A small business provider is always searching for that next move that will keep them one step ahead of the competition.
Be it better customer service, products that are second to none or the ability to communicate with the buying world better than anyone else, small business owners will always want that edge.
One such edge in today’s fast-paced technological world is offering your customers the mobile payment option.
According to a report from research provider Gartner, global mobile payment sales are expected to hit more than $171 billion this year alone. Estimates say the market could grow to some $617 billion in just four years.
With mobile payments in play, small business owners can open their doors to a wide range of customers who want flexibility and convenience when shopping. Mobile payments also mean the business owner has the same flexibility and convenience to make sales while on the road, adding to more conversions when all is said and done.
In order to locate the best mobile payment option for your small business (know your company’s typical revenue beforehand), keep the following items in mind:
1. Shop for the right mobile payment service – Just as you would shop for the right manufacturer of the products and services you sell, credit card providers, small business loan providers etc. be sure you take the time to locate the best mobile payment service provider. When shopping providers, check to see if there are sign-up fees involved, hardware costs (card reader, etc.), transaction fees, what the terms of the contract are, what their financial history looks like, and what their customer service track record says about them. If you can get some referrals on each and every provider you are considering, all the better;
2. Train yourself and your employees – Once you have a mobile payment service in place, make sure you and your employees (where applicable) know how to work it. One of the main ideas behind having mobile payments in the first place is the speed and ease with which you can conduct sales for your company. If you and/or your employees are not up to speed on how to process a mobile payment, what is the sense of having them in the first place? While the training is not overly difficult, it is important to be able to easily and quickly make sales so that your customers find the process smooth;
3. Advertise your mobility – Having a mobile payment option won’t do your small business any good if your current and potential customers know nothing about it. Make sure you spread the word once it is ready to go, giving you greater opportunity to cash in on your mobility. Besides word-of-mouth, a proactive way to go about this is via social media. Use your business Facebook, Twitter, Google+ and other such pages to let customers know you offer mobile payment options;
4. Make security a top priority – Finally, you need to convey to customers that their mobile payment purchases are safe and secure. In a day and age when identity theft continues to grow, consumers need to feel at ease when making a mobile payment, knowing that their personal data is not being lifted by someone who plans to use it to harm them. Make sure that the data transfer is encrypted (customer’s password is protected, etc.) so a buyer’s financial information does not end up in the wrong hands.
With all the benefits that mobile payments can offer your small business, including greater speed when customer lines are long, the chance that customers will buy on impulse, and the ability to deliver products and services to a customer’s doorstep, why wouldn’t you want your business to be more mobile?
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