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This is Why My Business Needs to Offer Mobile Payments

Sarah Brooks

November 08, 2013

Let's face it - we live in a world where technology is only getting more and more advanced.

Small businesses used to be considered 'advanced' strictly because they accepted credit card payments, but now, that's expected and has become the norm.

Taking it a step further, some small businesses are offering mobile payments as an even easier method of completing the transaction.

So what exactly are mobile payments?

Mobile payments, which began in Finland in the late 90s, are a way of paying for a product or service via your smartphone or tablet.

I'm sure you've seen a customer at Starbucks handing their phone to the barista and wondered what they were doing - well, they're paying for their coffee by means of a mobile payment. Or, have you ever swiped your card onto a device on top of someone's phone (Apple does this)? That's also a mobile payment.

Pros of mobile payments

• It's fast - There's nothing easier than using your phone to make or accept a payment. Customers are all about convenience and by having your small business offer mobile payments; you're giving customers exactly what they want.
• It's paperless - There are no paper receipts with mobile payments. Instead, the receipt is emailed to the customer.
• It tracks sales data - Most mobile payments are set up to track sales data daily, weekly or monthly. This allows you to easily see how many customers are using mobile payments, if it's worth the money and if you have any repeat customers.

• It can sync to spreadsheets - Intuit GoPayment, for example, syncs to QuickBooks. Transactions that normally have to be processed and transferred will automatically be put on your spreadsheet.

Mobile payments and small businesses

Mobile payments have been taking off for small businesses, especially ones that aren't in a permanent location.

Plumbers, painters, electricians, crafters, landscapers and more are all professions in which the business comes to you. How nice would it be if your landscaper accepted debit cards or your contractor allowed credit card payments?

Due to the convenience, customers are more likely to continue with your services and even recommend them to others.

Best mobile payment apps

• Square - Square launched in 2010 and has roughly 2 million users. It's small, easy to use and is designed for businesses that are just getting started and may not be the most tech-savvy. Square charges 2.75% per card swipe.
• Intuit GoPayment - Mentioned above, Intuit GoPayment is ideal for those using QuickBooks since all transactions are synced to the accounting program. Intuit GoPayment charges 2.7% per card swipe.
• PaySimple - PaySimple is an app that allows you to accept debit/credit cards and eChecks anywhere you can use your phone. You can set up recurring bill schedules with customers and the app also sends customers reminders and notifications of bills.
• PayAnywhere - What makes PayAnywhere stand out is their customer service. If you tend to have a lot of questions when learning new systems, PayAnywhere is for you since they offer 24/7 support via the phone, live chats via the PayAnywhere website and comprehensive video turtorials to get you started. PayAnywhere charges 2.69% per card swipe.

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