Mobile Credit Card Processing: Empowering Businesses on the Go
More than 600,000 new businesses are formed each year in the US. With so many businesses arising, it can be difficult to stand out from the competition.
One of the most important attributes of a successful business is having a reliable payment processing method.
To clarify, you can’t expect to maximize your sales numbers if you don’t emphasize credit card processing. Mobile processing is one of the best ways to process payments, but not everyone understands the key information they should about it.
Let’s explore what you need to know about mobile credit card processing and how you can take advantage of it.
What Is Mobile Credit Card Processing?
As the name implies, this is a technology that allows you to process payments by using a customer’s mobile device.
In context, someone could use their smartphone to purchase a cup of coffee instead of using a physical credit card or cash. This is becoming more common across different industries, and many people find it to be their preferred way of paying for a transaction.
How Does It Work?
This type of payment processing makes use of near-field communication (NFC) technology. This allows two devices in close proximity to securely exchange information.
This feature is built-in to most modern mobile devices. In fact, it would be exceedingly difficult to find a contemporary mobile device that does not have this feature. The best example to consider is the iPhone’s “Wallet” application.
This app allows you to store credit card information and use it during mobile payment transactions. You can use your phone’s Face ID or password to purchase verification. Mobile payments can also use QR codes to facilitate the transaction.
The customer’s device will create a QR code that has the payment information, and the merchant will then scan the code with their POS system. Put simply, there are many different possibilities when it comes to mobile payment processing.
What Are the Benefits of Mobile Credit Card Processing?
There are many benefits for both the consumer and the business. Leveraging these will help take your company’s performance to new heights.
Let’s explore some of the most notable.
Convenience
This is one of the most prominent attributes to consider. When customers don’t have to fumble through their wallets for their cards, they’ll find it much more enjoyable to make a purchase.
This means that they’ll be more likely to make a purchase, as well. This is particularly true for items that people buy when they don’t have much time to spare.
Some common examples would be:
- Coffee on the way to work.
- A quick snack between meetings.
- Groceries on the way home.
The easier it is for your customers to purchase something, the more sales you will generate overall.
On the business side, convenience is also a substantial benefit. When it takes customers less time to buy an item, lines will move faster, and other consumers won’t have to wait as long. By extension, you can serve a larger number of customers within a given business day.
Security
Mobile payments are notably secure. During the transaction, the customer’s mobile device functions as a security token.
Accessibility
You can’t overlook the accessibility that mobile processing provides. As long as the location has a sufficient connection for mobile devices, customers can use these devices to purchase goods and services. This offers business owners a fast, convenient way to serve customers in unconventional locations.
For example, it’s often common for local bands to sell merchandise during and after a show they play at. They are often given a single table to display their products at, which doesn’t leave much room for conventional payment processing.
Using mobile payment processing can allow them to facilitate transactions even with the limited space they have. There are countless other scenarios like these, so keep this attribute in mind when moving forward.
Track Customer Data
Mobile payment processors often provide the opportunity for customers to sign up for loyalty or rewards programs. The payment processor will recognize the consumer device during each transaction, allowing them to accumulate benefits from the brand.
They can leverage these programs in the future to redeem rewards, coupons, and discounts. Customers will also have the opportunity to input their phone or email to receive updates from the business. This can help them take advantage of additional deals later on.
Cost Savings
Mobile card processors are much less expensive than traditional card processors. The same can be said about barcode scanners.
This makes them an ideal option for small companies that don’t have much capital to invest in technology like this. However, businesses of any size can benefit from them.
Getting Started with Mobile Credit Card Processing
Working with a professional is the best way to integrate mobile processing into your company.
They have the required knowledge to allow you to avoid common issues many businesses face. When searching for someone to work with, take a look at their past reputation. This will provide insight into the experience you will have when hiring them.
Leverage Mobile Credit Card Processing
Consider the above information when configuring your payment methods for your business. Mobile credit card processing is something that you shouldn’t overlook, as it can help you take your sales numbers to new heights.
Reach out to us today at Gateway Payments. We have the tools and resources required to help get you started on the right track.
