Mobile Credit Card Processing for Small Business
The Benefits of Mobile Credit Card Processing for Small Business
Mobile payment is a trend that has experienced a significant growth in popularity. In fact, according to a Javelin report, a greater amount of e-commerce purchases are expected to come from smartphones. In truth, many people would rather pay for a transaction on a mobile device – a survey points that approximately 66 percent of European mobile device owners have completed at least one payment.
That being said, small businesses could greatly benefit from mobile credit card processing. To be more specific, they have the unique opportunity of addressing a larger customer base. However, let’s have a closer look at the primary benefits linked to this method.
It Is a Relatively Inexpensive Investment
For the most part, integrating mobile credit card processing doesn’t entail a major investment, considering the returns you can get. That is to say, you mustn’t make major infrastructure changes to make mobile payments possible.
The Possibility of Integrating Loyalty Programs
Presumably, one of the most noteworthy advantages of mobile credit card processing is that you can integrate loyalty programs quite easily. That being said, whenever a new customer makes a purchase via his/her tablet or smartphone, the information will immediately be stored in the application.
This way, customers won’t have to keep track of their purchases in order to benefit from coupons, reward points, or anything of the kind – this adds value and encourages customers to make purchases on a regular basis.
Diminish Checkout Time
Enabling mobile credit card processing significantly enhances the customer’s buying experience. The process is time-effective and hassle-free, meaning that the client will complete the purchase in just a few moments. Essentially, by improving the user experience, you encourage your audience to come back for more. It’s as simple as this: satisfied customers are likely to return whether we’re talking about small or big businesses.
You Can Understand Customer Behavior Better
As a small business, you face numerous challenges. One of them is monitoring customer expenditure as well as maintaining an inventory of sold products. Some of the platforms that supply mobile credit card processing also facilitate automated services that allow you to track customer behavior.
This way, you can comprehend the patterns in your target audience. By knowing this valuable information, you can attempt to enhance your services, which will attract more customers. All these will contribute to expanding your business and becoming more successful.
When you establish a small business, your goal is to encourage people to shop with you. If you incorporate credit card processing, this might make your audience perceive you as a trustworthy company. This applies especially in the case of online businesses.
So, small businesses can dream big, as long as they embrace the right strategies and approaches. One of them would be incorporating credit card processing, which is linked to a handful of benefits such as offering customers what they look for, improving the customer experience, pinpointing patterns in customer behaviors and gaining credibility.
In 2000, in the wake of the dot-com bust, Amazon was forced to sell almost $700 million in convertible bonds to investors abroad. In fact, the company had to offer an extremely interest rate (7%) just to complete the deal. A month after they closed the deal, the...read more
How do I know if I’m paying too much?
Take the fees on your monthly statement and divide them by the total volume that your business processed for the corresponding month. Multiply that number by 100…
How to boost cash flow. Cash flow is the heartbeat of a thriving business. Revenue streams make a business sustainable and open up new possibilities. A healthy cash position provides resilience to the company for weathering uncertain and turbulent moments, which are...read more