Mobile Payment App: Transforming the Way Small Businesses Work
Low cost credit card processing is almost a necessity for small businesses. In our current economic environment, it is nigh impossible to run a business on cash alone. But accepting credit card payments can be prohibitively expensive, leading to many small businesses to try and go it on cash transactions alone, or to put a limit on credit card transactions, requiring a minimum purchase if customers wish to pay with their card.
As technology increases, however, more and less expensive options are available to small businesses needing to leverage the convenience of credit card processing without paying the exorbitant fees that many companies charge to get such services set up and maintained. Among these are mobile payment apps available on many platforms.
With mobile payments, customers can use their smart phones to pay for goods and services instead of a physical credit card. The service is sometimes referred to as mobile money, mobile wallet, or mobile money transfer, and refers to any financially regulated transfer of funds through a mobile device. These services are a massive boon to businesses who need to leverage low cost credit card processing for transactions to save significant amounts of money.
This sort of transfer does away completely with expensive software and equipment setups and requires relatively little in the way of service maintenance, which is usually outsourced by its nature to the service provider, be it a well-known service like PayPal or a newer startup service. The technology used is instantly familiar to most employees, who will be familiar with smartphone and internet mobile devices already, so they will be immediately comfortable with its use.
In addition, mobile payments permit businesses to automate their inventory tracking as well as enabling them to keep abreast of current trends in consumer purchasing and preferences, allowing them to move faster to meet the ever-changing demands of customers and clients. In many ways, this sort of low cost credit card processing increases parity between small businesses and their large corporate competitors.
Sheer convenience is another advantage of these types of services. With mobile wallet technology, consumers do not need to carry around a dozen physical cards which can be easily damaged, cloned, or stolen. Instead, their cards and accounts are all held on a secure server in cyberspace, ready to be accessed by the user whenever it is convenient.
Perhaps most importantly given recent events, the transactions used by mobile payment apps are far more secure than traditional credit card since they use PCI-compliant SSI encrypted software to protect the transfer of sensitive information like credit card numbers and users personal information.
In essence, the exceptional low-to-no cost setup for these services, combined with convenience, familiar technology, and the highly increased security as well as the ease of offering purchasing incentives and tracking of customer trends makes them an ideal solution for small businesses. Since our economy demands the use of credit cards, and the trend will only increase, it seems a natural fit for those small businesses who need to remain competitive in today’s market.