Smartphone Processing And Your Business
As many business owners realize, their success depends on paying patrons. But there are entrepreneurs who must perform work without knowing whether their patrons’ payment will be approved; further, some may lose a business deal altogether because they can’t process payments on the go. If you know these issues firsthand, you need smartphone processing.
Today, many small businesses that process fewer transactions than their large corporation counterparts can take advantage of inexpensive and safe smartphone processing. So how does smartphone processing work, and is it the right solution for your business?
In the past, small businesses that accepted their customers’ credit cards as payment had to purchase regular, stationary terminals for processing transactions, and accepting cards from customers long-distance usually involved pricey rates. However, now they can accept cards anywhere, any time – with smartphone processing.
Smartphone processing works by way of an application for your phone, a credit card swiper, and a merchant account with a qualified service provider. Merchants can authorize card payments at just about any place with Internet access. While many smartphone processing systems mandate a card swiper for use, others allow merchants to manually key in the card data.
So how do you know if smartphone processing is right for you? Given the current economic fiasco, competition can be overwhelming, so merchants have had to change and adapt to stay ahead of their rivals. While the pricing structure of smartphone processing varies greatly among providers, even the little guys can very likely find an affordable solution that works for them. It’s important to note that smartphone processing today also provides the same level of security and encryption as traditional processing avenues – but without being tied down to a counter.
When you’re out comparing different aspects of processing services, some features you should take into consideration while shopping are pricing, options for customization, and the selection of physical hardware you’ll need for your smartphone processing. Consider pricing stipulations like flat-rate fees and per-transaction fees – and how they will interact with your sales volume and average ticket. Additionally, the need for a custom-tailored solution is obvious, no matter what kind of business you run; consider the implications of the contract your prospective providers are proposing. Last, look at the different choices available for hardware, and ask which are preferable for your industry.
By accepting credit cards on the go with smartphone processing, merchants today can better manage their businesses and reap the rewards of convenient, fast, and easy mobile payment processing.