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Why You Can’t Afford Not to Use a Mobile Credit Card Processing Service for Your Business
Let’s face it, you’re in business to make money. While fewer and fewer shoppers carry cash these days in their purses and pockets, they’ve come to rely on the plastic to pay for their goods and services. But now, in 2021, some people are going high tech with their payment methods by using things like the Lightning Network, or by paying with an app that’s available with their cellphone.
Regardless of how customer’s pay for their stuff, it’s important that your business uses an affordable, easy, and smart payment mobile credit card processing solution. This will not only help your business grow but thrive. According to a recent report, in the digital era, credit card processing, and a shift away from utilizing fiat currency, has grown in popularity thanks to the growth of “the mobile economy.”
More than 75 percent of those U.S. citizens over the age of 18 possess a smartphone. What this means is, merchants who haven’t embraced mobile credit card processing are missing out on a massive demographic for a large stream of revenue inside a marketplace that’s becoming more and more crowded every year. Let’s face it, when it comes to paying for things, consumers are always going to choose the path of least resistance or what’s also known as convenience.
If you already possess a merchant account, then the credit card processing set up only requires a smartphone or tablet since mobile card reader apps are built right into IOS and android systems and devices. What you’ll also need is a credit card reader, such as a magnetic stripe card or EMV chip, in addition to the mobile app that assists with the transactions.
That said, here are some of the reasons why you can’t afford not to use a mobile credit card processing service for your business.
Improved Customer Experience
Mobile credit card processing is all about speed. That is, the speed with which you can process payments, which reduces the wait time other paying clients might otherwise have to put up with. Customers who get impatient might simply leave a store since they don’t want to wait in a long line to pay for their goods.
Studies show that clients who get serviced with speed are more likely to come back for repeat business. For businesses experiencing busy times during the business day, mobile credit card processing will increase profits since more customers will be served.
Who wants to walk around these days with cold hard cash in their pockets? In a word, traditional cash wallets are becoming a thing of the past. Leveraging mobile credit card processing for your business helps you convince your clients to purchase things digitally.
If you don’t embrace this technology, another business like yours will. So, it’s best to get on board with mobile credit card processing now.
Expanding Your Business Footprint
By creating a super convenient digital payment process, you are able to expand your business footprint. It only makes sense that if you offer more payment types, you will then broaden your consumer base while increasing your revenue streams. It’s a win/win for both your business and your customers.
How easy is mobile credit card processing? It’s as easy as attaching a “smart reader” to a tablet or smartphone. Once you’ve accomplished this, you can literally accept payments for goods and services no matter where you go. The trend of offering customers the convenience and flexibility of paying from their smartphones no matter where they are on the planet, is said to be a rapidly rising trend.
This means you can expand your business reach by setting up temporary stores at tradeshows, festivals, farmer’s markets, or even street corners.
Seamless Rapid Payments
Just like retail stores, mobile credit card processing has proven a boon to the restaurant industry. This has been especially evident in big restaurant chains located throughout the U.S. Diners are able to pay for their meals entirely at their convenience without waiting for a waiter to compile and present a bill.
This “pay-at-table” payment solution carries with it the potential to increase the size of your order. Also, mobile credit card processing systems are usually located at the POS (Point of Sale), which means they can be programmed to provide the consumer with targeted advertisements at strategic times during the sales experience. This naturally encourages the customer to feel as if they need to buy more or else miss out on an opportunity.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes