In the past, if you had a mobile business, there was only one way to accept payments from customers – cash or cheque. Times have drastically changed and so have your customer’s expectations and payment preferences. Nowadays, one in seven customers do not carry cash around with them and that proportion is only going to increase over the coming years.
Therefore, merchants need to work out a way of accepting credit and debit card payments from customers on the move. Research has shown that customers who pay by card tend to spend 12% more per transaction. Fortunately, there are now several mobile payments solutions that make this possible. In this article, we’ll run through some of the advantages.
What are the benefits of mobile terminals?
If you come from a world of sending invoices and waiting for payments, then a mobile payments terminal could totally change the way you do business. You’ll be able to accept payments from customers immediately and the money could be in your account within a matter of days. This will save you from wasting time issuing and chasing invoices from customers, leaving you the time doing whatever it is that makes you money.
When you use electronic payments, the payment is completed instantly. There is no need to make a trip to the bank in order to deposit the cash before you can start using it. It also means that you’ll be able to offer your customers the flexibility of paying for the cost of your service on their credit card if they don’t have the funds immediately available. This should increase the number of transactions you are able to make, as well as increasing the value of each individual transaction.
If your business is unable to accept cards while you’re on the move, then you could be losing potential customers to your competitors. Introducing mobile payment terminals could make a huge difference to the success of your business.