With Canadian POS Corporation, small to medium sized businesses all over Canada can reap the benefits that come with accepting credit cards and debit cards. Our state-of-the-art POS terminals enable merchants to accept all major credit cards, including Visa, MasterCard, Discover and American Express. However, all week long, we’ve been blogging about the benefits of mobile payments.
As we’ve pointed out, our VirtualMerchant Mobile service is a secure and complete payment solution that transforms mobile devices into terminals. This allows merchants to accept payments quickly and securely anywhere, at any time. We’d like to round out this week’s series of blogs by suggesting four extra incentives for business owners to start utilizing mobile payments as an option for accepting payments from their customers.
1. Your ability to sell your products is no longer bound by location. Even for the most die-hard cash-only business owner, there are going to be moments when you’ll absolutely need to be able to accept credit cards. Consider the fact that many entrepreneurs visit trade shows and conferences and need methods of accepting payments from people who don’t carry cash around with them anymore.
On AmericanExpress.com, Jennifer Gregory speaks to this point. “Previously, many small businesses, especially those operating at remote locations such as a farmers’ market or a food truck, were unable to accept credit card payments,” she writes, “Being a cash-only business often decreased sales because customers without enough cash on hand were unable to buy their products. So when a cash-only business can start to accept credit card payments through a mobile payment program, they immediately increase their customer base and increases sales.”
2. It heightens security for your customers. Naturally, people hate losing money. And when they have cash on their persons that mysteriously goes missing, there’s usually no way to recover it. “By using mobile payments, consumers no longer have to assume the security risks associated with cash or worry whether they have enough cash in their bulky physical wallets so that mobile payments reduce theft risks of having cash on hand,” says SimiCart.com.
3. You can track customer trends and inventory. Gregory highlights the fact that tracking inventory and customer behaviour can be difficult for a small business owner. “But with mobile payment services, you can automate these processes and better serve your customers,” she reveals, providing the example of a food provider that recognizes that it sells a lot of chicken sandwiches on Thursdays. This allows the business to be better prepared to meet customer demands on that day.
4. You’re able to speed up the transaction process. It’s no secret that people like to receive quick service. Credit cards are often heralded for their ability to make waiting in the checkout line a fast and easy experience. With mobile payments, the checkout process can be quicker than ever! There is no need to count cash or search for exact change. Instead, a quick swipe is all that is generally necessary for a charge to go through.
“Customers like quick service, especially when paying since that is typically their least favorite part of the shopping or dining experience,” says Gregory, “Most customers and staff find that it’s considerably quicker to pay with a mobile device than a credit card. Customers typically are more willing to return if they don’t have to wait a long time in line.”