In recent years, it’s fair to say that mobile devices have revolutionised the way we do business. From ordering food to booking travel and making payments, almost anything can be done with a few taps on a smartphone or tablet. This has been particularly beneficial for small businesses that need to accept payments quickly and securely, but don’t necessarily have the resources of larger companies.
Fortunately, there are many options available for small business owners who want to accept mobile credit card payments from anywhere. Here are some tips for getting started:
1. Understand Your Payment Processor: Before you can start accepting payments, you’ll need to understand how your payment processor works. Be sure to read up on the terms and conditions of your chosen provider and make sure that you understand how processing fees are determined.
2. Choose the Right Equipment: There are a variety of different tools available for mobile credit card payments, including smartphone and tablet readers, wireless terminals, and more. Make sure to research which option works best for your business before making any decisions.
For example, you’ll see lots of reports about the EFTPOS machine being the most secure option for businesses, and it’s hard to reject this notion. An EFTPOS machine allows customers to pay quickly and safely, and it’s a great way to keep your business finances secure.
Why are EFTPOS terminals different? Unlike other mobile payment readers, EFTPOS machines have security features that make it difficult for hackers and thieves to access the data stored in them. They also have higher encryption levels than other mobile readers, making them more reliable for secure transactions.
3. Consider Your Customers’ Needs: Another tip for getting started with accepting mobile card payments is to consider the needs of your customers. What kind of payment methods do they prefer? Do they prefer to pay with a credit card, debit card, or mobile wallet? Do they prefer to pay with cash? Knowing your customers’ preferences will help you decide on the best payment methods for your business.
The Rise of Mobile Card Payments
In Australia and around the world, mobile card payments are on the rise. More consumers and businesses than ever before are turning to their smartphones and other devices to make payments. A survey conducted by Mastercard in 2020 found that 77% of respondents reported using a mobile device for payment transactions. This shows the impact mobile payments have had on society and how convenient they have become.
Accepting mobile credit card payments can provide many benefits for businesses. It eliminates the need for traditional point-of-sale systems, which can be expensive and cumbersome to set up. Mobile payments are also faster and more secure than other payment methods, reducing the risk of fraud and theft. Plus, mobile payments can help businesses boost their sales and loyalty by offering customers convenience and rewards.
Businesses can easily set up mobile credit card payment systems with the help of a service provider. These providers offer secure online payment gateways, as well as mobile solutions such as apps and card readers. Through these solutions, businesses can quickly accept payments from customers using their credit cards.
As a business, consider whether to accept traditional credit cards, contactless/NFC payments, or both. Traditional credit card processing requires customers to swipe their cards in person. Contactless payments are available for customers with devices that can be used to pay at the point of sale. So long as you keep your customers in mind, you won’t go wrong!