for your business, mobile card readers included. You lower your risk of losing business to your competitors and you raise your chances of retaining the client base you already have.
Mobile card readers are also a lot cheaper overall than old-fashioned in-office card readers. Each option out there on the market will come attached to its own fee system, but on average, those fees are less than 3%, a small price to pay for all that convenience.
When you’re limited as to how, when, and where you can accept payments from your customers, there are also limits on the extent to which your business can grow and evolve into the future. With a mobile card reader in your corner, there are endless possibilities you can consider because they’ll now be simple, convenient, and affordable.
For instance, you can start selling your services or products at trade shows, festivals, and fairs. You can revisit that in-home service option you thought sounded so cool years ago when you first opened your doors as well. You’ll most likely gain a wealth of new clients and sales as a result.
You’ll also show your existing customers that you care about them and truly value their business. People are loyal to businesses that go out of their way to make things convenient and easy for them. They spread the word to their friends in regards to how well they’re treated as well.
Times are definitely changing when it comes to how people view small or independent businesses. Not only are people used to occasionally giving business to small companies or even independent contractors, but many actually prefer it. Smaller businesses bring a personal touch to the table that is often lacking in your average corporate giant. However, it’s important to realize that people are still more likely to doubt the validity or professionalism of a smaller entity than they will a household name.
Companies that accept credit or debit cards as payment are generally seen as more legitimate than those that don’t, especially when a credit card reader is used. Existing and potential customers alike see such companies as being established. They’re less likely to worry about the security of their sensitive information as well.
Last but certainly not least, a mobile card reader will make it a lot easier to manage your books and maintain adequate records of your off-site transactions. They don’t just collect and process your customers’ payment information for you. They also organize it and keep meticulous track of it.
Most of the apps and interfaces that power a mobile card reader also make it easy to access and print detailed reports as needed. That benefit alone can make it light years easier to do your taxes, balance your books, and maintain spotless ongoing records.
Saying that every business is different is quite the understatement. What works just fine for a freelancer that handles occasional credit card transactions probably won’t be adequate for someone that runs a bustling brick and mortar business with a large inventory to keep track of and vice versa. That said, go into the choosing process with the knowledge that not all options are created equally.
The actual readers themselves will all work similarly, so your biggest worry there is making sure it’s compatible with your smartphone or mobile device of choice. Beyond that, you’ll want to pay the most attention to the actual apps and interfaces.
Some platforms may charge flat rates per transaction. However, they’re far from the only option. Look for alternatives that offer tiered plans instead. An option that might be way too expensive for a very small operation or a sole proprietorship to consider is most likely designed to help larger businesses that process thousands of transactions save on costs. Many platforms are fine-tuned to be perfect fits for specific types of businesses as well.
Which credit card reader and processing platform you choose is ultimately up to you. Just make sure you carefully consider the benefits of getting one before you decide it’s not worthwhile. The easier and more convenient you can make payment processing for your clients, the easier it will be for your business to reach its full potential.
MobiusPay specializes in high-risk merchant activation, domestic and international processing. MobiusPay helps online businesses with payment processing, high risk merchant accounts, chargeback & fraud prevention, online check ACH processing and with maintaining PCI compliance. Please visit https://mobiuspay.com/ to learn more.