Contributed by Jacob Thompson
A mobile merchant account allows for a business to accept mobile payments through a cell phone or mobile device. Here are just five ways accepting mobile payments can help expand your business.
1. Billing Headaches are a Thing of the Past
If you sell goods or services on the go or at locations other than where your point of sale is located, chances are you often bill clients using credit cards or you have to demand cash or checks only. Mobile money allows you to collect the money on the spot, without having the hassle of sending out account invoices later or losing customers because they cannot pay with a credit or debit card.
2. Turn Your Mobile Device into a Cash Register
There are many ways a business can accept mobile payments, whether they choose a software program that works in conjunction with a credit card processing service or through a mobile merchant account. Either way allows the small business to essentially take their cash register with them and accept credit cards anywhere they go. This is especially helpful for businesses that provide services at various locations like plumbers, photographers, home interior specialists and vendors.
3. Capitalize on the Rise
The use of mobile money is becoming increasingly popular, and is expected to be a trillion dollar industry within the next five years. A business does not want to lose out on all the potential profits they could make off customers embracing m-commerce. As mobile money becomes more popular, merchant accounts and mobile money programs are also getting more competitive. It is important to read all the fine lines and watch out for hidden charges, but with a good service provider, your fees are limited and your profit is maximized.
4. Speed Plus Convenience Equals More Customers
Nearly every aspect of a growing business is centered on speed and convenience. Most customers are looking for both. If your business offers a hassle free way of accepting mobile money while your competitor is still stuck on billing for credit card payments, you have a much better chance of winning new customers over to your business. Customers like to see merchants keep up with the ever-changing technology available today, it creates excitement and keeps your business relevant to today’s time.
5. Expand Your Sales Channels
Incorporating mobile money into your business allows you to meet your customers where they are which only serves to expand your customer base. Regardless of where you do business, accepting credit or debit card payments are no longer an impossibility. You will be able to sell at kiosks, business shows, trade shows, vendor sites and anywhere else. Whether you go to a customer’s house, an alternate location or outside of your business, you will be able to accept payments on the spot and in person.
There are many reasons a business can profit and ultimately expand their business by accepting mobile money. Not only does it provide a way for the business to bring their payment methods up to date with the latest technology, it also prevents the business from losing a niche market.
For more information about merchant accounts, click here.