5 Ways to Pick the Right Mobile Payment PlanAngie Mansfield
According to digital media research and consulting firm Generator Research, the mobile payment market is set to grow to more than $633 billion, with more than 490 million users, by 2014. And a recent study by the Pew Research Center found that 65% of the experts polled believed that mobile phones will replace wallets by 2020. It's clear that accepting mobile payments is becoming increasingly important in today's business world. But how can you choose the right plan for your small business? 1. Think security The first item on the list for a reason, security is a major concern when choosing a mobile payment provider. As smartphones and tablets become more and more popular, mobile viruses are starting to rear their ugly heads. Your first priority when choosing which mobile payment plan to go with is the provider's focus on security. Do they provide encryption on both the hardware (card swipe device) and software (mobile app)? 2. Make a plan Outline your goals for adding mobile payments to your business plan. Do you have a lot of younger, tech-savvy customers who are looking to pay with an app instead of carrying cards? Are you trying to attract or retain customers by providing extra convenience in the checkout process? Which customers, exactly, are you targeting with this technology? Defining your goals will help you weed out mobile payment providers whose services don't meet those needs. 3. Learn about your options There are several different types of mobile payment technology, each of which may or may not fit with your current operations:
4. Research Once you've narrowed down the type of mobile payment you'd like to offer, it's time to do a little research on the companies offering that technology. Some important questions to ask include:
5. Check their references Just as with any other service you hire for your small business, you should check up on your mobile payment provider's reputation. Ask on social media, check with local businesses similar to yours, and search for reviews online. Choosing the right mobile payment plan is an important consideration for your company. By doing a little homework, you can make sure you -- and your customers -- don't get burned. |
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