Catering to your customers oftentimes is the biggest challenge for a small business owner.
No matter how good your products and services may be, they may not
satisfy the toughest of customers. In those cases, providing the
customer with more convenience may be the key to making a sale.
In today’s technological world, more and more small business owners
are learning that being more mobile can open up new sales, keep existing
ones going, and lead to a better long-term revenue stream.
According to research firm Gartner, mobile payments could account for
some $617 billion in sales by 2016. Just this year alone, such payments
are expected to surpass $171.5 billion, clearly indicating mobility is
important to consumers.
So, just what does it take for the man or woman running a small business to succeed in this area?
Given the fact that more consumers are using the Internet to browse
and shop for their goods and services, it only makes sense that small
businesses are waiting for them. One way to go about this is having a
mobile merchant account to accept mobile payments for your goods and
services.
With such an account, you can:
• Avoid being tied to only point of sale (POS) payments
When you accept mobile payments, you can take in a payment if you are
away from your main office, are not online or if you have a small
business that travels. By doing so, you avoid the problem of having to
send out invoices, plus you open yourself up to purchases from consumers
who can’t or do not want to pay with cash.
• Capitalize on consumer trends
More and more consumers are browsing and shopping online than ever
before. Whether they do it from the comfort of their home or while on a
break at work, many like buying online and avoiding the hassle of having
to go out to busy stores, adding one more thing to do in their busy
lives. Keep in mind that if your competition offers mobile payments and
you do not, you could be setting yourself up for failure. While you may
be concerned about costs associated with getting a mobile payment
merchant account, it will more than pay for itself over time.
To get the ball rolling on having a mobile payment option, small
business owners need to research and find a mobile payment solution that
is consumer-friendly, offers top-notch security so that customer data
is never breached and allows for growth down the road.
When looking for a mobile payment solution, make sure you:
• Know your requirements
Knowing what you need to satisfy customers is first and foremost.
Given that payment solutions will differ in price and product, make a
list of what your needs are before you search around. This way, you are
not overspending or getting yourself into a situation where your return
on investment (ROI) is not what it should be.
• Search around
Companies such as PayPal, Google, ISIS (joint effort from AT&T,
T-Mobile and Verizon) and others are looking to do business with you on
mobile wallet and mobile payment products. There are also others who are
looking for your business with convenience-focused mobile payment
acceptance solutions. Shop around and get several different options and
quotes so that you have different choices in front of you.
• Stay focused on long-term goal
Lastly, you may think mobile payments are not for your business. Keep
in mind that most trends indicate mobile payments are here to stay, so
don’t kid yourself into thinking you can get by on just point of sale
(POS) payments. If you are considering expanding your business and/or
doing more business outside of your central location, mobile payments
just make sense.
In a day and age where mobility is the key, is your small business a leader when it comes to mobile payments or a follower?
Dave Thomas,
Post from: SiteProNews
