Dave Thomas

Dave Thomas covers small business topics for various websites.

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Mobility Can Mean All the Difference in Your Company’s Success

Dave Thomas

November 30, 2012

2.0/5.0 (1 votes total)

If your small business is seeing its revenue stream stay consistently average or even dropping a tad, are you doing everything possible to increase it?

As many business owners discover over time, they need to come up with means to not only keep current customers happy, but bring in new ones. Without such efforts, companies can become stale, leading to shoppers going to the competition for their products and services.

With 2013 looming around the corner, how much mobility does your small business offer? That is, specifically, do you offer customers the mobile payment option?

According to mobile-tech data business Portio Research, companies around the globe brought in close to $69 billion in mobile payments just three years ago, with that figure expected to reach an amazing $633 billion two years from now.

For the small business owner who offers mobile payments, they can find their company’s revenue stream growing, simply due to the fact that many consumers are apt to buy on impulse and when the situation is convenient. With mobile payments an option, both scenarios are present.

In the event you are considering going the mobile credit card payment route in 2013, here are some things to take into consideration:

* Shop wisely - Just like you would for any other product, take your time to shop around for the right mobile payment provider for your small business. Along with service, the other important factor to look at is costs. Does the provider you are considering going with have a number of “hidden” fees that could cost you more money over time? Things such as monthly fees, along with percent-of-sale and per-transaction expenses can add up quickly, so do your homework. Also make it a point to see what any hardware costs will set you back;

* Make security a top priority - Given the problems in today’s world with identity theft, you need to convince customers that using mobile payments is safe. Make sure the transmitted data is encrypted so that a customer’s personal information such as their card number, address, phone number and other details are not susceptible to being stolen. If a customer is concerned that their data may be compromised, you stand a good chance of losing a potential sale;

* Integration matters - Given you already have a point-of-sale system (POS) in place, make sure the mobile system can easily integrate with it. If you are saddled with a pair of separate databases for in-house and mobile charges, you can be stuck with having to manually input mobile payments within your accounting system;

* Customer service - Just as with any product you purchase, make sure your provider’s customer service is second to none. Should you have problems with your mobile payment system, you want customer service handled today and not tomorrow. When researching providers, look for any history of customer service complaints, along with the company’s financial stability. Looking at forums (chat rooms) and social media are good ways to find out if X mobile payment provider has any history of providing bad customer service to its clients;

* Tap into customer trends - Finally, mobile payments provide a great gateway to learning more about your customers. With a mobile payment system, you can track what products and services your customers are buying, thereby making it easier to meet their demands down the road. You can see trends as to what customers buy, when they are more likely to buy it, how much they are willing to spend, and what product or service is not resonating with them. In the end, you have a blueprint for your required goals moving forward when it comes to what products and services you offer.


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